Consumer Finance

OCTOBER 10, 2023

The Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights focused on the agency’s efforts to shutdown junk fees.

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Banks Loans Financial services 145

Jimerson Firm

MARCH 24, 2021

This presentation was moderated by the firm’s managing partner, and is geared towards special asset departments of banks and financial institutions. This webinar addressed what is new in foreclosures, including recent developments in the law since the last foreclosure crisis and how banks can utilize the law to their advantage.

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Fico Collections

JANUARY 11, 2022

Last year we published a highly successful The 11 Commandments of Digital Banking eBook that introduced the 11 commandments: Digital lift-and-shift is not a strategy! In addition to a new blog post that will be published monthly over 5 months, we are also excited to launch the following event: LinkedIn Live on Digital Banking.

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Troutman Sanders

FEBRUARY 8, 2022

Troutman Pepper announced today that a nationally recognized consumer financial services group has joined the firm from Ballard Spahr in Atlanta, New York, Philadelphia, and Salt Lake City. The industry-leading group includes partners Christopher J. Willis , Mark J. Furletti , Jeremy T. Rosenblum , Stefanie H. Cover , and Anthony C.

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True Accord

APRIL 28, 2025

The next meeting is on May 6 and while many still expect two rate cuts this year, the outcome will reflect the banks outlook given the new landscape of tariffs and their anticipated impact on inflation. trillion and auto loan balances increased by $11 billion to $1.66 As a result, the Fed lowered economic growth expectations to 1.7%

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Student Loans Student loans Loans Collections 85

Troutman Sanders

OCTOBER 26, 2022

In addition to a $950,000 fine and mandatory restitution to impacted borrowers, the consent order includes remediation requiring Rhinebeck to develop a compliance plan providing for updates to its automobile lending policy to limit dealer markups on retail installment contracts purchased by the bank.

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Nexa Collect

DECEMBER 12, 2021

DeFi refers to Decentralized Finance; peer-to-peer financial services on a public decentralized blockchain network, particularly Ethereum. A system that interacts buyers, sellers, borrowers, or lenders with peer-to-peer technology to access financial products or financial services bypassing middlemen such as financial institutions.

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Collateral Banks Financial Institution Financial services 130

Jimerson Firm

JANUARY 27, 2021

If the borrower is unable to pay the full amount owed on an SBA loan after all of the collateral has been liquidated, the borrower may submit an “offer in compromise.” An offer in comprise allows borrowers to settle their debt on the SBA loan for less than the full amount owed. illness), paying it would cause financial hardship. (4)

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Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. The decision and justification for abandoning the collateral, including the basis for the Recoverable Value estimate, must be documented in the loan file. Barnett Bank of Pensacola , 397 So.

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Jimerson Firm

MARCH 19, 2021

When a lender holds a defaulted loan there are several issues that need to be considered before initiating a foreclosure. Additionally, specific Federal regulations may also apply and provide additional requirements for lenders holding VA loans or FHA loans, or provide protections for service members. Busey Bank, N.A.,

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Consumer Finance

NOVEMBER 14, 2023

The Consumer Financial Protection Bureau (CFPB) today ordered online lender Enova International Inc. to pay a $15 million penalty for widespread illegal conduct including withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions.

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Lender Loans Banks Financial services 136

Qualco

MAY 9, 2025

Initially focused on the financial sector, we quickly developed deep expertise in non-performing loans (NPL) and Collections & Recoveries, delivering tools to address credit challenges. While we remain a trusted partner to banks and financial institutions, our scope has expanded significantly.

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Loans Financial Institution Retail Banks 52

Troutman Sanders

JANUARY 9, 2024

On January 3, Fannie Mae announced that during the weekend of January 20, it will update its loan underwriting system, Desktop Underwriter, to support changes to FHA and VA loan limits. On January 1, Freddie Mac announced that it is launching a pilot program to work with sellers on improving the quality of performing loans.

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Troutman Sanders

FEBRUARY 27, 2023

On February 25, during an interview with Reuters at the G20 Finance Ministers and Central Bank Governors Meeting in Bengaluru, India, U.S. Overall, the report found that credit risks for syndicated loans — large loans originated by multiple banks — were moderate at the end of the review period. On February 21, U.S.

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Financial services Banks Retail Loans 52

Jimerson Firm

NOVEMBER 13, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. However, lenders should only use this option if it maximizes recovery on the SBA loan. draft settlement statement. See SOP 50 57.

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Jimerson Firm

NOVEMBER 11, 2020

Conducting site visits are an important aspect of servicing SBA loans. a bankruptcy filing, business shutdown, or foreclosure by a prior lienholder) that caused the loan to be classified in liquidation status or sooner if the collateral could be removed, lost, or dissipated. SOP 50 57 2 ; SOP 50 55. See SOP 50 57 2.

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Troutman Sanders

JANUARY 30, 2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: Federal Activities State Activities Federal Activities: On January 29, Acting Comptroller of the Office of the Comptroller of Currency (OCC) Michael J.

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Financial services Financial Institution Banks Credit Unions 52

Troutman Sanders

MARCH 21, 2023

The bulletin details recent findings by CFPB examiners that certain loan servicers illegally returned loans to collections after bankruptcy courts discharged the loans. On March 15, the Federal Reserve announced that the FedNow Service will start operating in July. For more information, click here.

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Jimerson Firm

FEBRUARY 5, 2021

When a SBA loan is in liquidation status, lenders and authorized CDC liquidators are required to perform “Prudent Liquidation.” When Prudent Liquidation is complete, it’s time for the lender or authorized CDC liquidator to submit a wrap-up report to the SBA and have the loan charged-off. 120.535(b). 120.535(b). SOP 50 57 2. SOP 50 55.

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Troutman Sanders

DECEMBER 12, 2022

Federal Activities: On December 8, the Office of the Comptroller of Currency (OCC) released its Semiannual Risk Perspective for Fall 2022 , which discusses major risk themes facing the federal banking system. banking system’s exposure to the crypto industry. million investment in Washington-based bank Moonstone Bank.

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Troutman Sanders

MARCH 28, 2023

Court of Appeals for the Second Circuit held that the Consumer Financial Protection Bureau’s (CFPB) funding structure is constitutional — splitting from the U.S. Court of Appeals for the Fifth Circuit’s decision in Community Financial Services Association of America v. For more information, click here.

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Jimerson Firm

DECEMBER 30, 2020

In the event a borrower is seriously delinquent on making payments under a SBA loan, or the SBA loan is classified in liquidation status, lenders and CDCs must develop a prudent and commercially reasonable strategy to maximize their recovery on the loan. 9) The signatures of the lender/CDC and all obligors on the loan.

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Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. On November 8, while at the Central Bank of Ireland, Federal Reserve Governor Lisa D.

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Jimerson Firm

OCTOBER 28, 2020

“Recoverable Expenses” are defined as SBA approved, necessary, reasonable, and customary costs incurred to collect and enforce the terms of the Loan Documents, or to preserve or dispose of collateral. Recoverable Expenses can be added to the principal balance of the loan. See SOP 50 51 3. lien searches; Title reports; and.

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Troutman Sanders

AUGUST 22, 2022

Senate Banking Committee Member Pat Toomey (R-PA) issued a letter to FDIC Director and Acting Chairman Martin Gruenberg, expressing his concerns regarding whistleblower reports and noting that the FDIC, on occasion, has requested that banks refrain from expanding their relationships with crypto-related companies. On August 17, U.S.

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Financial services Financial Institution Trade Banks 52

Troutman Sanders

OCTOBER 30, 2023

On October 26, a House Financial Services subcommittee drafted legislative proposals related to the buy now, pay later (BNPL) and earned wage access (EWA) market. financial institutions. For more information, click here. Supreme Court reverses a Fifth Circuit decision, which found the CFPB’s funding structure unconstitutional.

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Financial services Financial Institution Trade Banks 52

Troutman Sanders

FEBRUARY 21, 2023

Corp and nonbank financial service provider Zera Financial for allegedly making false and misleading statements, implying that FDIC deposit insurance protected their customers’ digital assets. For more information, click here. For more information, click here. On February 7-8, EU and U.S. For more information, click here.

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Financial services Student Loans Student loans Banks 52

Troutman Sanders

OCTOBER 16, 2023

On October 11, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion concerning consumers’ requests for information regarding their accounts with large banks and credit unions. On October 11, the CFPB published its analysis regarding the nonsufficient fund (NSF) fee practices of a number of banks and credit unions.

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Financial services Student Loans Student loans Credit Unions 52

Troutman Sanders

FEBRUARY 21, 2024

The report alleges that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. On February 15, the CFPB published a blog recounting its action against a student loan debt relief business and a debt-settlement company. For more information, click here.

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Jimerson Firm

NOVEMBER 2, 2020

Lenders are responsible for servicing and liquidating all of the 7(a) loans in their portfolio. CDC’s are responsible for servicing 504 loans in their portfolio, but they will only be responsible for liquidating the loan based on its designation. Performance Standards. 120.535(a). 120.535(b). 120.535(c).

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Troutman Sanders

SEPTEMBER 27, 2022

On September 22, the Consumer Financial Protection Bureau (CFPB) announced its request for public input on ways to spur new mortgage products that help households. The CFPB invites insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing, especially for borrowers with smaller loan balances.

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Troutman Sanders

DECEMBER 14, 2021

FDIC) rebuked a move by its Democratic members seeking public feedback on how the agency analyzes potential bank mergers. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022. For more information, click here. On December 8, U.S.

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Nexa Collect

DECEMBER 17, 2020

Credit Unions must (seriously) reinvent their brand for millennials to compete for account deposits and financial services. Quite often you drive on the highway and see billboards displaying a variety of ads, including some for services of commercial banks. Or do they?

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Troutman Sanders

NOVEMBER 27, 2023

On November 22, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced that the comment period on their long-term debt proposed rule to improve the resolvability of large banks and enhance financial stability, will be extended until January 16, 2024.

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Troutman Sanders

DECEMBER 4, 2023

On December 1, the House of Representatives approved a resolution to repeal a Consumer Financial Protection Bureau (CFPB) rule that mandated banks to gather data on loan applications from women-owned, minority-owned, and small businesses to help lenders identify business development needs and opportunities. on June 5-7, 2024.

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Troutman Sanders

APRIL 26, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. House of Representatives passed seven bipartisan bills introduced by House Financial Services Committee members.

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Financial services Debt collector Loans Banks 52

Troutman Sanders

DECEMBER 19, 2023

On December 14, the Bank of International Settlements (BIS) issued a consultive whitepaper, drafted by the Basel Committee, to amend certain digital asset standards related to stablecoins. According to the statement issued by SEC Commissioner Gary Gensler, “the existing securities regime appropriately governs crypto asset securities.”

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