True Accord

AUGUST 9, 2022

But from the perspective of a seasoned veteran of the financial services industry, what are we really seeing in consumer credit trends today? What are we seeing in consumer credit trends today? Of course, one leading indicator is demand for credit. Watch our interview or read the transcript below»».

Consumer Credit 104

Consumer Credit Financial services Banks Collections 104

Troutman Sanders

JANUARY 28, 2022

2021 was a transformative year for the consumer financial services world. To access the report and view a message from Consumer Financial Services Practice Group Leader, Michael Lacy, and learn about our complementary webinar offerings, please click here. We hope this report brings you value.

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Financial services Bankruptcy Consumer Credit Banks 52

Troutman Sanders

OCTOBER 16, 2023

The Connecticut Banking Commissioner (commissioner), acting through the Consumer Credit Division of the Department of Banking, recently conducted an investigation into the Law Offices of David M. Existing law currently required this disclosure only until January 1, 2024. For more information, click here.

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Financial services Student loans Student Loans Credit Unions 52

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.

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Financial services Financial Institution Debt collector Fair Debt Collection 52

Troutman Sanders

MARCH 2, 2021

2020 was a transformative year for the consumer financial services world. We hope you find this helpful as you navigate the evolving consumer financial services landscape. Access full report here.

Financial services 52

Financial services Bankruptcy Consumer Credit Banks 52

Troutman Sanders

JANUARY 17, 2023

On January 13, the Federal Reserve Board (Fed) released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. On January 13, the Fed announced preliminary financial information, indicating that the Federal Reserve Banks had estimated net income of $58.4

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Financial services Student loans Student Loans Education 52

FFGN COLLECT NY

MAY 24, 2022

Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. Senate Bill S2632 is another step taken to protect consumers in New York state following the enactment of the Consumer Credit Fairness Act.

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Financial services Judgment Debtor Creditors 52

Troutman Sanders

JULY 11, 2023

On July 6, the Federal Trade Commission (FTC) announced that, in cooperation with the state of Florida, it will send refunds to consumers nationwide allegedly defrauded by a telemarketing financial services company, and related companies, into paying for credit card interest rate reduction and debt elimination programs.

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Financial services Student loans Student Loans Credit Card Debt 40

Troutman Sanders

JANUARY 30, 2023

On January 25, the Consumer Financial Protection Bureau (CFPB) released a blog post on consumer credit score transitions during the COVID-19 pandemic. On January 24, the CFPB issued a request for information, seeking public input on how the consumer credit market is functioning.

Financial services 52

Financial services Foreclosure Banks Trade 52

Troutman Sanders

JUNE 14, 2023

On June 6, Colorado Governor Jared Polis signed HB 23-1229, which amends the state’s Uniform Consumer Credit Code (UCCC). These amendments will become effective on July 1, 2024, and will govern consumer credit transactions occurring after that date. For more information, click here.

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Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

OCTOBER 31, 2022

On October 20, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting agencies about their obligation to screen for and eliminate what the CFPB describes as “obviously false ‘junk data'” from consumers’ credit reports. For more information, click here. On October 19, the U.S.

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Financial services Student loans Student Loans Loans 52

Account Recovery

DECEMBER 17, 2021

The Consumer Financial Protection Bureau announced yesterday that it is shining its regulatory spotlight on a growing form of credit in the financial services industry — Buy Now Pay Later (BNPL) companies — and sent inquiries to five of the major providers asking for information “to illuminate the range of these consumer credit products (..)

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Financial services Consumer Credit 246

Troutman Sanders

NOVEMBER 8, 2022

House of Representatives, seeking to protect a greater portion of consumers’ disposable income from garnishment. 9224) would amend the Consumer Credit Protection Act to raise the amount of a consumer’s disposable income protected from garnishment to $1,000 or 75%, whichever is greater.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

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.

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Financial services Education Creditors Collection Agencies 52

Troutman Sanders

APRIL 18, 2022

Federal Activities: On April 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report titled, “ Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends.”

Financial services 52

Financial services Student loans Student Loans 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

Financial services Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

OCTOBER 17, 2022

On October 13, the Federal Reserve and the CFPB announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (truth in lending) and Regulation M (consumer leasing). For more information, click here. For more information, click here.

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Troutman Sanders

AUGUST 16, 2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. VantageScore decided to drop medical debt from its calculations.

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Financial services Loans Student loans Student Loans 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

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

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

NOVEMBER 16, 2021

State Activities: On November 10, New York Governor Kathy Hochul signed the Consumer Credit Fairness Act (SB 153) into law. Department of Education terminated its contracts with private debt collection agencies. For more information, click here.

Financial services 52

Financial services Government Consumer Credit Original Creditor 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.

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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.

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Financial services Trade Consumer Credit Collections 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.

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Financial services Financial Institution Loans Credit Unions 52

Troutman Sanders

MARCH 21, 2022

On March 15, the Federal Trade Commission (FTC) filed an administrative complaint against an electronic payment company for allegedly opening credit card processing merchant accounts for fictitious companies on behalf of a business opportunity scam that the FTC previously sued. For more information, click here.

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Financial services Financial Institution Manufacturing Debt collector 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.

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Financial services Loans Banks Student loans 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.

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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.”.

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Consumer Credit Creditworthiness Financial services 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.

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Consumer Credit Student loans Student Loans Financial services 40

Troutman Sanders

JULY 12, 2021

On June 30, the CFPB released a blog post regarding trends of commercial reporting on consumer credit.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

MARCH 15, 2021

House of Representatives that seeks to amend the Fair Credit Reporting Act to exclude COVID-19-related evictions from consumers’ credit reports.

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Financial services Financial Institution Foreclosure Government 52

Troutman Sanders

MAY 9, 2023

HB1443 will go into effect on November 1.

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Financial services Student loans Student Loans 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.

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Financial services Foreclosure Financial Institution Government 52

Troutman Sanders

AUGUST 31, 2020

The no-action memo concerns the requirement that any Connecticut licensable activity by a Consumer Credit Licensee be conducted from a licensed branch office location so long as certain criteria are met. The no-action position is extended through December 31, 2020. For more information, click here.

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Financial services Foreclosure Student loans Student Loans 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.

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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.

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Financial services Consumer Credit Bankruptcy Collections 52