Consumer Financial Services Law

MAY 10, 2017

A recent decision from a Louisiana district court should provide some comfort to banks and other financial institutions who acquire other entities by merger – at least in the Fifth Circuit, they are not debt collectors. As most know, Bank of America (BoA) acquired Countrywide Bank FSB and its mortgage portfolio in 2008.

Debt collector 40

Debt collector Acquisition Foreclosure Financial Institution 40

True Accord

JUNE 29, 2023

Let’s take a look at how the new updates to GLBA Safeguards Rule, how these security policies are important specifically for debt collection, and what best practices your business should follow to protect consumers’ data. Failure to implement these best practices can result in a security incident or worse, a data breach.

Collections 94

Collections Financial Institution Debt collector Debt Recovery 94

Better Credit Blog

OCTOBER 14, 2020

Though the agency is headquartered in Pennsylvania, they collect on consumer debt nationwide. ARS collects on debts for several types of businesses, including: Telecommunications services. Healthcare debt. Debt from financial institutions. Curious about the debt collection process? Utility bills.

Debt collector 81

Debt collector Fair Debt Collection Collection Agencies Collections Agency 81

Katabat

DECEMBER 16, 2019

Katabat’s full suite of debt management solutions helps lenders, financial institutions and debt collectors streamline communications and optimize engagement throughout the entire customer lifecycle.

Debt Management 69

Debt Management Financial Institution Debt collector Lender 69

Katabat

NOVEMBER 20, 2019

12, 2019 — Katabat, a leading global supplier of debt management software solutions, has launched Easy Collect, a powerful, yet easy to deploy, mobile payment portal for lenders and debt collection agencies. To learn more about our full range of debt management products, contact Katabat at info@katabat.com.

Collections 60

Collections Collection Agencies Collections Agency Debt Management 60

Troutman Sanders

AUGUST 11, 2022

Troutman Pepper Corporate Partner and Financial Services Practice Group co-leader James Stevens advises clients on corporate and regulatory matters. Carlin regularly provides tailored compliance advice across a variety of topics, while also developing best practices strategies to help her clients advance their business goals.

Credit Unions 52

Credit Unions Credit Unions Acquisition Financial Institution 52

Katabat

APRIL 7, 2021

Katabat’s full suite of debt management solutions help lenders, financial institutions and debt collectors streamline communications and optimize engagement throughout the entire debt collection lifecycle. With that in mind, the 9.2 adds SSO SAML 2.0

Collections 52

Collections Financial Institution Debt Management Debt collector 52

Troutman Sanders

FEBRUARY 8, 2022

He counsels providers of consumer financial services, including banks, licensed lenders and fintech providers, on regulatory compliance matters and government supervisory and enforcement matters. We are delighted to welcome this esteemed group of partners to Troutman Pepper,” said Troutman Pepper Chair Steve Lewis.

Financial services 52

Financial services Government Financial Institution Lender 52

Troutman Sanders

OCTOBER 19, 2021

On October 3, the Consumer Bankers Association sent a letter to Rohit Chopra, the CFPB Director, in which it urged the CFPB to adopt a larger participant rule for fintech consumer lenders. On October 26, the Nevada’s Financial Institutions Division is holding a workshop on regulations pertaining to medical debt collections and S.B.

Financial services 52

Financial services Student Loans Student loans Debt collector 52

Better Credit Blog

AUGUST 31, 2020

If you have started hearing from a company called Convergent Outsourcing, it means that you are being pursued for a debt. Besides being annoying and aggressive, debt collectors like Convergent Outsourcing can have a major impact on your credit score. This legislation is called the Fair Debt Collection Practices Act.

Debt collector 52

Debt collector Fair Debt Collection Original Creditor Collections 52

Better Credit Blog

FEBRUARY 25, 2021

Over the past 50 years, FFCC has collected debts in the following industries: Business to business. Financial institution. If you carry debt in any of those industries, the entry featured on your report could be legitimate. A debt collector may also contact you frequently until you make a satisfactory payment.

Collection Agencies 52

Collection Agencies Collections Agency Debt collector Collections 52

Better Credit Blog

SEPTEMBER 18, 2020

They can remain on your report for up to seven years even if you pay the debt. Future lenders can see them and make loan decisions based on the fact that you failed to pay a debt. CACH LLC is a medium-sized debt collection agency that is headquartered in Greenville, SC. This can mean trouble for your credit score.

Debt collector 52

Debt collector Collections Acquisition Fair Debt Collection 52

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.

Third-party Debt Collectors 52

Third-party Debt Collectors Debt collector Original Creditor Creditors 52

Collection Industry News

JANUARY 10, 2022

The CFPB discovered that some mortgage lenders violated ECOA by discriminating against African American and female borrowers in the granting of pricing exceptions based on competitive offers. Debt Collection. Some of the key findings in the Fall 2021 Supervisory Highlights include: Fair Lending. Prepaid Accounts. Payday Lending.

Creditworthiness 40

Creditworthiness Lender Financial Institution Loans 40

Consumer Financial Services Law

MARCH 30, 2020

Financial and Insurance Institutions : The Stay at Home Order also exempts a large array of financial and insurance institutions, including “bank, currency exchanges, consumer lenders” and “affiliates of financial institutions.” The Order takes effect at 5:00pm Monday, March 30, 2020.

Collection Agencies 40

Collection Agencies Collections Agency Debt collector Collections 40

Katabat

DECEMBER 27, 2019

Better Measurement : Increased ease of capturing email campaign results to evaluate the success of tactics and campaigns. Katabat’s full suite of debt management solutions help lenders, financial institutions and debt collectors streamline communications and optimize engagement throughout the entire debt collection lifecycle.

Collections 40

Collections Financial Institution Debt Management Debt collector 40

Troutman Sanders

OCTOBER 30, 2023

The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. financial institutions. For more information, click here.

Financial services 52

Financial services Financial Institution Trade Banks 52

Troutman Sanders

AUGUST 1, 2023

On July 27, the Senate passed its version of the National Defense Authorization Act (NDAA) bill, which includes a provision that tightens oversight over financial institutions engaged in crypto trading and takes aim at crypto mixers and “anonymity-enhancing” crypto assets. For more information, click here. The amendment, led by U.S.

Financial services 52

Financial services Financial Institution Debt collector Trade 52

Troutman Sanders

MARCH 29, 2021

On March 25, Senators Chris Van Hollen and Sherrod Brown, along with Representative Chuy Garcia, announced legislation to repeal the Office of the Comptroller of the Currency’s True Lender Rule through the use of the Congressional Review Act. For more information, click here. For more information, click here.

Financial services 52

Financial services Fair Debt Collection Foreclosure Lender 52

Collection Industry News

FEBRUARY 7, 2022

Many bankers and lenders insist that fees they charge are related to specific types of work or services performed, and existing laws and regulations already prohibit excessive fees, so it isn’t clear what problem the inquiry is designed to solve. asked Joann Needleman, an attorney at Clark Hill who represents debt collectors. “No

Lender 40

Lender Banks Loans Creditors 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.

Garnishment 40

Garnishment Banks Student Loans Student loans 40

Troutman Sanders

MAY 31, 2023

On May 22, Freddie Mac announced enhancements to its ground-breaking automated income assessment tool that allows lenders to assess a homebuyer’s income paid through direct deposit, to also include the borrower’s digital paystub data. On May 19, the Financial Crimes Enforcement Network (FinCEN) and the U.S. export controls.

Financial services 52

Financial services Financial Institution Banks Trade 52

Better Credit Blog

OCTOBER 28, 2020

That’s because applying for a credit card, loan, or in this case a Mastercard, often results in banks and lenders checking your credit report. On the other hand, when you complete an application for some form of credit or other financial product, your report may undergo a hard inquiry. eBay Mastercard/SYNCB.

Lender 40

Lender Banks Foreclosure Financial Institution 40

Better Credit Blog

JANUARY 29, 2021

Citibank is a major financial institution that offers credit cards in partnership with numerous retailers, including: Best Buy. That being said, lenders might be discouraged from approving your application if your credit report is riddled with hard inquiries. Debt collectors. NTB/CBNA On My Credit Report.

Repossession 52

Repossession Loans Foreclosure Financial Institution 52

Troutman Sanders

MARCH 21, 2023

to explain the application of the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA) to lenders relying on discriminatory home appraisals. On March 9, the Financial Crimes Enforcement Network informed U.S. Lanham, et al. Currently pending in the U.S. For more information, click here.

Financial services 52

Financial services Banks Third-party Debt Collectors Judgment 52

Troutman Sanders

MAY 9, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan and would provide a framework for how these loans will be treated under the Truth in Lending Act. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels.

Financial services 52

Financial services Student Loans Student loans Loans 52

Troutman Sanders

JUNE 14, 2023

The proposed guidanceadvises on policies that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the original appraisal. For more information, click here.

Financial services 52

Financial services Financial Institution Trade Student Loans 52

Re:Ceeve

JULY 16, 2020

In this post, we explore the details of the strategies which banks and debt collectors ought to adopt, and what they risk by delaying and denying these changes in their business models. Their aversion to waiting and their need for control call for a complete remake of what it means to interact with financial institutions.

Banks 61

Banks Debt collector Financial Institution Collections 61

Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection.

Financial Institution 52

Financial Institution Garnishment Collections Foreclosure 52

Troutman Sanders

MAY 2, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan, as well as provide a framework for how these loans will be treated under the Truth in Lending Act. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Trade Government Consumer Credit 52

Troutman Sanders

SEPTEMBER 7, 2021

Department of the Treasury’s Community Development Financial Institutions Fund announced $5 billion in new markets tax credits that it hopes will spur investment and economic growth in low-income urban and rural communities nationwide. State Activities. Privacy and Cybersecurity Activities. Federal Activities: On September 1, the U.S.

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Troutman Sanders

JULY 7, 2021

Some consumers reported facing homelessness because of the negative impact of an eviction on their credit history reported by debt collectors. The licensed entities include vehicle finance companies, traditional installment lenders, and mortgage lenders. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Student Loans Student loans 52

Troutman Sanders

OCTOBER 4, 2021

531 would prohibit debt collectors (with limited exceptions) from making a written statement attempting to collect delinquent consumer debt unless they have access to a contract, or other evidence, demonstrating the debt. State Activities: Two bills — S.B. 531 and A.B. Among other provisions, S.B.

Financial services 52

Financial services Financial Institution Foreclosure Student Loans 52

Troutman Sanders

MAY 17, 2021

On May 13, the Nevada Financial Institutions Division (NFID) extended its temporary guidance allowing employees of licensed collection agencies to work from home through July 31. .” For more information, click here. ” For more information, click here. On May 12, Oregon H.B. ” For more information, click here.

Financial services 52

Financial services Foreclosure Collection Agencies Collections Agency 52

Troutman Sanders

NOVEMBER 7, 2023

Small Business Administration (SBA) announced that it has granted three new Small Business Lending Company (SBLC) licenses to lenders focused on historically underserved markets — the first expansion of the SBLC program in more than 40 years. For more information, click here. On November 1, the U.S. For more information, click here.

Financial services 52

Financial services Debt collector Loans Foreclosure 52

FFGN COLLECT NY

FEBRUARY 2, 2025

In addition to state and local laws, debt collectors must comply with federal laws. Each administration comes with changes, and it’s anticipated that the Trump administration will change federal debt collection laws. The Fair Debt Collection Practices Act (FDCPA) protects consumers from abusive debt collectors.

Debt collector 52

Debt collector Collections Fair Debt Collection Debtor 52