FFGN COLLECT NY

MARCH 15, 2022

In 2015, the Federal Trade Commission came down on Chase for robo-signing affidavits. The order expired a few years ago and now, probably due to the overwhelming number of lawsuits being filed against consumers for delinquent accounts, six senators have renewed the inquiry into Chase’s collection activities.

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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.

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Fair Debt Collection Financial services Consumer Credit Trade 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.

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Financial services Consumer Credit Financial Institution Government 52

Credit Corp

DECEMBER 14, 2020

So credit repair, consumer credit and credit bureaus—they’re all tied together. To understand why they’re so important, you might want to learn a bit more about the history of credit scores and repair. Luckily, we’ve compiled everything you need to know about the history of the credit repair industry.

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Troutman Sanders

MAY 2, 2023

This interim final rule will further facilitate the orderly transition of those consumer loans that currently use the LIBOR index to other indices in anticipation of the planned cessation U.S. On April 27, Federal Trade Commission (FTC) Chair Lina M. Brown argued that medical debt “correlates with illness,” not with credit risk.

Financial services 52

Financial services Trade Consumer Credit Government 52

Troutman Sanders

JUNE 14, 2023

On June 8, the Commodities Futures Trading Commission (CFTC) obtained a default judgment against a decentralized autonomous organization (DAO) Ooki Dao in the U.S. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. For more information, click here.

Financial services 52

Financial services Financial Institution Student loans Student Loans 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).

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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.

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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).

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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).

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Personal loans Loans Government Trade 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.

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Credit Bureau Lender Consumer Credit Trade 52

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.

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Financial services Financial Institution Debt collector Fair Debt Collection 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.

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Trade Loans Financial services Consumer Credit 52

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”).

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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.

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Trade Consumer Credit Banks Collections 40

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.

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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.

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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

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.

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Financial services Judgment Trade Consumer Credit 52

Collection Industry News

JANUARY 25, 2021

20 tapped Uejio, previously the Consumer Financial Protection Bureau’s chief strategy officer, to run the agency until his nominee for permanent director, Rohit Chopra, is confirmed. Chopra is currently a member of the Federal Trade Commission. President Biden on Jan.

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Student loans Student Loans Debt collector Trade 40

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.

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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.

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Financial services Financial Institution Government Education 40

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.

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Financial services Trade Consumer Credit Collections 52

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

APRIL 2, 2021

Companies providing consumer financial services have been anticipating a more aggressive CFPB under President Biden. On January 18, then President-elect Joe Biden announced he would nominate current Federal Trade Commission (FTC) Commissioner Rohit Chopra as the next director of the CFPB. This recission is effective April 1.

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Financial Institution Trade Financial services Consumer Credit 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?

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Collection Industry News

OCTOBER 17, 2023

There are some exceptions: The Military Lending Act caps interest for active duty servicemembers and dependents at 36% for consumer credit. Federally chartered credit unions have an 18% limit. Eight trade groups representing lenders such as banks and credit unions wrote a letter to Sen. For example, Sen.

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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.

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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

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Collection Agencies Collections Agency Trade Consumer Credit 40

Troutman Sanders

NOVEMBER 8, 2022

On October 31, the Federal Trade Commission announced that it is taking action against an education technology provider for its lax data security practices that exposed sensitive information about millions of its customers and employees, including Social Security numbers, email addresses, and passwords. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

Troutman Sanders

NOVEMBER 13, 2023

On November 7, the Commodity Futures Trading Commission (CFTC) announced that, in 2023 alone, the cumulative penalty amount stemming from consent orders it entered with digital asset-based companies totaled $4.3 For more information, click here.

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Financial services Manufacturing Debt Management Debtor 52

Troutman Sanders

OCTOBER 31, 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. For more information, click here. On October 19, the U.S.

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Financial services Student loans Student Loans Loans 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.

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Credit Bureau Banks Trade Collection Agencies 52

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

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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.

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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.

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Banks Financial Institution Retail Trade 98

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.

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