Fico Collections

OCTOBER 26, 2021

5 Ways Credit Unions Can Be More Resilient with AI and Analytics. Credit unions are sitting on a lot of risk right now. This COVID pandemic aftershock is about to hit the financial services industry, which means that credit unions need to pay close attention to their capital, asset quality, earnings, and liquidity.

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Credit Corp

DECEMBER 1, 2020

The following is a guest post from Dr. David L Tuyo II, president and CEO of University Credit Union. Certainly, there has been and will be even more severe impact across some key industries, but this shouldn’t be a cause for panic, particularly if you aren’t financially tied directly to any of the hardest-hit industries.

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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. On December 16, U.S.

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Credit Corp

SEPTEMBER 13, 2023

Basically, credit scoring models want to see that you can manage different types of financing, most notably revolving accounts, such as a credit card, and installment accounts, such as a mortgage or auto loan. The credit bureaus have determined that the types of accounts you have is predictive of your future credit risk.

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Fico Collections

AUGUST 19, 2022

Tackling the Fintech Threat: A Guide for Banks and Credit Unions. What financial institutions need to compete with fintech threat disrupters. billion globally in 2021 – banks and credit unions are losing their status as the primary financial services providers to American consumers. by Darryl Knopp.

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Jimerson Firm

FEBRUARY 10, 2022

The first consideration that lenders (banks and credit unions alike) often face is when, and if, to conclude that the account owner does not intend to, or is not able to, clear the negative balance or loan deficiency. As a result, a loan that is charged off is written off and deemed a loss of principal and interest.

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Jimerson Firm

JANUARY 31, 2023

Banks and credit unions should not only routinely require, but also closely scrutinize, criminal background checks during the hiring process in order to maintain compliance with applicable regulatory schemes. The SBA regulations will apply to both banks and credit unions that process SBA loans. 12 CFR § 741.3.

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Troutman Sanders

JULY 5, 2023

On June 29, the United Kingdom’s cryptocurrency bill — the Financial Services and Markets Act 2023 — was approved by King Charles and ratified into law. financial institutions, including banks, savings associations, credit unions, and mortgage companies. For more information, click here.

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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. The rules also include servicers of these products subject to the act and licensure. For more information, click here.

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Troutman Sanders

NOVEMBER 2, 2020

In particular, the minimum loan size for three Main Street facilities available to for-profit and nonprofit borrowers was reduced from $250,000 to $100,000, and the fees were adjusted to encourage the provision of these smaller loans. The legislation would benefit banks and credit unions with assets under $15 billion.

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Troutman Sanders

FEBRUARY 21, 2024

On February 16, the CFPB reported on the first set of results from the newly updated Terms of Credit Card Plans survey. The report alleges that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. For more information, click here.

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Troutman Sanders

JANUARY 30, 2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: Federal Activities State Activities Federal Activities: On January 29, Acting Comptroller of the Office of the Comptroller of Currency (OCC) Michael J.

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Nexa Collect

NOVEMBER 26, 2022

Transaction information such as account numbers, payment history, loan balances and information from court records or consumer reports. The GLBA covers any institutions that provide financial services, including : Handling loans. Providing financial advising. Credit union. Loan balances.

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Troutman Sanders

DECEMBER 19, 2023

The complaint alleged that Ryan and others conspired to defraud First NBC Bank through a variety of schemes, including by disguising the true financial status of certain borrowers and their troubled loans, concealing the true financial condition of the bank from the board of directors, auditors, and examiners.

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Troutman Sanders

MARCH 22, 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. As of March 18, the department intends to issue full loan discharges for borrowers with approved borrower defense claims.

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Troutman Sanders

SEPTEMBER 18, 2023

On September 15, the Financial Crimes Enforcement Network (FinCEN) assessed a $15 million civil money penalty against Bancrédito International Bank and Trust Corporation (Bancrédito) for willful violations of the Bank Secrecy Act and its implementing regulations. (A Department of Health and Human Services, and the U.S.

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Troutman Sanders

JANUARY 5, 2023

On January 4, Colorado Attorney General Phil Weiser announced that his office had reached settlements with Bellco and Canvas credit unions which will provide $4 million in refunds of unearned guaranteed automobile protection (GAP) premiums to consumers that the credit unions failed to provide previously. Jeremy Rosenblum.

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Troutman Sanders

APRIL 20, 2021

Pritzker signed the Illinois Predatory Loan Prevention Act (Act) into immediate effect on March 23. These measures intended to provide extra protection from lending practices that “could pose risks for service members and their families,” while also promoting military readiness and service member retention. [2]

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Jimerson Firm

FEBRUARY 18, 2021

2] This result can be potentially disastrous to a mortgage lender that may lose the value of a first priority mortgage lien as security for the loan, and potentially have the mortgage subject to being foreclosed in a construction lien foreclosure lawsuit. & Loan Ass’n , 533 So. 2d 948, 950 (Fla. 713.132(4). Proper Payments.

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Troutman Sanders

MARCH 6, 2024

House Bill (HB) 4456 would create a new chapter to the Massachusetts Code explicitly stating that EWA services offered under the new chapter are not loans or other form of credit or debt, and voluntary tips or gratuities are not interest or finance charges. The bill is pending before the Joint Financial Services Committee.

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Troutman Sanders

JUNE 8, 2023

As discussed here , in April 2023, Colorado introduced HB 1229 that proposed to limit certain charges on consumer loans and simultaneously opt Colorado out of sections 521-523 of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). export” their home state’s interest-rate authority).

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Fico Collections

FEBRUARY 5, 2021

The report – Americans’ Shadow Financial Lives: The Mobile Apps Banks Don’t Know They Use – found that U.S. financial services customers are increasingly engaged in behaviors and relationships that are deeply meaningful and are not on the radar screens of their incumbent providers. The Emergence of Shadow Financial Lives.

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Troutman Sanders

OCTOBER 25, 2023

Given the rise of digital banking, the final rule also requires banks to lend to LMI communities in areas where they have a concentration of mortgage and small business loans, not just where they have physical branches. emphasizes smaller loans and investments that are more responsive to the needs of LMI communities.

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Troutman Sanders

JULY 13, 2023

Like Nevada, discussed here , the law specifies that EWA products are not loans or money transmissions under Missouri law. 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.

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Payment Savvy

MAY 16, 2023

Payment Processors These entities act as intermediaries between financial institutions, handling the technical aspects of transmitting transaction data and managing the flow of funds. They also help banks and credit unions navigate the complexities of the instant ACH transfer process.

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Consumer Finance

APRIL 25, 2023

Today, the Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies, along with state bank and state credit union regulators, in issuing a statement that the use of United States Dollar LIBOR (USD LIBOR) panels will end on June 30, 2023.

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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 trillion in Q3 2023, showing a 4.7%

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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.

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Consumer Financial Services Law

SEPTEMBER 1, 2016

As the CFPB continues to focus on consumer access to depository accounts and overdrafts, banks and credit unions of all sizes should expect their compliance management systems regarding the same to face further scrutiny by regulators and should expect to see additional guidance issued by regulators regarding the use of overdraft fees.

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Troutman Sanders

OCTOBER 25, 2023

Notably, the proposed rule only provides for narrow exceptions, such as community banks and credit unions that have no digital interface with their customers. The CFPB plans to issue supplemental rulemakings with respect to other consumer financial products and services, such as mortgage, automobile, and student loans.

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Collection Industry News

MAY 18, 2021

2547 was sponsored by House Financial Services Committee Chairwoman Rep. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans. Prohibit certain abusive collection practices directed at service members, including threats to reduce rank or revoke security clearance.

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Collection Industry News

OCTOBER 2, 2023

The Supreme Court is set to hear oral arguments Tuesday in a case with the potential to gut the Consumer Financial Protection Bureau, a watchdog agency created in the wake of the 2008 financial crisis. Community Financial Services Association of America — hinges on the constitutionality of the agency’s funding.

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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.

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Troutman Sanders

OCTOBER 27, 2022

The ability for financial companies to find new ways to underwrite and score with less bias. Lending could move back to real-world data about someone’s ability to pay back a loan and this could eliminate bias and reliance on credit scores and other proxies.

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Banks Financial Institution Credit Unions Credit Unions 52

Jimerson Firm

JANUARY 16, 2023

Critically, the Court provided that the plaintiffs must prove the damages they suffered as a result of the alleged FCCPA and FDCPA violations and not relating to any other aspects of the Bank’s improper servicing of the plaintiffs’ account. About the Author: Austin T. Hamilton, Esq.

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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 Student Loans Student loans 52

Troutman Sanders

DECEMBER 28, 2023

On December 20, the Consumer Financial Protection Bureau (CFPB) and the Justice Department sued Colony Ridge, for allegedly operating an illegal land sales scheme and targeting Hispanic borrowers with false statements and predatory loans. For more information, click here. On December 20, Fannie Mae issued SVC-2023-06.

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