Troutman Sanders

MARCH 11, 2024

If enacted, the bill would, among other things, prohibit medical debts from being reported on consumers’ credit reports. The bill would even prohibit credit reporting agencies from accepting information about consumers’ medical debts.

Financial services 52

Financial services Garnishment Lender Banks 52

Troutman Sanders

OCTOBER 30, 2023

On October 26, a House Financial Services subcommittee drafted legislative proposals related to the buy now, pay later (BNPL) and earned wage access (EWA) market. On October 25, the CFPB released its biennial report to Congress on the consumer credit card market. financial institutions.

Financial services 52

Financial services Financial Institution Trade Banks 52

Troutman Sanders

NOVEMBER 13, 2023

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 November 9, while at the New York Bankers Association’s Financial Services Forum, Federal Reserve Governor (..)

Financial services 52

Financial services Manufacturing Debt Management Debtor 52

Consumer Financial Services Law

DECEMBER 17, 2016

Roughly eighteen months ago, the CFPB introduced its Monthly Complaint Reports which provide monthly summaries of complaints received in the complaint portal against financial service providers regarding a number of financial service products. Each month, the CFPB issues a report summarizing the information.

Consumer Credit 40

Consumer Credit Student Loans Student loans Financial services 40

Troutman Sanders

AUGUST 1, 2023

On July 27, the Financial Innovation and Technology for the 21st Century Act passed the House Committee on Agriculture. The bill previously passed the House Committee on Financial Services on July 26. On July 26, the CFPB published a blog focused on consumer credit scores. For more information, click here.

Financial services 52

Financial services Financial Institution Debt collector Trade 52

Consumer Finance

SEPTEMBER 10, 2024

The CFPB ordered TD Bank to pay $7.76 million to tens of thousands of victims because of the bank’s illegal actions.

Banks 87

Banks Consumer Credit Financial services 87

Troutman Sanders

MAY 31, 2022

On May 26, the CFPB issued a blog post regarding credit reporting disputes and requirements that furnishers must satisfy when handling a dispute. For more information, click here. For more information, click here.

Financial services 52

Financial services Education Creditors Collection Agencies 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. Ron Wyden asked the CFPB to prevent credit agencies from selling Americans’ private, personal data unrelated to their credit or finances via data brokers.

Financial services 52

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

Troutman Sanders

NOVEMBER 2, 2020

On October 28, the Louisiana Public Service Commission, in response to a state of emergency from Tropical Storm/Hurricane Zeta, restricted telephonic solicitations into the state through November 24. For more information, click here. To read the full statement, click here.

Financial services 52

Financial services Financial Institution Loans Credit Unions 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. million or less.

Financial services 52

Financial services Financial Institution Foreclosure Student Loans 52

Troutman Sanders

DECEMBER 7, 2021

On December 1, the Federal Reserve Board and the CFPB announced the dollar thresholds that determine exemption of certain consumer credit and lease transactions in 2022, from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). For more information, click here. For more information, click here.

Financial services 52

Financial services Debt collector Consumer Credit Credit Card Debt 52

Troutman Sanders

NOVEMBER 24, 2020

Among those directives, the service of a garnishment summons, wage deduction summons, or a citation to discover assets on a consumer debtor or consumer garnishee are suspended through December 12. For more information, click here. Click here to read more.

Financial services 52

Financial services Foreclosure Banks Loans 52

Micro Bilt

OCTOBER 12, 2020

The year 2020 is one that will live on in infamy long after the chaos of global pandemic and the financial fallout of a nation shutting down for several months have passed. We’ve learned a lot during that time, including the importance of alternative consumer credit data for painting a clearer picture of someone’s “creditworthiness.”.

Consumer Credit 52

Consumer Credit Creditworthiness Financial services 52

Troutman Sanders

JANUARY 5, 2022

On December 29, 2021, the California Court of Appeals upheld a lower court ruling, prohibiting a company from collecting on $38 million of unpaid debt as consumers were not provided statutory notice of the risks of cosigning a consumer credit contract. For more information, click here.

Financial services 52

Financial services Judgment Trade Consumer Credit 52

Troutman Sanders

JANUARY 11, 2022

Among other provisions, this bill (1) requires hospitals to submit their policies governing collection of medical debts from patients to the Health Services Cost Review Commission; and (2) prohibits certain collection activities against patients. For more information, click here. For more information, click here.

Financial services 52

Financial services Trade Consumer Credit Government 52

Troutman Sanders

MAY 9, 2023

HB1443 will go into effect on November 1.

Financial services 52

Financial services Student Loans Student loans Loans 52

Troutman Sanders

APRIL 4, 2022

On March 29, New York Attorney General Letitia James sent letters to the largest credit card companies and major debt collectors operating in New York, warning those companies of new state regulations that prevent them from suing consumers for old debts.

Financial services 52

Financial services Loans Banks Student Loans 52

Troutman Sanders

MARCH 1, 2021

The bill will prohibit selling an individual’s debt to another party and reporting adverse information about the individual to consumer credit reporting agencies or credit bureaus. For more information, click here.

Financial services 52

Financial services Foreclosure Financial Institution Government 52

Troutman Sanders

JANUARY 11, 2021

In its report, the Taskforce makes approximately 100 recommendations to the CFPB, Congress, and state and federal regulators to strengthen consumer protection.

Financial services 52

Financial services Foreclosure Collection Agencies Collections Agency 52

Troutman Sanders

NOVEMBER 4, 2020

George , will take a close look at the nitty-gritty of the practical side of credit reporting during the COVID-19 pandemic and economic downturn. We will cover guidance from the Consumer Data Industry Association and very recent new guidance from the Consumer Financial Protection Bureau on the requirements of the CARES Act.

Financial services 52

Financial services Consumer Credit Bankruptcy Collections 52

Account Recovery

AUGUST 19, 2024

What do they mean and how are they to be used in a consumers’ credit report? Bills Introduced in House, Senate to Amend EFTA and Boost Consumer Protections For Wire Transfers, P2P Platforms A bill backed by Rep. the Ranking Member of the House Financial Services Committee, and Sen. Maxine Waters [D-Calif.],

Collection Agencies 130

Collection Agencies Collections Agency Collection Agent Debt Recovery 130

Account Recovery

AUGUST 19, 2024

What do they mean and how are they to be used in a consumers’ credit report? Bills Introduced in House, Senate to Amend EFTA and Boost Consumer Protections For Wire Transfers, P2P Platforms A bill backed by Rep. the Ranking Member of the House Financial Services Committee, and Sen. Maxine Waters [D-Calif.],

Collection Agencies 130

Collection Agencies Collections Agency Collection Agent Debt Recovery 130

Troutman Sanders

APRIL 27, 2023

The trio examine why this is a big deal in consumer litigation, whether courts consistently apply recent Supreme Court decisions with one another, and what considerations and implications defendants should consider when deciding whether or not to remove a case from state to federal court.

Financial services 52

Financial services Fair Debt Collection Debt collector Judgment 52

Troutman Sanders

OCTOBER 26, 2020

which along with the Fair Debt Collection Practices Act, Telephone Consumer Protection Act, Section 5 of the Federal Trade Commission Act, and the Truth in Lending Act, forms the foundation of federal consumer rights law in the United States. . § 1681, et seq.), and throughout the world.

Fair Debt Collection 52

Fair Debt Collection Financial services Consumer Credit Trade 52

FFGN COLLECT NY

JANUARY 6, 2023

The passing of the Consumer Credit Fairness Act , which requires creditors attach a list of additional documents to the pleading when filing suit within New York to recover monies owed as a result of consumer credit transactions. Bill S9348 : Directs the superintendent of financial services to study overdraft fees.

Collections 52

Collections Judgment Garnishment Financial services 52

CSA

DECEMBER 14, 2022

Government launches consultation on reform of Consumer Credit Act. HM Treasury has issued a consultation seeking stakeholder views on reform of the Consumer Credit Act 1974 (CCA). HM Treasury has issued a consultation seeking stakeholder views on reform of the Consumer Credit Act 1974 (CCA).

Financial services 52

Financial services Consumer Credit Government Banks 52

Troutman Sanders

JANUARY 26, 2023

On January 20, 2023, California Attorney General Rob Bonta submitted a letter to the CFPB agreeing with its preliminary determination that California’s Commercial Financing Disclosures Law (CFDL) is not preempted by TILA because the CFDL only applies to commercial financing and not to consumer credit transactions within the scope of TILA.

Financial services 52

Financial services Financial Institution Government Consumer Credit 52

FFGN COLLECT NY

JANUARY 10, 2024

More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. To accomplish this goal, the governor’s office has proposed a crackdown on predatory business practices within the state.

Garnishment 52

Garnishment Collections Debt collector Student Loans 52

CSA

JULY 16, 2020

Credit Services Association (CSA), the voice of the UK debt collection and purchase industry, has appointed Chris Leslie as chief executive with effect from 1 August 2020. During the same time, he was also a trustee of the Consumer Credit Counselling Service advice charity (now StepChange) and Credit Action (now the Money Charity).

Financial services 40

Financial services Consumer Credit Government Collections 40

Troutman Sanders

MARCH 7, 2022

On March 1, the Consumer Financial Protection Bureau (CFPB) released its “ Medical Debt Burden in the United States ” report, which questions whether consumer credit reports should include unpaid medical billing data. totaling $88 billion in medical bills in 2021. Work with other federal agencies, including the U.S.

Consumer Credit 52

Consumer Credit Financial services Collections Lender 52

Consumer Financial Services Law

FEBRUARY 10, 2020

The Report, which covers April through September of 2019, is mandated by Dodd-Frank and was released in conjunction with Director Kraninger’s testimony to the House Financial Services Committee. Credit Reporting is a Focus of the Bureau. Here are a few of our key take-aways.

Bankruptcy 40

Bankruptcy Financial services Consumer Credit Collections 40

Troutman Sanders

APRIL 5, 2023

On March 14, Credit Acceptance filed a motion to dismiss the complaint, and on March 21, Troutman Pepper filed an amicus curiae brief in support of Credit Acceptance on behalf of the American Financial Services Association, the Consumer Bankers Association, and the Chamber of Commerce of the United States.

Trade 52

Trade Consumer Credit Financial services Government 52

Fico Collections

JANUARY 5, 2023

What’s more, unlike some fintech initiatives that assess risk based on cash flow data alone, the UltraFICO® Score presents the best of both worlds, combining cash flow data with traditional data from consumers’ credit files, along with the odds-to-score ratio that lenders understand.

Financial Institution 52

Financial Institution Financial services Lender Banks 52

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

JANUARY 19, 2021

The Taskforce, comprised of five members, was established in January 2020 and was charged with examining the consumer financial services environment and developing recommendations for improvement. Volume I of the report outlined the history and present landscape of a wide variety of consumer protection laws presently in place.

Consumer Credit 40

Consumer Credit Bankruptcy Financial services Government 40

Collection Industry News

MARCH 17, 2024

More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. To accomplish this goal, the governor’s office has proposed a crackdown on predatory business practices within the state.

Garnishment 40

Garnishment Collections Debt collector Student Loans 40

Collection Industry News

JULY 19, 2023

Key issues highlighted in joint statement The dialogue aims to facilitate better policy coordination and exchange of insights and experience on a range of financial consumer protection issues, some of which are outlined below.

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Financial services Consumer Credit Banks Collections 40