Katabat

MARCH 30, 2021

That’s the headline from a recent NBC News story about the millions of Americans who have deferred payment on mortgages, rent, student loans and utility bills. 26% of Consumers Have a Third-Party Collection Tradeline on Their Credit Report. “Payment deferrals were a lifeline for millions during Covid.

Student Loans 52

Student Loans Student loans Garnishment Banks 52

Better Credit Blog

MAY 12, 2022

Just like with consumer credit, debt from a civil judgment must be validated under the Fair Credit Reporting Act. To validate your debt, you’d have to write a letter to the court that ruled against you which may or may not be in your state. How Long Do Judgments Stay on My Credit Report?

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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.

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Foreclosure Student Loans Student loans Lender 40

Troutman Sanders

MAY 9, 2023

On May 4, Colorado Governor Jared Polis signed SB93 into law. For more information, click here. On May 1, Oklahoma Governor Kevin Stitt approved HB1443.

Financial services 52

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Collection Industry News

MAY 18, 2021

While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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True Accord

JULY 5, 2022

A hike in the federal interest rate prompts a jump in the Bank Prime Loan Rate ( prime rate ), the credit rate that banks offer to their most credit-worthy customers and off of which they base other forms of consumer credit like mortgages and consumer loans.

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Credit Corp

MAY 30, 2023

These payments are sent to the judgment creditor until your debt is paid. The Consumer Credit Protection Act caps these types of garnishments. These cases often pertain to a breach of contract, an unsettled debt or a lack of services. What if the loan company or debt collector has already started the lawsuit?

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Judgment Garnishment Creditors Law Firms 75

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.

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Collection Industry News

MARCH 28, 2022

The Department has also begun licensing debt collectors. The first change under the CCFPL was a new name for the Department which was formerly the Department of Business Oversight. For more information about the DFPI, visit their website at [link].

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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. For more information, click here. For more information, click here.

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Troutman Sanders

AUGUST 1, 2023

An amendment in the NDAA to update the Fair Debt Collection Practices for Servicemembers Act passed in the Senate by a vote of 95-2. Examiners found that debt collectors continued collection attempts for work-related medical debt after receiving sufficient information to render the debt uncollectible under state worker’s compensation law.

Financial services 52

Financial services Financial Institution Debt collector Trade 52

Troutman Sanders

OCTOBER 4, 2021

Federal Activities: On September 29, the Consumer Financial Protection Bureau (CFPB) released its fifth biennial report to Congress on the consumer credit card market, finding that the market’s growth over the last few years reversed course in 2020. Privacy and Cybersecurity Activities. Among other provisions, S.B.

Financial services 52

Financial services Financial Institution Foreclosure Student Loans 52

Better Credit Blog

JANUARY 20, 2022

The only problem came when after not paying on an account for 6–7 months, I came to find out that Freedom Debt Relief couldn’t settle this particular account. It was for a PMSI loan for an outdoor wood burning furnace. I had to make my own payment arrangements with the debt collector so that we could keep our furnace.

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Creditors Credit Card Debt Unsecured Debt Debt settlement 76

Troutman Sanders

APRIL 4, 2022

On March 30, the Consumer Financial Protection Bureau (CFPB) sanctioned Edfinancial for deceiving student loan borrowers about their eligibility for Public Service Loan Forgiveness, and the steps they could have taken to obtain loan cancellation. For more information, click here.

Financial services 52

Financial services Loans Banks Student Loans 52

Troutman Sanders

OCTOBER 30, 2023

On October 25, the CFPB released its biennial report to Congress on the consumer credit card market. The report found that in 2022 credit card companies charged consumers more than $105 billion in interest and more than $25 billion in fees. For more information, click here. For more information, click here.

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Financial services Financial Institution Trade Banks 52

Troutman Sanders

JUNE 14, 2023

On June 8, the CFPB acted against a medical debt collector for numerous debt collection and credit reporting violations. In at least thousands of cases, the debt collector continued to attempt to collect on a debt that was not substantiated after a consumer disputed the validity of the debt.

Financial services 52

Financial services Financial Institution Student Loans Student loans 52

Troutman Sanders

JUNE 21, 2022

On June 15, the Consumer Financial Protection Bureau (CFPB) issued an update about its December 2021 market monitoring inquiry into Buy Now, Pay Later (BNPL) — a short-term, no-interest consumer credit product that has become nearly ubiquitous at the point of purchase online and, increasingly, in brick-and-mortar stores.

Financial services 52

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Troutman Sanders

NOVEMBER 8, 2022

On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of student loan payment reinstatement. The CFPB found that student loan borrowers are increasingly likely to struggle once their monthly student loan payments are reinstated.

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Burt and Associates

OCTOBER 31, 2024

Introduction and Spotlight on Medical and Rental Debt 1.1 Medical Debt 1.1.1 Introduction: This section highlights the CFPB’s work on medical debt issues, including a proposed rule to restrict medical debt reporting on credit reports. Rental Debt 1.2.1 Medical Debt 1.1.1 Rental Debt 1.2.1

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Collection Industry News

JANUARY 25, 2021

Uejio has been with the CFPB since 2011 and worked with Chopra, who served as the bureau’s student loan ombudsman during the Obama administration. That experience will enable Uejio to lay solid groundwork for Chopra, said Richard Cordray, the bureau’s first director. The two share many of the same priorities, Cordray said.

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Student Loans Student loans Debt collector Trade 40

True Accord

JANUARY 21, 2025

With inflation proving more sticky than policymakers had hoped and uncertainty around how the new administrations policies might affect it, it may take longer for people to see lower interest rates on their mortgages, car loans and credit card balances, which could prove challenging to household budgets. for this year, increased to 3.0%

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Troutman Sanders

AUGUST 31, 2020

Federal Activities: During the week of August 24, 2020, the Consumer Financial Protection Bureau (CFPB) updated pages relating to student loans and its guidance on protecting credit during COVID-19. ” Additionally, the CFPB recently released additional resources for Spanish speakers, which can be viewed here.

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