Account Recovery

FEBRUARY 24, 2025

District Court for the Eastern District of Texas granted the CFPBs unopposed motion for a 90-day stay in the litigation filed by Cornerstone Credit Union League and Consumer Data Industry Association (the Plaintiffs). WHAT THIS MEANS, FROM AYLIX JENSEN OF MOSS & BARNETT: OnFebruary 6, the U.S.

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Debt Buying Debt collector Credit Unions Credit Unions 130

Troutman Sanders

AUGUST 11, 2022

Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues James Stevens and Carlin McCrory as they discuss the consumer protection and safety and soundness sides of credit union regulation. Transcript: Consumer Protection and Safety and Soundness Perspective of Credit Union Regulation (PDF).

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Nexa Collect

FEBRUARY 3, 2022

Since all collection calls are recorded, it is important for the management/supervisor to randomly examine at least a few collection calls daily and discuss shortcomings with their debt collectors. They must have at least a few bilingual debt collectors in order to recover from people who prefer talking only in Spanish.

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Nexa Collect

MARCH 12, 2021

Debt collection agencies in PR include Kinum , TSI , CICA, ILCA and Professional recoveries. Spanish and English-speaking debt collectors are required for Puerto Rico debt collection. Local debt collectors ). Need a Collection Agency in PR? Contact us.

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Consumer Financial Services Law

OCTOBER 13, 2016

The CFPB’s Consent Order with Navy Federal Credit Union (“NFCU”) should provide a wakeup call for all community banks and credit unions as to how they conduct their internal debt collection efforts. million to the CFPB. The CFPB found that the message “pay of be sued” was inaccurate about 97% of the time.

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Collection Industry News

AUGUST 18, 2020

The Consumer Financial Protection Bureau (CFPB) should ensure its debt collection rulemakings do not extend unwarranted regulatory requirements to first-party debt collectors, CUNA wrote Tuesday in response to a CFPB proposal.

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Collections Debt collector Credit Unions Credit Unions 75

PDC Flow

NOVEMBER 30, 2021

Recently, in a PDCflow sponsored webinar through Accounts Recovery , Panelists Chuck Dodge, Hudson Cook, LLP and Matt Stegall, Vantage Credit Union , discussed consent management for electronic communication from both perspectives. Regulation F gives debt collectors permission to use digital communication like text messages and email.

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Creditors Credit Unions Credit Unions Debt collector 80

Debt Recoveries

JUNE 30, 2021

The information gathered on the credit application form also comes in handy in case your customer does fall into arrears. It has valuable contact information that your debt collector can use to locate the customer and recover the funds. . See also How to collect debts.

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Credit Unions Credit Unions Debt Recovery Debt collector 98

Consumer Finance Watch

MARCH 29, 2023

Eng, Louise Bowes Marencik, and Jonathan K.

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Credit Corp

AUGUST 24, 2020

Negotiate a Settlement or Create a Debt Payment Plan. When you can’t afford to pay a balance in full, don’t be afraid to negotiate with a debt collector to reduce the amount you must repay. Creating a Debt Management Plan. Once a debt collector sends you a written agreement, review it carefully for accuracy.

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Collections Debt collector Collection Agencies Collections Agency 69

Consumer Financial Services Law

SEPTEMBER 21, 2016

In prepared remarks to the National Association of Federal Credit Unions, the CFPB provided some hint as to what we can expect with regard to first party debt collection rules. In July, the CFPB released a debt collection proposal regarding traditional third party debt collectors.

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Third-party Debt Collectors Credit Unions Credit Unions Debt collector 40

Troutman Sanders

AUGUST 19, 2020

In a 9-3 vote earlier this month, the California Assembly Banking and Finance Committee approved legislation requiring a license for debt collectors and debt buyers, entitled the Debt Collection Licensing Act (SB 908) (DCLA). The DCLA would also require the DBO to respond to consumer complaints and enforce violations.

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Troutman Sanders

MAY 6, 2021

In 2017, Tinsley’s credit union notified her that someone used stolen checks to attempt to make several purchases on her account. The credit union did not honor the transactions, refunded all fees, and closed the plaintiff’s account. for a dishonored check. for a dishonored check.

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Credit Unions Credit Unions Debt collector Collections 52

Troutman Sanders

JANUARY 6, 2023

FFIEC is composed of the Federal Reserve Board of Governors, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB).

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Debt Guru

APRIL 12, 2020

As the fees pile up and the interest compounds, you might face a debt collector or even a civil lawsuit. Instead, look at other options, such as: Reducing your expenses Delaying paying some bills Getting a loan from a bank or credit union Using a credit card Borrowing from family and friends Borrowing from employer.

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Loans Lender Credit Unions Credit Unions 98

Troutman Sanders

DECEMBER 21, 2021

On December 16, the National Credit Union Administration — the federal regulator that oversees credit unions — announced that credit unions may partner with third-party digital asset service providers to give members access to cryptocurrencies and other digital assets. For more information, click here.

Financial services 52

Financial services Credit Unions Credit Unions Third-party Debt Collectors 52

Troutman Sanders

MARCH 6, 2024

Using credit reports or credit scores to determine a consumer’s eligibility for EWA services. Reporting a consumer’s nonpayment to a consumer reporting agency or debt collector. Accepting payment from a consumer via credit card.

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Credit Unions Credit Unions Banks Debt collector 52

Debt Collection Answers

MAY 18, 2023

It’s common for debt collectors to purchase and sell debts, resulting in the possibility of multiple collection accounts from the same debt appearing on your credit report. Note that debt collection agencies like CCS Offices do not have the same legal authority as other firms. Who are CCS Offices?

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Troutman Sanders

JULY 13, 2023

Notably, the law does not apply to FDIC-insured banks or savings and loan associations, credit unions, or any person authorized to make loans or extensions of credit. Reporting a consumer’s nonpayment to a consumer reporting agency or debt collector. Accepting payment from a consumer via credit card.

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Better Credit Blog

AUGUST 31, 2020

ConServe is a debt collection agency that may contact you regarding unpaid debts. They are a third-party debt collector, which means that they may be hired by your original creditor, or they may purchase your old debt on the chance that you pay them instead. You may be curious if ConServe is a legitimate company.

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Better Credit Blog

JANUARY 27, 2021

When you miss a payment on a bill, you run the risk of being contacted by a debt collector such as Burr & Reid. They are a particularly tenacious debt collection agency that will come after you until you pay up. Not only that, but they will wreak havoc on your credit score as well. credit unions.

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Debt collector Collection Agencies Collections Agency Credit Unions 52

Better Credit Blog

AUGUST 21, 2020

Use a credit repair company: If repairing your credit seems like an overwhelming task, you may want to pay for a credit repair service like Credit Saint. They can contact debt collectors, dispute claims, and more, boosting your score quickly. Ask Credit Saint for Help .

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Credit Unions Credit Unions Personal loans Loans 52

Troutman Sanders

MARCH 18, 2024

Using credit reports or credit scores to determine a consumer’s eligibility for EWA services. Reporting a consumer’s nonpayment to a consumer reporting agency or debt collector. Accepting payment from a consumer via credit card.

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Credit Unions Credit Unions Banks Debt collector 52

Collection Industry News

MAY 18, 2021

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. Require debt collectors to obtain consent before using electronic communications and provide written validation notices.

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Better Credit Blog

SEPTEMBER 4, 2020

If you have heard from a debt collector called Rausch Sturm, you are probably being pursued for an old debt. You have also probably seen them appear on your credit report as a collections account. This is because Rausch Sturm has been hired by your original creditor to collect the debt on their behalf.

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Debt collector Collections Credit Unions Credit Unions 52

Troutman Sanders

MARCH 22, 2021

The advisory provides a list of steps a consumer can take to ensure that they have the full benefit of those funds by protecting them from bank and credit union setoffs if the consumer’s account is overdrawn. On March 10, the Oklahoma Senate passed a health care debt collection bill. For more information, click here.

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Collection Industry News

MARCH 28, 2022

The Department has also begun licensing debt collectors. The first change under the CCFPL was a new name for the Department which was formerly the Department of Business Oversight.

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Debt collector Education Credit Unions Credit Unions 40

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.

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Foreclosure Student loans Student Loans Lender 40

Debt RR

AUGUST 3, 2020

Common reasons for bank account garnishment in Texas include: Private creditors: These are banks, credit unions, credit card companies, peer-to-peer lenders, hard money loan providers, and other financial institutions. This debt can include anything from credit cards to past due balances on office space.

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Troutman Sanders

DECEMBER 19, 2023

In its December bulletin, California’s DFPI stated that it will be requiring debt collectors that are licensed prior to January 1, 2024, to file an annual report by March 15, 2024, for the year 2023. Under this order, the company will cease operations and pay a $95,000 penalty to the CFPB’s victims relief fund.

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Better Credit Blog

MAY 4, 2022

If your score is low, you’ll need to know how to fix a bad credit score before going through the application process. Find a lender : Thoroughly research personal loan lenders and offers from credit unions. On the plus side, settlement can give you the chance to pay the debt and stop calls and letters from debt collectors.

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True Accord

JANUARY 10, 2024

And despite recent changes at banks and credit unions that have eliminated billions of dollars in fees charged each year, a December report found that many consumers are still being hit with unexpected overdraft and nonsufficient fund (NSF) fees.

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Troutman Sanders

JUNE 21, 2022

Covered institutions include banks, savings associations, credit unions, and mortgage companies. Servicemembers told the CFPB about billing inaccuracies and that debt collectors used aggressive tactics to recover allegedly unpaid medical bills. financial institutions. For more information, click here.

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Troutman Sanders

JUNE 14, 2023

On June 8, the board of governors for the Federal Reserve (the Fed), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and the OCC requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions.

Financial services 52

Financial services Financial Institution Trade Student loans 52

Troutman Sanders

OCTOBER 9, 2023

On October 5, the Consumer Financial Protection Bureau (CFPB) announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Third-party Debt Collectors 52

Troutman Sanders

JANUARY 9, 2024

On January 2, the CFPB published a blog titled, “Holding Debt Collectors Responsible for False Statements.” In that case, after an individual filed for bankruptcy, a debt collector sent the consumer a collection letter that said the consumer could be sued if they did not pay the debt — a process the CFPB believes is against the law.

Financial services 52

Financial services Student loans Student Loans Debt collector 52

Troutman Sanders

MARCH 14, 2023

The bill subsumes debt buyers into the definition of “collection agency,” subjecting debt buyers to regulation by the state’s Collection Agency Board. Accordingly, debt buyers will be required to obtain licenses from the board to conduct collections or act as a debt collector.

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