Troutman Sanders

AUGUST 15, 2023

This filing comes just three days after CUNA and the National Association of Federally-Insured Credit Unions (NAFCU) sent a joint letter to the CFPB urging it to stay enforcement and implementation of the Final Rule for all covered financial institutions until after the U.S. CFPB (discussed here ).

Credit Unions 52

Credit Unions Credit Unions Trade Financial Institution 52

Troutman Sanders

AUGUST 9, 2023

Supreme Court’s final decision in Community Financial Services Association (CFSA) v CFPB. Given the effect of the [injunction order] on the overall distribution of compliance burdens across the financial sector, we ask that you consider broader relief.”

Credit Unions 52

Credit Unions Credit Unions Trade Financial Institution 52

Consumer Financial Services Law

OCTOBER 13, 2016

The CFPB’s Consent Order with Navy Federal Credit Union (“NFCU”) should provide a wakeup call for all community banks and credit unions as to how they conduct their internal debt collection efforts. million to the CFPB. million to the CFPB. Consent Order, ¶24.

Credit Unions 40

Credit Unions Credit Unions Banks Collections 40

Troutman Sanders

DECEMBER 21, 2021

On December 16, the National Credit Union Administration — the federal regulator that oversees credit unions — announced that credit unions may partner with third-party digital asset service providers to give members access to cryptocurrencies and other digital assets. On December 16, U.S.

Financial services 52

Financial services Credit Unions Credit Unions Third-party Debt Collectors 52

Fico Collections

AUGUST 19, 2022

Tackling the Fintech Threat: A Guide for Banks and Credit Unions. What financial institutions need to compete with fintech threat disrupters. billion globally in 2021 – banks and credit unions are losing their status as the primary financial services providers to American consumers. by Darryl Knopp.

Credit Unions 52

Credit Unions Credit Unions Banks Financial Institution 52

Collection Industry News

FEBRUARY 5, 2021

When the state-mandated shutdowns started last March, Skyler Fort, a painting contractor in northern Michigan, turned to his local credit union, 4Front Credit Union, for a PPP loan. That’s because their mission is to support Main Street, unions and the local communities they serve. Between year-end 2019 and Sept.

Credit Unions 40

Credit Unions Credit Unions Loans Banks 40

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. Financial institutions have a wealth of data that has been mostly untapped, but this will change soon. Creating an AI Structure.

Financial services 52

Financial services Financial Institution Banks Credit Unions 52

Collection Industry News

SEPTEMBER 12, 2022

University Credit Union, September 08, 2022. 8, 2022 /PRNewswire/ — University Credit Union (UCU) is excited to announce its newest partnership with UC San Diego. About University Credit Union: University Credit Union, a federally-insured financial cooperative, was founded in 1951 on UCLA’s campus by faculty and staff.

Credit Unions 40

Credit Unions Credit Unions Education Financial Institution 40

Troutman Sanders

SEPTEMBER 8, 2023

Mountain America Federal Credit Union , the plaintiff became delinquent on a credit card account with her credit union. The credit union then assigned the debt to a third-party collection agency. In Hansen v. A copy of the order is available here.

Original Creditor 59

Original Creditor Collections Agency Collection Agencies Credit Unions 59

Troutman Sanders

JANUARY 9, 2024

CICA Collection Agency, a First Circuit case in which the CFPB has filed an amicus brief. In that case, after an individual filed for bankruptcy, a debt collector sent the consumer a collection letter that said the consumer could be sued if they did not pay the debt — a process the CFPB believes is against the law.

Financial services 52

Financial services Student loans Student Loans Debt collector 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. million, allegedly collecting about $81,000 of that amount. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

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.

Financial services 52

Financial services Financial Institution Banks Credit Unions 52

Troutman Sanders

DECEMBER 19, 2023

Per the bill, any contract between a collection entity and a hospital, health care professional, or ambulance service for the purchase or collection of medical debt must contain a provision that prohibits the reporting of any portion of such medical debt to a consumer reporting agency. For more information, click here.

Financial services 52

Financial services Banks Debt collector Government 52

Troutman Sanders

NOVEMBER 2, 2020

The legislation would benefit banks and credit unions with assets under $15 billion. It requires federal regulators to exclude PPP loans from asset-size calculations for the purpose of determining capital ratios, deposit insurance premiums, and other asset thresholds at those financial institutions.

Financial services 52

Financial services Financial Institution Loans Credit Unions 52

Troutman Sanders

SEPTEMBER 18, 2023

The FTC sent Notices of Penalty Offenses that warn recipients they could incur civil penalties of up to $50,120 per violation if they misuse personal data in ways that run counter to the original purpose for which this information was collected. For more information, click here. On September 15, U.S. CFPB will dissolve if the U.S.

Financial services 52

Financial services Trade Banks Credit Unions 52

Troutman Sanders

FEBRUARY 28, 2022

State Activities: On February 23, the Wisconsin State Legislature passed a consumer data privacy measure that would give consumers the right to know what personal data is being collected about them and to request that the data be correct or deleted. For more information, click here. For more information, click here.

Financial services 52

Financial services Trade Credit Unions Credit Unions 52

Consumer Financial Services Law

SEPTEMBER 21, 2016

In prepared remarks to the National Association of Federal Credit Unions, the CFPB provided some hint as to what we can expect with regard to first party debt collection rules. In July, the CFPB released a debt collection proposal regarding traditional third party debt collectors.

Third-party Debt Collectors 40

Third-party Debt Collectors Credit Unions Credit Unions Debt collector 40

Troutman Sanders

MARCH 22, 2021

On March 17, the Consumer Financial Protection Bureau (CFPB) issued a consumer advisory to encourage consumers to take action to protect economic impact payments under the American Rescue Plan. The bill also would require such payments to be encoded, and would extend other restrictions on collection of such funds.

Financial services 52

Financial services Garnishment Student loans Student Loans 52

FFGN COLLECT NY

JANUARY 15, 2024

Businesses Exempt While the law covers most consumer agreements, some businesses are specifically exempt from this law, including: Services provided by a business under a franchise issued by a municipality or a city Any entity regulated by the Department of Financial Services (financial institutions, banks, credit unions, etc.)

Credit Unions 97

Credit Unions Credit Unions Financial Institution Government 97

Troutman Sanders

SEPTEMBER 5, 2023

On August 18, the American Financial Services Association, Consumer Bankers Association, CRE Finance Council, Equipment Leasing and Finance Association, Mortgage Bankers Association, National Association of Federally-Insured Credit Unions, Truck Renting and Leasing Association, and the U.S.

Trade 52

Trade Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

AUGUST 10, 2023

Supreme Court’s final decision in Community Financial Services Association (CFSA) v. The banking trade groups argued that relief should be provided to banks nationwide to “be prudent and ameliorate confusion.”

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

Fico Collections

MARCH 7, 2022

Financial services partners know that their clients are under increasing pressure to remain competitive, particularly when it comes to giving their end-customers the best experiences across the full lifecycle of engagement. It’s neither consistent nor comprehensive. Operational efficiency is poor. Communication strategies aren’t smart.

Financial Institution 52

Financial Institution Financial services Credit Unions Credit Unions 52

Troutman Sanders

MARCH 6, 2024

House Bill (HB) 4456 would create a new chapter to the Massachusetts Code explicitly stating that EWA services offered under the new chapter are not loans or other form of credit or debt, and voluntary tips or gratuities are not interest or finance charges. The bill is pending before the Joint Financial Services Committee.

Credit Unions 52

Credit Unions Credit Unions Banks Loans 52

Troutman Sanders

MARCH 22, 2023

An Illinois federal district court recently denied a creditor-defendant’s motion for summary judgment in a Fair Credit Reporting Act (FCRA) case brought by a consumer who questioned why his debt was being reported twice — as both a tradeline with the original creditor and as a tradeline with a third-party collection agency.

Judgment 52

Judgment Credit Unions Credit Unions Collections Agency 52

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).

Banks 52

Banks Lender Credit Unions Credit Unions 52

Fico Collections

MARCH 1, 2022

Fiserv, a leading global provider of payments and financial services technology solutions, has developed a new fraud mitigation service that has reduced fraud losses, which were already low by industry standards, by 10 to 15% for its small to midsize credit union and bank clients.

Banks 52

Banks Credit Unions Credit Unions Financial services 52

Collection Industry News

MAY 18, 2021

Despite objections from CUNA and NAFCU, the House of Representatives passed the Comprehensive Debt Collection Improvement Act on Thursday. 2547 was sponsored by House Financial Services Committee Chairwoman Rep. Source: site. The bill, H.R. Maxine Waters (D-Calif.), passed the House with a 215-207 vote.

Lender 40

Lender Foreclosure Collections Debt collector 40

Payment Savvy

MAY 16, 2023

Payment Processors These entities act as intermediaries between financial institutions, handling the technical aspects of transmitting transaction data and managing the flow of funds. They also help banks and credit unions navigate the complexities of the instant ACH transfer process.

Financial Institution 94

Financial Institution Banks Credit Unions Credit Unions 94

Collection Industry News

OCTOBER 17, 2022

The CFPB’s annual report to Congress highlighting college banking and credit card agreements has raised some questions for both the consumer watchdog agency and the Department of Education. monthly service fee on accounts with less than $300 in qualifying deposits every month.

Banks 40

Banks Education Financial Institution Credit Unions 40

Troutman Sanders

JULY 13, 2023

The law applies to both consumer-directed wage access services and employer-integrated wage access services, but in either case the amount being provided to the consumer must be earned by the consumer at the time of the advance. Using credit reports or credit scores to determine a consumer’s eligibility for EWA services.

Credit Unions 52

Credit Unions Credit Unions Loans Debt collector 52

Fico Collections

MARCH 15, 2023

Here’s a summary of the top 2023 trends that are impacting today’s customer experience and the financial services industry. These days, financial institutions are competing on much more than pricing and terms. The banks and credit unions that can be more human will flourish.

Banks 52

Banks Financial Institution Credit Unions Credit Unions 52

Jimerson Firm

FEBRUARY 18, 2021

Credit Union , 46 So. This liability is capped at the amount of the amount of the undisbursed loan funds at the time the notice should have been given unless the failure to give notice was done for the purpose of defrauding the contractor. 713.3471(c). As the First District Court of Appeal noted in Whitehead v. Tyndall Fed.

Construction 98

Construction Lender Loans Banks 98

Collection Industry News

NOVEMBER 2, 2020

In a report summarizing the symposium issued in July, the Bureau pointed out that consumers’ access to “their financial records in electronic form empowers them to better monitor their finances” and “their ability to permission a third party to access those records may enable consumer-friendly innovation in financial services.”

Credit Unions 40

Credit Unions Credit Unions Financial services Lender 40

True Accord

JANUARY 10, 2024

If you’re a creditor or collector working with financially distressed borrowers, considering consumer situations against the economic landscape and accommodating their financial needs and preferences when collecting is critical to your success. of consumers have a 3rd party collection account on their credit report.

Student loans 59

Student loans Student Loans Loans Banks 59

Collection Industry News

OCTOBER 2, 2023

The Supreme Court is set to hear oral arguments Tuesday in a case with the potential to gut the Consumer Financial Protection Bureau, a watchdog agency created in the wake of the 2008 financial crisis. Community Financial Services Association of America — hinges on the constitutionality of the agency’s funding.

Government 40

Government Credit Unions Credit Unions Trade 40

Collection Industry News

OCTOBER 17, 2023

There are some exceptions: The Military Lending Act caps interest for active duty servicemembers and dependents at 36% for consumer credit. Federally chartered credit unions have an 18% limit. The financial services industry remains largely opposed to imposing a ceiling. For example, Sen. Bernie Sanders, I-Vt.,

Credit Unions 40

Credit Unions Credit Unions Accrued Interest Credit Card Debt 40

Consumer Financial Services Law

SEPTEMBER 1, 2016

As the CFPB continues to focus on consumer access to depository accounts and overdrafts, banks and credit unions of all sizes should expect their compliance management systems regarding the same to face further scrutiny by regulators and should expect to see additional guidance issued by regulators regarding the use of overdraft fees.

Student loans 40

Student loans Student Loans Credit Unions Credit Unions 40