Troutman Sanders

DECEMBER 23, 2020

The Federal Trade Commission (FTC) on December 9, 2020, settled with Complete Merchant Solutions, LLC (CMS) and its former CEO, Jack Wilson, requiring them to pay $1.5 million, refrain from processing payments for certain merchants and enact enhanced client screening protocols.

Trade 52

Trade Consumer Credit Banks 52

Troutman Sanders

NOVEMBER 5, 2021

Second, the CFPB is monitoring for broader consumer adoption of cryptocurrencies. While stablecoins are primarily used for speculative trading, they may be used in connection with consumer deposits, stored value instruments, retail and other consumer payments mechanisms, and in consumer credit arrangements.

Trade 52

Trade Retail Consumer Credit Government 52

Troutman Sanders

OCTOBER 26, 2020

October 26, 2020, marks the 50th anniversary of the Fair Credit Reporting Act (FCRA, 15 U.S.C. 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.

Fair Debt Collection 52

Fair Debt Collection Financial services Consumer Credit Trade 52

Troutman Sanders

MARCH 28, 2023

The state laws reviewed by the CFPB concern protections for businesses to ensure they can understand the credit terms available to them. This is beyond the scope of the [TILA’s] statutory consumer credit purposes.

Consumer Credit 52

Consumer Credit Government Trade Creditors 52

Fico Collections

AUGUST 16, 2021

That’s why at FICO we are constantly innovating with alternative data sources that go beyond the traditional credit bureau file to increase financial inclusion and bring more of these consumers into the system. Rental payment data has always been largely absent from consumers’ credit files.

Credit Bureau 52

Credit Bureau Lender Consumer Credit Trade 52

Troutman Sanders

MARCH 16, 2022

On March 15, the Federal Trade Commission (FTC or Commission) released a consent agreement with Electronic Payment Systems and its owners John Dorsey and Thomas McCann (collectively, EPS) for allegedly opening credit card processing merchant accounts for fictitious companies on behalf of Money Now Funding (MNF).

Trade 52

Trade Consumer Credit Collections 52

Credit Corp

MARCH 8, 2023

Find out more about free credit repair for low-income families and individuals below. Educating Yourself on Consumer Credit Sites When it comes to free credit repair and report help, consumer credit sites are a great resource. The Consumer Financial Protection Bureau. The Federal Trade Commission.

Credit Counselor 75

Credit Counselor Education Lender Credit Bureau 75

Burr Forman

JULY 9, 2021

In affirming the lower court’s findings, the Eleventh Circuit held that a defendant does not “recklessly” violate the FCRA unless its interpretation of the FCRA’s requirements was “objectively unreasonable” under the statute itself or under other applicable guidance outlined by the courts or agencies such as the Federal Trade Commission (“FTC”).

Loans 52

Loans Judgment Lender Trade 52

Troutman Sanders

JANUARY 19, 2022

A recent settlement between the Federal Trade Commission (FTC) and a lead generator provides new insight into the FTC’s enforcement of sensitive personal data collection and sales under the Fair Credit Reporting Act (FCRA) and the agency’s Section 5(a) authority. Consent Order Requirements and Penalties.

Trade 52

Trade Loans Lender Financial services 52

Credit Corp

DECEMBER 19, 2021

Both organizations are publicly traded —in May 2021, Visa had a $497.5 Visa or Mastercard credit cards have the following things in common. Credit Scores Matter. Card issuers make decisions based on consumers’ credit scores. Lower credit scores generally mean lower credit limits and higher interest rates.

Banks 98

Banks Financial Institution Retail Trade 98

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

DECEMBER 8, 2022

Nowhere across the consumer credit lifecycle are the stakes higher than in early-stage collections, where the uncertainty of outcomes and the range of treatment options is the greatest. times more likely to become clean than the least resilient consumers (10.9% penetration rate) of live-agent calls (Figure 1).

Trade 52

Trade Lender Acquisition Collections 52

Collection Industry News

DECEMBER 28, 2020

The Federal Trade Commission (FTC) on December 9, 2020, settled with Complete Merchant Solutions, LLC (CMS) and its former CEO, Jack Wilson, requiring them to pay $1.5 million, refrain from processing payments for certain merchants and enact enhanced client screening protocols.

Trade 40

Trade Consumer Credit Banks Collections 40

Troutman Sanders

MARCH 24, 2023

He focuses primarily on federal and state government regulatory and enforcement matters involving state attorneys general, the Consumer Financial Protection Bureau (CFPB), and the Federal Trade Commission (FTC).

Personal loans 52

Personal loans Loans Government Trade 52

Nexa Collect

JULY 1, 2020

If you’re not in the habit of checking your credit score every month, you can hire a credit monitoring company to do the tracking for you. To that end, the three consumer credit reporting companies, TransUnion, Equifax and Experian, offer extensive information and assistance to pinpoint the problem on their websites.

Bankruptcy 130

Bankruptcy Lender Credit Unions Credit Unions 130

Collection Industry News

MARCH 28, 2022

The Federal Trade Commission (FTC) took action against a firm that used a government website as part of its scheme connected with consumer credit reports. Before providing any services, however, the company illegally demands consumers pay a $1,500 fee up front, according to the complaint. Source- site.

Consumer Credit 40

Consumer Credit Government Trade Loans 40

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. For more information, click here.

Financial services 52

Financial services Judgment Trade Consumer Credit 52

Better Credit Blog

JANUARY 20, 2022

In keeping with Federal Trade Commission rules , Freedom Debt Relief doesn’t charge upfront fees. Focused on protecting and helping consumers. In 2010, the company helped to establish Federal Trade Commission rules to ban abusive debt settlement practices and protect consumers. Ads by Money.

Creditors 76

Creditors Credit Card Debt Unsecured Debt Debt settlement 76

Troutman Sanders

AUGUST 1, 2023

For example, the bill distinguishes a “digital asset” from a “digital commodity,” empowering the Securities and Exchange Commission (SEC) to regulate the former and the Commodity Futures Trading Commission (CFTC) to regulate the latter. On July 26, the CFPB published a blog focused on consumer credit scores.

Financial services 52

Financial services Financial Institution Debt collector Trade 52

Debt Guru

JANUARY 27, 2021

The Federal Trade Commission recommends finding a reputable credit counseling organization that uses certified counselors trained in consumer credit and debt management. But there are many things to consider before jumping into one. How do I choose a debt management agency?

Debt Management 52

Debt Management Unsecured Debt Debt Consolidation Creditors 52

Fico Collections

JUNE 20, 2022

Key findings from FICO research on consumer credit files with recently opened Buy Now, Pay Later loans. market: BNPL reporting approach: How a BNPL lender reports these accounts to a credit bureau can materially influence the impact these loans ultimately have on the FICO® Score. consumer credit files.

Loans 52

Loans Consumer Credit Credit Bureau Personal loans 52

Troutman Sanders

JANUARY 11, 2022

Federal Activities: On January 5, the Consumer Financial Protection Bureau (CFPB) released a report, discussing changes in complaint responses provided by nationwide consumer reporting companies, which the CFPB concluded resulted in fewer meaningful responses and less consumer relief. For more information, click here.

Financial services 52

Financial services Trade Consumer Credit Government 52

Better Credit Blog

NOVEMBER 4, 2020

The Federal Trade Commission has a website that consumers can use to document and report instances of identity theft. Notify the Major Credit Bureaus. After you notify the Federal Trade Commission, you will also want to notify the major credit bureaus of possible fraud. Conclusion.

Credit Bureau 52

Credit Bureau Banks Trade Collection Agencies 52

Credit Corp

JULY 7, 2021

According to the Federal Trade Commission, one in five people do. If you’re among them, be sure to dispute the misinformation with the credit bureau in question (here’s how). Your credit score will likely thank you for it.

Student Loans 59

Student Loans Student loans Loans Credit Bureau 59

Fico Collections

JUNE 27, 2022

consumer credit profiles found that roughly 7 million borrowers entered a bankcard accommodation early in the pandemic and had exited accommodation by October 2020. FICO’s analysis of a representative national sample of U.S. Less resilient borrowers also tend to carry higher bankcard balances.

Loans 52

Loans Trade Consumer Credit 52

Troutman Sanders

OCTOBER 30, 2023

District Court for the Southern District of Texas granted motions filed by three groups of trade association intervenors to extend the court’s existing injunction against the CFPB’s enforcement of its final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule) to cover all small business lenders nationwide.

Financial services 52

Financial services Financial Institution Trade Banks 52

Troutman Sanders

AUGUST 9, 2022

Critics of the Fed’s safe harbor provision have called upon the CFPB to put a halt to inflation adjustments, pointing out that financial institutions already charge consumers roughly $12 billion a year in late fees, and there is no reason to presume that the current fees are reasonable and proportional to the impact of consumers’ late payments.

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

Fico Collections

JANUARY 26, 2022

FICO® Score At 716, Indicating Improvement In Consumer Credit Behaviors Despite Pandemic. Ethan Dornhelm wrote: The FICO® Score is the lingua franca, or common language, for the credit scoring industry. It serves as a broad-based, independent standard measure of credit risk. Fewer consumers are actively seeking credit.

Credit Bureau 52

Credit Bureau Lender Credit Card Debt Consumer Credit 52

CSA

JULY 26, 2021

A leading trade association is urging policy-makers to take extra care before prescribing detailed forbearance schemes that could make a customer?s s debt problems worse not better. With restrictions on how often breathing space can be used, this approach could impact the customer?s

Collection Agencies 40

Collection Agencies Collections Agency Trade Consumer Credit 40

CSA

OCTOBER 9, 2020

s something that the CSA and other trade bodies, as well as firms, have argued is overdue from as far back as 2014.? ?Communications Communications with consumers in default do need to be clear and comprehensible, but they now need to be designed for the 21st century and sensitive to customer circumstances. ? Chris adds. ?The

Collections 40

Collections Creditors Lender Trade 40

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.

Financial services 52

Financial services Credit Unions Credit Unions Third-party Debt Collectors 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 Institution 40

Financial Institution Financial services Government Education 40

CSA

JUNE 29, 2021

Regulation, Compliance and Policy including early engagement, ESG responsibilities and looking at what is on the regulatory horizon; and Commercial and business innovation covering SME collections as well as consumer credit trends.

Collections 40

Collections Trade Consumer Credit Banks 40

Fico Collections

FEBRUARY 16, 2021

It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. But more tellingly, the penalty related to the mistreatment of business and personal customers who fell behind on credit card and loan payments between 2014 and 2018 – well before many of us had even heard of COVID-19.

Lender 52

Lender Collections Loans Acquisition 52

Troutman Sanders

NOVEMBER 2, 2020

On October 25, the administrator of Colorado’s Uniform Consumer Credit Code issued an order extending the requirements of sections (4) and (5) of SB-211 and restricting the use of extraordinary collection activities to collect debt or satisfy judgments in Colorado until February 1, 2021. For more information, click here.

Financial services 52

Financial services Financial Institution Loans Credit Unions 52

Troutman Sanders

MARCH 11, 2024

On March 6, the Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam called on Congress to pass legislation addressing regulatory jurisdictions in the crypto industry. The SEC alleged that Shapeshift violated Section 15(a) of the Securities Exchange Act of 1934 by facilitating trades in crypto assets without registration.

Financial services 52

Financial services Garnishment Lender Banks 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. On September 28, Federal Trade Commission (FTC) Chair Lina M.

Financial services 52

Financial services Financial Institution Foreclosure Student Loans 52