Troutman Sanders

DECEMBER 7, 2021

On December 1, the CFPB, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500. 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

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. In reviewing the market for potential consumer harm, the report presents the latest research on consumer card use, cost, and availability.

Financial services 52

Financial services Financial Institution Foreclosure 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. Department of Education’s decision to terminate its federal student loan contracts with private collection agencies. For more information, click here.

Financial services 52

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

Financial services 52

Financial services Financial Institution Debt collector Trade 52

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.

Financial services 52

Financial services Loans Banks Student Loans 52

Troutman Sanders

MARCH 1, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The 2020 review found that credit risk for large, syndicated loans has increased over the last year.

Financial services 52

Financial services Foreclosure Financial Institution Government 52

Troutman Sanders

JANUARY 11, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The PPP will open to all participating lenders shortly thereafter.

Financial services 52

Financial services Foreclosure Collection Agencies Collections Agency 52

Account Recovery

AUGUST 19, 2024

What do they mean and how are they to be used in a consumers’ credit report? The real issue in Frazier is that the tri-merge report showed Equifax reporting “90-119 Days Past Due” for months after the date the loan was closed in a short sale – the “dates”. the Ranking Member of the House Financial Services Committee, and Sen.

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? The real issue in Frazier is that the tri-merge report showed Equifax reporting “90-119 Days Past Due” for months after the date the loan was closed in a short sale – the “dates”. the Ranking Member of the House Financial Services Committee, and Sen.

Collection Agencies 130

Collection Agencies Collections Agency Collection Agent Debt Recovery 130

Troutman Sanders

APRIL 24, 2023

Earlier this month, a district court for the Eastern District of Michigan dismissed on its own initiative a Fair Credit Reporting Act (FCRA) claim brought by a consumer alleging inaccurate reporting of her charged-off vehicle loan. Americredit Financial Services, Inc. The court’s opinion in Shelton v.

Loans 52

Loans Repossession Secured Creditor Construction 52

Troutman Sanders

MARCH 24, 2023

Indiana Attorney General Todd Rokita and the Indiana Department of Financial Institutions announced a settlement in excess of $250,000 with Integrity Acceptance Corp., As part of the settlement, the entities will forgive $223,685 in loans, pay $33,991 in restitution, and pay $33,000 in civil penalties and costs to the state.

Personal loans 52

Personal loans Loans Government Trade 52

True Accord

APRIL 5, 2023

Meanwhile, eyes are on the Big Apple as the New York Department of Financial Services (DFS) and the New York City Department of Consumer and Worker Protection are simultaneously engaged in amending their consumer debt collection rules. consumer credit card debt has increased to nearly $1 trillion.

Student Loans 94

Student Loans Student loans Credit Card Debt Loans 94

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

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

Fico Collections

JANUARY 5, 2023

The data reflected in the UltraFICO® Score may improve an individual’s already-existing FICO® Score, but it also can provide credit scores to many individuals who are “unbanked” or “under-banked,” or those who have not had consistent or sufficient access to mainstream financial products, loans or services.

Financial Institution 52

Financial Institution Financial services Lender Banks 52

True Accord

MARCH 31, 2022

Add these all together and the financial outlook for consumers, especially those in debt, is scary. For one, the consumer credit market is looking strong with signs of expansion, specifically, originations for credit cards and personal loans are increasing. But there are silver linings, as well.

Lender 57

Lender Personal loans Foreclosure Loans 57

Troutman Sanders

JANUARY 19, 2022

The FTC alleged that ITMedia Solutions and its affiliates subsequently distributed 84% of the loan applications to different marketers, debt relief and credit repair sellers, without regard for how consumer information would be used. Use of credit scores for marketing was a violation of the FCRA, says the FTC.

Trade 52

Trade Loans Financial services Lender 52

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

Better Credit Blog

DECEMBER 30, 2020

Wondering why DFS/Webbank showed up on your credit report? Short for Dell Financial Services/Webbank, the entry is probably on your report because you applied for a Dell Preferred Account. Most of the time, a hard inquiry from a lender or service provider is nothing to panic over. DFS/Webbank On My Credit Report.

Lender 52

Lender Financial services Loans Repossession 52

Fico Collections

JANUARY 15, 2021

The COVID-19 pandemic cast a huge shadow on the financial services worldwide. The FICO Blog posts last year reflected that – we wrote about everything from the impact on collections, proactive lender communications with consumers, issues with fraud, and of course, how FICO® Scores were impacted.

Lender 59

Lender Loans Consumer Credit Credit Card Debt 59

Troutman Sanders

OCTOBER 18, 2022

The Act takes direct aim at, among other things, the Military Lending Act’s (MLA) exceptions for loans obtained to purchase motor vehicles and other forms of personal property. Whether auto loan lenders may finance GAP waivers, GPS tracking systems, or other products that consumer advocates argue are credit-related is an open question.

Loans 52

Loans Lender Closed-end credit Acquisition 52

Public Citizen

JULY 30, 2022

As we wrote about in May , the CFPB takes the position that it can use its unfairness power when consumer financial service companies discriminate. by Jeff Sovern. The disparate effects was originally something courts used in employment discrimination cases.

Financial services 45

Financial services Consumer Credit Loans 45

True Accord

JULY 5, 2022

While the markets are pricing these into forecasts , consumers will feel them more acutely in a number of ways. And opening a new credit card line may prove difficult – many lenders are or will be changing their strategies to stave off the looming threat of…. Missed payments on certain loans are already on the rise.

Lender 52

Lender Debt collector Loans Personal loans 52

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. Consumers can reach the DFPI at (866) 275-2677 or Ask.DFPI@dfpi.ca.gov.

Foreclosure 40

Foreclosure Student Loans Student loans Lender 40

Fico Collections

JANUARY 26, 2022

In 2021, the financial services world continued to grapple with the uncertainty brought on by year two of the COVID-19 pandemic. FICO® Score At 716, Indicating Improvement In Consumer Credit Behaviors Despite Pandemic. It serves as a broad-based, independent standard measure of credit risk. Average U.S.

Credit Bureau 52

Credit Bureau Lender Credit Card Debt Consumer Credit 52

Collection Industry News

JUNE 19, 2023

The CFPB also released several reports shining a light on factors that may influence fair access to credit, including how medical debt affects tens of millions of consumers’ credit profiles, how people in under-resourced rural areas struggle to access financial services, and the challenges faced by justice-involved individuals and families.

Financial services 40

Financial services Financial Institution Government Education 40

Fico Collections

AUGUST 10, 2022

The mortgage market affordability test was introduced in the aftermath of the 2008 global financial crisis. Triggered in part by the US housing market collapse and an unprecedented number of loan defaults, the crisis uncovered a shocking level of unrestrained lending and excessive risk taking. Increasingly Complex Lending Challenges.

Lender 52

Lender Banks Loans Acquisition 52

Collection Industry News

SEPTEMBER 21, 2021

Using the CFPB’s Making Ends Meet survey and consumer credit data, CFPB researchers found that financial conditions faced by renters and homeowners were divergent before the pandemic. During the pandemic, renters’ financial conditions, on average, appeared to improve as much as or more than those of homeowners.

Credit Card Debt 40

Credit Card Debt Government Financial services Lender 40

Collection Industry News

MAY 18, 2021

2547 was sponsored by House Financial Services Committee Chairwoman Rep. 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. The bill, H.R.

Lender 40

Lender Foreclosure Collections Debt collector 40

Consumer Financial Services Law

JUNE 11, 2016

The 2015 report attempted to make a case that few consumers ever bring individual actions against financial service institutions and that class actions provide a more effective means to challenge and deter prohibited financial service practices. Proposed 12 CFR 1040.3

Judgment 40

Judgment Financial services Retail Debt Management 40

CSA

DECEMBER 7, 2022

Council of EU and European Parliament announce provisional agreement on consumer credit directive. The Council of the EU and the European Parliament have announced that they have reached a provisional agreement on the consumer credit directive, which would repeal and replace the 2008 directive on consumer credit agreements.

Government 40

Government Consumer Credit Creditworthiness Financial services 40

Fico Collections

MARCH 8, 2021

Over the past several years, we’ve helped lenders develop on-ramps to mainstream credit using alternative data for those seeking financial inclusion. Our research finds that alternative data sources that demonstrate a consumer’s ability to manage their finances are predictive of consumer credit risk.

Lender 52

Lender Credit Bureau Acquisition Financial services 52

Collection Industry News

MARCH 28, 2022

In 2021, the Office of Financial Technology and Innovation (OFTI) met with dozens of companies, venture capitalists, lawyers, industry advocacy groups, federal and state financial regulators, consumer advocacy groups, and academics to better understand stakeholder perspectives on what constitutes responsible innovation in financial services.

Debt collector 40

Debt collector Education Credit Unions Credit Unions 40

Fico Collections

JULY 15, 2022

Credit when it's offered responsibly is a social good. The lending and financial services industry can provide that social good, as long as it's done in a way that is both responsible and fair. Expanding access to credit around the world.

Lender 52

Lender Education Acquisition Financial Institution 52

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

The report highlights enforcement actions related to the acts and their implementing regulations, including in the areas of automobile purchases and financing, payday lending, credit repair and debt relief, other credit, and electronic fund transfers. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Trade Student Loans 52

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.

Financial services 52

Financial services Student Loans Student loans Garnishment 52