Troutman Sanders

JANUARY 25, 2023

Bankers are opposing any effort by the Consumer Financial Protection Bureau (CFPB or Bureau) to reduce or eliminate the late fee safe harbor, citing a potentially significant adverse impact on community banks and credit unions.

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

Fico Collections

JULY 9, 2021

For credit unions and smaller banks in North America, the challenge of how to compete with their bigger counterparts is a constant and pressing matter. The solution integrates Equifax Consumer Credit Information and FICO risk decision management technology with marketing campaign automation and execution.

Acquisition 52

Acquisition Credit Unions Credit Unions Financial Institution 52

Fico Collections

DECEMBER 4, 2020

These in-depth insights can help lenders expertly manage credit risk in these uncertain times, while continuing to make competitive credit offers to consumers. . We have used FICO® Scores for many years. For more information about the FICO® Score 10 Suite, please visit: [link].

Credit Unions 52

Credit Unions Credit Unions Credit Bureau Lender 52

Troutman Sanders

APRIL 25, 2023

Implying that high interest rates are solely a result of lack of competition, the CFPB has: (i) published a proposed rule that would amend Regulation Z to decrease the safe harbor for credit card late fees; (ii) launched an update of its credit card database; (iii) and requested public feedback on how the consumer credit card market is functioning.

Credit Unions 52

Credit Unions Credit Unions Credit Card Debt Consumer Credit 52

Troutman Sanders

DECEMBER 21, 2021

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.

Financial services 52

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

Troutman Sanders

DECEMBER 20, 2023

The report found that roughly a quarter of consumers are still being charged these fees despite the CFPB’s hostility towards so called “junk fees,” which has led many banks and credit unions to eliminate such fees. Overdraft fees are somewhat more prevalent than NSF fees (23.6% versus 20%, respectively).

Credit Unions 52

Credit Unions Credit Unions Financial Institution Banks 52

Troutman Sanders

JULY 12, 2023

The law does not apply to banks, savings and loan associations, savings banks, thrift companies, or credit unions. Providing inaccurate information to a credit bureau. Misapplying student loan payments to the outstanding balance.

Student Loans 52

Student Loans Student loans Loans Credit Unions 52

Troutman Sanders

AUGUST 9, 2022

Bankers are gearing up to oppose an effort by the Consumer Financial Protection Bureau (CFPB or Bureau) to prevent an increase in allowable late charges for credit cards. In letters dated August 1, the American Bankers Association , Consumer Bankers Association, Credit Union National Association, and National Association of Federally?Insured

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

Credit Corp

JUNE 8, 2023

Using credit irresponsibly by making late payments and maxing out credit limits can have an affect your credit negatively and lower your credit score. How Does Credit Reporting Work? The bureaus collect and store your credit information in your credit file for future reference.

Lender 98

Lender Loans Creditors Credit Unions 98

Troutman Sanders

OCTOBER 28, 2021

Specifically, the final rule provides for the following adjustments: For open-end consumer credit plans under TILA, the threshold that triggers requirements to disclose minimum interest charges will remain unchanged at $1.00 The rule takes effect on January 1, 2022. 8% of the total loan amount for a loan amount less than $14,356.

Loans 52

Loans Credit Unions Credit Unions Consumer Credit 52

FFGN COLLECT NY

JULY 20, 2021

After New York Governor Andrew Cuomo signs the Consumer Credit Fairness Act (S.153/Thomas) 153/Thomas) into law, many creditors will need to provide significant documentation in order to file a debt collection action against their non-paying consumers.

Creditors 40

Creditors Collections Original Creditor Credit Unions 40

Troutman Sanders

APRIL 6, 2021

AI also can inform credit decisions by analyzing traditional data ( i.e., data typically found in a consumers’ credit files) and alternative data. Five federal banking regulatory agencies are gathering information and comments on financial institutions’ use of artificial intelligence (AI), including machine learning.

Financial Institution 52

Financial Institution Banks Credit Unions Credit Unions 52

Nexa Collect

JULY 1, 2020

Experian reports that the lowest FICO credit score is 300, but no one really stays at such a low score once some financial history has been established. If you’re not in the habit of checking your credit score every month, you can hire a credit monitoring company to do the tracking for you. And that’s encouraging to think about.

Bankruptcy 130

Bankruptcy Lender Credit Unions Credit Unions 130

Consumer Finance

AUGUST 24, 2020

The Consumer Financial Protection Bureau issued a request for information to examine the impact of the rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009.

Consumer Credit 40

Consumer Credit Credit Unions Credit Unions Financial services 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. Eight trade groups representing lenders such as banks and credit unions wrote a letter to Sen. For example, Sen.

Credit Unions 40

Credit Unions Credit Unions Accrued Interest Credit Card Debt 40

Credit Corp

OCTOBER 6, 2023

Here are the standout findings of various debt statistics: The average American household has over $9,000 in credit card debt. WalletHub ) Mississippi has the least credit card debt at $5,259 per person. Credit Karma ) Alaska has the most credit card debt on average at $8,139.

Credit Card Debt 98

Credit Card Debt Debt Consolidation Credit Unions Credit Unions 98

Collection Industry News

APRIL 10, 2023

The revamped survey will mean that dominant credit card issuers will be more transparent by requiring them to publish average interest rates based on credit score ranges. Small banks and credit unions will also now have a chance to have their prices displayed next to those of the largest ones.

Credit Card Debt 40

Credit Card Debt Credit Unions Credit Unions Banks 40

Credit Corp

FEBRUARY 21, 2023

This will not only help you compare your own credit card balance to the national average, but you’ll also see if you’re getting a good deal with your current cards. How many credit cards carry a balance? The APR is the amount of interest consumers pay for their purchases, and the following table is broken down by credit card type.

Credit Card Debt 98

Credit Card Debt Debt Consolidation Credit Unions Credit Unions 98

Collection Industry News

JANUARY 25, 2021

The insured creditor and its affiliates do not maintain an escrow account for consumer credit transactions secured by real property or a dwelling, other than: Escrow accounts established after consummation as an accommodation to distressed consumers to assist such consumers in avoiding default or foreclosure, or.

Loans 40

Loans Creditors Credit Unions Credit Unions 40

Troutman Sanders

NOVEMBER 2, 2020

The legislation would benefit banks and credit unions with assets under $15 billion. On October 23, lawmakers in the House of Representatives introduced a bill to exclude Paycheck Protection Program (PPP) loans from regulators’ calculations of the asset size of smaller banks. For more information, click here.

Financial services 52

Financial services Financial Institution Loans Credit Unions 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. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Student Loans Student loans Credit Unions 52

Collection Industry News

MAY 18, 2021

In a letter sent to the leaders of the House and Senate , CUNA President/CEO Jim Nussle stated his objections to section 403 of the bill, which would amend the Fair Credit Reporting Act to prohibit credit scoring models from treating certain medical debt information on consumers’ credit report as a negative factor.

Lender 40

Lender Foreclosure Collections Debt collector 40

Collection Industry News

MARCH 15, 2021

Consumers can reach the DFPI at (866) 275-2677 or Ask.DFPI@dfpi.ca.gov. The post California DFPI Continues To Expand Consumer Protection Efforts During The COVID-19 Pandemic appeared first on Collection Industry News.

Foreclosure 40

Foreclosure Student Loans Student loans Lender 40

Collection Industry News

MARCH 28, 2022

The DFPI licenses and regulates state-chartered banks and credit unions, commodities and investment advisers, money transmitters, the offer and sale of securities and franchises, broker-dealers, nonbank installment lenders, payday lenders, mortgage lenders and servicers, escrow companies, Property Assessed Clean Energy (PACE) program administrators, (..)

Debt collector 40

Debt collector Education Credit Unions Credit Unions 40

Account Recovery

JANUARY 9, 2025

Two trade groups the Consumer Data Industry Association (CDIA) and the Cornerstone Credit Union League yesterday filed a lawsuit in the District Court for the Eastern District of Texas against the Consumer Financial Protection Bureau over its new rule prohibiting the inclusion of most medical debts on consumer credit reports.

Credit Unions 130

Credit Unions Credit Unions Trade Lender 130

Account Recovery

FEBRUARY 7, 2025

A federal judge has granted a 90-day stay on the Consumer Financial Protection Bureaus new rule that would bar credit reporting agencies from including medical debt on consumer credit reports.

Credit Unions 130

Credit Unions Credit Unions Consumer Credit Collections 130

Troutman Sanders

JUNE 21, 2022

Covered institutions include banks, savings associations, credit unions, and mortgage companies. As the most comprehensive publicly available information on mortgage market activity, HMDA data is used by industry, consumer groups, regulators, and others to assess potential fair lending risks and for other purposes.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 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

JANUARY 17, 2023

Among the changes discussed by Governor Hochul in her State of the State Address is a plan to amend the state’s Consumer Credit Fairness Act to cover medical debt. The proposals will modify the cost and delivery of care so that no New Yorker will not “have to choose between their health and their financial security.”

Financial services 52

Financial services Student Loans Student loans Education 52