Collection Industry News

SEPTEMBER 19, 2022

On August 30, the Commissioner of the California DFPI issued a notice of rulemaking proposing new regulations and amendments to current regulations implementing the state’s student loan servicing laws. revising certain existing regulations to remove requirements deemed unnecessary to reduce regulatory burden on student loan servicers.

Student loans 40

Student loans Student Loans Loans Education 40

Credit Corp

SEPTEMBER 16, 2020

Only become an authorized user if you are both committed to practicing smart credit-building habits. Credit Builder Loans. Credit builder loans aren’t widely publicized, but they are a great way to build credit without a credit card. Federal Student Loans. Personal Loans.

Student loans 105

Student loans Student Loans Personal loans Loans 105

Collection Industry News

MAY 22, 2024

Last week, the average interest rate on 10-year fixed-rate private student loans increased. Overall, rates remain fairly low, making private student loan a worthwhile option for borrowers looking to make up a gap in college funding. Generally, the higher your credit score, the lower the interest rate you’ll receive.

Student loans 40

Student loans Student Loans Loans Lender 40

Better Credit Blog

MAY 17, 2022

Good debt usually are the kinds of credit taken in ways that will improve our lives. Examples include using a mortgage to purchase a home or investment property, or a student loan to get a college education. At the top of the list of bad debt is credit cards. Prepare Your Credit Before Applying.

Loans 83

Loans Credit Unions Credit Unions Auto Insurance 83

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

Credit Corp

JUNE 12, 2023

If you’re considering taking out a personal loan, here’s all you need to know to ensure you’re making the right money moves to fund your future investment. What Is a Personal Loan? A personal loan is money borrowed from a bank, credit union, or other financial institution that can be used for virtually any personal expense.

Personal loans 97

Personal loans Loans Lender Debt Consolidation 97

Troutman Sanders

OCTOBER 16, 2023

On October 11, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion concerning consumers’ requests for information regarding their accounts with large banks and credit unions. On October 11, the CFPB published its analysis regarding the nonsufficient fund (NSF) fee practices of a number of banks and credit unions.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

Credit Corp

JULY 31, 2024

In recent years, the rise of digital lenders like SoFi and Ally has transformed the lending landscape, offering borrowers new options for obtaining loans quickly and conveniently. But what sets these digital lenders apart from traditional banks and credit unions?

Lender 52

Lender Loans Student loans Student Loans 52

Better Credit Blog

APRIL 1, 2022

Instead of funding loans, LendingTree connects borrowers with lenders through its online marketplace. Shoppers can find private student loans, auto loans , business loans, mortgages , and personal loans. At LendingTree’s website, you’ll select the type of loan and loan purpose.

Personal loans 65

Personal loans Loans Lender Student loans 65

True Accord

JANUARY 10, 2024

The fourth quarter marked the resumption of student loan payments for 22 million Americans, but repayment results were low. million borrowers missed their student loan payment —that’s 40% of loan holders. Breaking it down, credit card balances increased by $48 billion to $1.08

Student loans 59

Student loans Student Loans Loans Banks 59

Collection Industry News

NOVEMBER 22, 2023

The rule proposed today would ensure that these nonbank financial companies – specifically those larger companies handling more than 5 million transactions per year – adhere to the same rules as large banks, credit unions, and other financial institutions already supervised by the CFPB. Read today’s Notice of Proposed Rulemaking.

Credit Unions 40

Credit Unions Credit Unions Student loans Student Loans 40

Collection Industry News

JULY 6, 2021

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFPB has the authority to supervise large banks, thrifts, credit unions with assets over $10 billion, and certain nonbanks for compliance with Federal consumer financial law. Student loan servicers misled consumers about Public Service Loan Forgiveness.

Student loans 40

Student loans Student Loans Foreclosure Loans 40

Troutman Sanders

MARCH 22, 2021

Additionally, to facilitate the disbursement of Child Tax Credit advance payments during 2021, the American Rescue Plan requires the IRS to establish an online portal for taxpayers to update relevant data for mid-year payment adjustments ( e.g., the birth of a child during 2021). For more information, click here. On March 18, the U.S.

Financial services 52

Financial services Garnishment Student loans Student Loans 52

Collection Industry News

MARCH 28, 2022

The DFPI investigations resulted in 49 public enforcement actions, $975,000 in restitution to consumers, $547,500 in penalties, and included several “first of its kind” actions for the DFPI in debt collection, student debt relief, earned wage access, and private post-secondary education financing. Regulatory Activities.

Debt collector 40

Debt collector Education Credit Unions Credit Unions 40

Credit Corp

DECEMBER 4, 2024

Debt consolidation may temporarily lower your credit score due to hard inquiries and changes in credit utilization, but consistent, on-time payments can help improve it over time. Carrying debt, whether its through personal loans, credit cards, mortgages, or student loans, is common in America.

Debt Consolidation 52

Debt Consolidation Consolidate Debt Credit Card Debt Loans 52

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 Student loans Student Loans 52

Troutman Sanders

JUNE 21, 2022

Covered institutions include banks, savings associations, credit unions, and mortgage companies. Department of Education announced it would discharge all remaining federal student loans for students who attended any college run by Corinthian Colleges. million in loan relief.” financial institutions.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

OCTOBER 9, 2023

The FTC alleged that the defendants pretended to be affiliated with the Department of Education, charged illegal junk fees, and offered students loan forgiveness promises that were not fulfilled. The administration is also pursuing alternative paths to provide debt relief under the Higher Education Act. banking system.

Financial services 52

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

Troutman Sanders

AUGUST 28, 2023

Department of Education (DOE), used deceptive loan forgiveness promises, and falsely claimed they were offering relief under the “Biden Loan Forgiveness” plan to lure students and collect millions in illegal upfront fees. The FTC charged that the defendants pretended to be affiliated with the U.S.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

JANUARY 17, 2023

Supreme Court in support of the Biden administration’s student loan forgiveness plan. The states argue in the brief that the secretary of education acted within his statutory authority when he targeted debt cancellation for lower-income borrowers affected by the COVID-19 pandemic. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Education 52

Troutman Sanders

JANUARY 9, 2024

The pilot program, which is called Fee-Based Repurchase Alternative for Performing Loans, will use a fee-based structure based on nonacceptable quality (NAQ) rates. On December 27, 2023, the FTC filed suit against Grand Canyon Education, Inc., (GCE) For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Debt collector 52

Troutman Sanders

JANUARY 23, 2024

billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes to income-driven repayment (IDR) forgiveness and public service loan forgiveness (PSLF) made by the administration. For more information, click here. For more information, click here.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

Credit Corp

MARCH 4, 2025

Key takeaways: Start early: Building credit at 17 provides a strong foundation for your financial future. Know your options: Start building credit at 17 by opening a student credit card, becoming an authorized user, utilizing student loans, or getting a credit-building loan.

Student loans 52

Student loans Student Loans Loans Credit Unions 52

Troutman Sanders

JUNE 22, 2021

Federal Activities: On June 18, the Federal Housing Administration (FHA) announced updates to its student loan monthly payment calculations to help provide greater access to affordable single-family FHA-insured mortgage financing for creditworthy individuals with student loan debt, which has a disproportionate impact on people of color.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

True Accord

JANUARY 21, 2025

Meanwhile, millions of Americans may see significant changes to their credit reports in the coming months if they have either unpaid medical bills or student loans, but the effects of each are opposite. and was broad-based across income and education groups. for this year, increased to 3.0% at the five-year horizon.

Student loans 82

Student loans Student Loans Credit Card Debt Financial Institution 82

Troutman Sanders

AUGUST 24, 2020

Secretary of Education Betsy DeVos implemented President Donald Trump’s memorandum extending relief on federally held student loans to borrowers through the end of the year. Leaders refer to medical and educational privacy laws as placing restrictions on their ability to release data.

Financial services 52

Financial services Student loans Student Loans Education 52