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

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

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, the Non-Judicial Foreclosure Debt Collection Clarification Act, which would reverse the unanimous decision made by the Supreme Court of the United States (SCOTUS) in 2019. Source: site.

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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. Read today’s Notice of Proposed Rulemaking.

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Credit Unions Credit Unions Student Loans Student loans 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.

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Student Loans Student loans Credit Unions Credit Unions 40

Better Credit Blog

AUGUST 19, 2020

Payment history mostly pertains to debts from mortgages, loans, and credit cards. However, after several missed payments on services like your phone, internet, and medical bills, those accounts can be turned over to a debt collection agency and placed on your credit report. Learn More: Best Credit Monitoring Services.

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Student Loans Student loans Lender Loans 60

Collection Industry News

JULY 6, 2021

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFPB has the authority to supervise large banks, thrifts, credit unions with assets over $10 billion, and certain nonbanks for compliance with Federal consumer financial law. Student loan servicers misled consumers about Public Service Loan Forgiveness.

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Student Loans Student loans Foreclosure Loans 40

Collection Industry News

MARCH 15, 2021

The DFPI is aggressively exercising its new authority to regulate a large group of newly covered financial services, including debt collectors, credit reporting and credit repair agencies, debt relief agencies and others. Consumers can reach the DFPI at (866) 275-2677 or Ask.DFPI@dfpi.ca.gov.

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Troutman Sanders

MARCH 22, 2021

Additionally, to facilitate the disbursement of Child Tax Credit advance payments during 2021, the American Rescue Plan requires the IRS to establish an online portal for taxpayers to update relevant data for mid-year payment adjustments ( e.g., the birth of a child during 2021). For more information, click here. On March 18, the U.S.

Financial services 52

Financial services Garnishment Student Loans Student loans 52

Debt RR

AUGUST 3, 2020

Bank account garnishment is a collection procedure that is authorized by a court. Common reasons for bank account garnishment in Texas include: Private creditors: These are banks, credit unions, credit card companies, peer-to-peer lenders, hard money loan providers, and other financial institutions. Student loans.

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Garnishment Banks Student Loans Student loans 40

Better Credit Blog

SEPTEMBER 4, 2020

You have also probably seen them appear on your credit report as a collections account. This is because Rausch Sturm has been hired by your original creditor to collect the debt on their behalf. You won’t stop hearing from them until you pay them or remove their account from your credit report in another way.

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Debt collector Collections Credit Unions Credit Unions 52

Credit Corp

APRIL 26, 2024

The IRS notes that cancellation can occur when the creditor gives up on collecting because it’s exhausted its resources and is unable to collect. So, while getting a 1099-C itself doesn’t change your credit at all, you’ve probably already experienced a negative hit to your score. Decision or policy to discontinue collection H.

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Collection Industry News

MARCH 28, 2022

The DFPI investigations resulted in 49 public enforcement actions, $975,000 in restitution to consumers, $547,500 in penalties, and included several “first of its kind” actions for the DFPI in debt collection, student debt relief, earned wage access, and private post-secondary education financing. Regulatory Activities.

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Debt collector Education Credit Unions Credit Unions 40

Troutman Sanders

OCTOBER 25, 2023

Notably, the proposed rule only provides for narrow exceptions, such as community banks and credit unions that have no digital interface with their customers. The CFPB plans to issue supplemental rulemakings with respect to other consumer financial products and services, such as mortgage, automobile, and student loans.

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Banks Financial Institution Credit Unions Credit Unions 52

Better Credit Blog

AUGUST 21, 2020

Several credit issues can result in a score of 620. Individuals with “fair” credit scores usually have late payments on their credit reports , some of which may have gone to collections. Some of these issues can stay on your credit report and drastically hurt your score for several years if they aren’t removed.

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Personal loans Loans Lender Debt Consolidation 59

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

Sawin & Shea

APRIL 17, 2024

The court will then order a bankruptcy stay — also called an automatic stay — that prohibits creditors and lenders from collecting what you owe. You will not be able to discharge: Family and child support Most student loans Most local, state, and federal taxes How Does Filing Bankruptcy Impact Your Standing with Credit Bureaus?

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Troutman Sanders

JUNE 14, 2023

On June 8, the board of governors for the Federal Reserve (the Fed), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and the OCC requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions.

Financial services 52

Financial services Financial Institution Trade Student Loans 52

Troutman Sanders

JUNE 21, 2022

Covered institutions include banks, savings associations, credit unions, and mortgage companies. Department of Education announced it would discharge all remaining federal student loans for students who attended any college run by Corinthian Colleges. million in loan relief.” financial institutions.

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Financial services Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

OCTOBER 9, 2023

The FTC alleged that the defendants pretended to be affiliated with the Department of Education, charged illegal junk fees, and offered students loan forgiveness promises that were not fulfilled. For more information, click here. For more information, click here. For more information, click here. banking system.

Financial services 52

Financial services Student Loans Student loans Third-party Debt Collectors 52

Troutman Sanders

AUGUST 28, 2023

Department of Education (DOE), used deceptive loan forgiveness promises, and falsely claimed they were offering relief under the “Biden Loan Forgiveness” plan to lure students and collect millions in illegal upfront fees. For more information, click here. For more information, click here.

Financial services 52

Financial services Student Loans Student loans Loans 52

Troutman Sanders

MARCH 14, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans.

Financial services 52

Financial services Student Loans Student loans Loans 52

Troutman Sanders

MARCH 6, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans.

Financial services 52

Financial services Student Loans Student loans Loans 52

Troutman Sanders

JANUARY 17, 2023

The case marks the first time that the FTC has collected civil penalties against a company that received the “notice of penalty offenses” for money-making opportunities sent in October 2022 and the first civil penalties for violations of the Restore Online Shoppers’ Confidence Act. For more information, click here.

Financial services 52

Financial services Student Loans Student loans Education 52

Troutman Sanders

JANUARY 23, 2024

billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes to income-driven repayment (IDR) forgiveness and public service loan forgiveness (PSLF) made by the administration. For more information, click here. The requirement is per Financial Code section 521.

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Financial services Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

AUGUST 24, 2020

Secretary of Education Betsy DeVos implemented President Donald Trump’s memorandum extending relief on federally held student loans to borrowers through the end of the year. On August 14, 2020, New York Attorney General Letitia James extended a moratorium on collecting certain debts that are owed to the State of New York.

Financial services 52

Financial services Student Loans Student loans Education 52

Troutman Sanders

JUNE 22, 2021

Federal Activities: On June 18, the Federal Housing Administration (FHA) announced updates to its student loan monthly payment calculations to help provide greater access to affordable single-family FHA-insured mortgage financing for creditworthy individuals with student loan debt, which has a disproportionate impact on people of color.

Financial services 52

Financial services Student Loans Student loans Financial Institution 52

Account Recovery

NOVEMBER 22, 2024

This move expands CFPB’s supervisory authority to encompass large nonbank companies that handle more than 50 million consumer payment transactions annually, a market that collectively processes over 13 billion transactions each year.

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Credit Unions Credit Unions Student Loans Student loans 130