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Compliance Digest – February 24

Account Recovery

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. Stay tuned!

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Passage Of Debt Collection Bill Could Be A ‘Slippery Slope’ For Lenders

Collection Industry News

The borrowers most impacted by the consequences of this provision will be low- and moderate-income borrowers whose financial well-being could benefit the most from access to affordable credit from a credit union.”. Clarify FDCPA coverage for non-judicial foreclosures.

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560 Credit Score

Better Credit Blog

There are a lot of factors affecting your credit score , with some carrying more weight than others. Foreclosures. The issues above can hinder your access to both revolving lines of credit and installment loans. You could qualify for a personal loan with a 560 credit score , though you can expect higher rates here, too.

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The Top Five Things Lenders Need to Know About Florida’s Construction Lien Law

Jimerson Firm

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. Credit Union , 46 So. & Loan Ass’n , 533 So. 2d 948, 950 (Fla.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

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.

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620 Credit Score

Better Credit Blog

Individuals with “fair” credit scores usually have late payments on their credit reports , some of which may have gone to collections. Others are on the path to repairing their credit, as it takes time to recover from more severe credit occurrences like bankruptcy , foreclosures , or judgments.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

The legislation would benefit banks and credit unions with assets under $15 billion. On Friday, October 23, Ohio Senate President, Larry Obhof, and Governor Mike DeWine announced the creation of the “Home Relief” program to assist Ohioans facing evictions, foreclosures, and water service shut-offs during the current COVID-19 pandemic.