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The ConsumerFinancial Protection Bureau announced yesterday that it is shining its regulatory spotlight on a growing form of credit in the financialservices 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 consumercredit products (..)
But from the perspective of a seasoned veteran of the financialservices industry, what are we really seeing in consumercredit trends today? What are we seeing in consumercredit trends today? Of course, one leading indicator is demand for credit. Watch our interview or read the transcript below»».
Financialservices companies are using AI to assist with many business processes, including underwriting decisions, consumercredit approval, servicing and collections, loss mitigation programs, customer interaction on websites and mobile apps via chatbots, and in detecting fraud.
2020 was a transformative year for the consumerfinancialservices world. We hope you find this helpful as you navigate the evolving consumerfinancialservices landscape. Access full report here.
2021 was a transformative year for the consumerfinancialservices world. To access the report and view a message from ConsumerFinancialServices Practice Group Leader, Michael Lacy, and learn about our complementary webinar offerings, please click here. We hope this report brings you value.
We are pleased to share our annual review of regulatory and legal developments in the consumerfinancialservices industry. With active federal and state legislatures, consumerfinancialservices providers faced a challenging 2023. To download and share our report, please click here.
Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financialservices 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 ConsumerCredit Fairness Act.
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.
On October 26, a House FinancialServices 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 consumercredit card market. financial institutions.
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the ConsumerFinancialServices industry over the past week: Federal Activities State Activities Federal Activities: On November 9, while at the New York Bankers Association’s FinancialServices Forum, Federal Reserve Governor (..)
Roughly eighteen months ago, the CFPB introduced its Monthly Complaint Reports which provide monthly summaries of complaints received in the complaint portal against financialservice providers regarding a number of financialservice products. Each month, the CFPB issues a report summarizing the information.
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 FinancialServices on July 26. On July 26, the CFPB published a blog focused on consumercredit scores. For more information, click here.
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.
Federal Activities: On December 16, the ConsumerFinancial 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.
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.
Federal Activities: On September 29, the ConsumerFinancial Protection Bureau (CFPB) released its fifth biennial report to Congress on the consumercredit card market, finding that the market’s growth over the last few years reversed course in 2020. Privacy and Cybersecurity Activities. million or less.
On December 1, the Federal Reserve Board and the CFPB announced the dollar thresholds that determine exemption of certain consumercredit 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.
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 consumercredit data for painting a clearer picture of someone’s “creditworthiness.”.
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 consumercredit contract. For more information, click here.
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.
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.
In its report, the Taskforce makes approximately 100 recommendations to the CFPB, Congress, and state and federal regulators to strengthen consumer protection.
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 ConsumerFinancial Protection Bureau on the requirements of the CARES Act.
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 FinancialServices Committee, and Sen. Maxine Waters [D-Calif.],
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 FinancialServices Committee, and Sen. Maxine Waters [D-Calif.],
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.
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.
The passing of the ConsumerCredit 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 consumercredit transactions. Bill S9348 : Directs the superintendent of financialservices to study overdraft fees.
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 consumercredit transactions within the scope of TILA.
More specifically, the Department of FinancialServices 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.
CreditServices 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 ConsumerCredit Counselling Service advice charity (now StepChange) and Credit Action (now the Money Charity).
On March 1, the ConsumerFinancial Protection Bureau (CFPB) released its “ Medical Debt Burden in the United States ” report, which questions whether consumercredit reports should include unpaid medical billing data. totaling $88 billion in medical bills in 2021. Work with other federal agencies, including the U.S.
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 FinancialServices Committee. Credit Reporting is a Focus of the Bureau. Here are a few of our key take-aways.
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 FinancialServices Association, the Consumer Bankers Association, and the Chamber of Commerce of the United States.
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.
The ConsumerFinancial 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.
The Taskforce, comprised of five members, was established in January 2020 and was charged with examining the consumerfinancialservices 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.
More specifically, the Department of FinancialServices 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.
FICO will present key insights gained from recent FICO® Resilience Index research and early lender adoption use cases across the consumercredit lifecycle at several key industry events starting later this month.
When asked what factors were most important to them in selecting a credit score model, more than half (55%) ranked a score’s ability to predict credit risk highest on their list, followed by a score that was proven over time (32%).
He has over 30 years’ experience working in senior roles across the technology, financialservices and publishing industries and has a passion for using technology and pioneering approaches to drive outstanding business growth and customer retention. Tomas Klinger, decision science and data director at Home Credit (previous winner).
For example, financial institutions use chatbots and virtual assistants to mimic live employees and automate routine customer interactions. AI also can inform credit decisions by analyzing traditional data ( i.e., data typically found in a consumers’ credit files) and alternative data.
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