Collections Credit Unions Financial Institution Retail 
Troutman Sanders
OCTOBER 25, 2023
On October 24, the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) finally issued their long-awaited final rule modernizing how they assess lenders’ compliance under the Community Reinvestment Act (CRA).
Collection Industry News
NOVEMBER 22, 2023
The rule proposed today would ensure that these nonbank financial companies – specifically those larger companies handling more than 5 million transactions per year – adhere to the same rules as large banks, credit unions, and other financial institutions already supervised by the CFPB.
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Troutman Sanders
DECEMBER 22, 2021
The first indicated that in 2019 alone, overdraft and other nonsufficient fund fees generated over $15 billion in revenue for consumer banks, with large banks (those with assets over $10 million), collecting three-quarters of the total revenue reported. The CFPB’s announcement came on the same day that Capital One, the sixth largest U.S.
Fico Collections
DECEMBER 9, 2021
For banks, credit unions, and other lenders, the sudden shift to digital-only interactions has introduced a variety of internal and external challenges, as well as some opportunities. In fact, the main attrition driver for financial institutions is a poor banking app. Creating an AI Structure.
Nexa Collect
NOVEMBER 26, 2022
As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. This means all collection agencies must secure consumer data nearly the same way as banks. Failure to comply with GLBA can have severe consequences for the collection agency, especially the owners and/or the CEO.
Troutman Sanders
JANUARY 30, 2024
billion in civil monetary penalties since 2013, with $281 million collected in settlements in 2023 alone. The FSB aims to enhance the resilience of nonbank financial intermediation (NBFI) and implement the Key Attributes of Effective Resolution Regimes for Financial Institutions across all sectors.
Troutman Sanders
JANUARY 23, 2024
The new rules aim to close regulatory loopholes and ensure illicit money from criminal activities and terrorism cannot be laundered through Europe’s financial system. The requirement is per Financial Code section 521. For more information, click here. According to the FTC, the CARS Rule will save consumers more than $3.4
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