Better Credit Blog

NOVEMBER 5, 2020

Hard inquiries are often the result of a credit card or a loan application, and COAF is no exception. COAF may appear on your report after you apply for an auto loan or buy a car with funding from Capital One. Your report may also show a hard inquiry from COAF if you agreed to be a cosigner for someone else’s car loan application.

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True Accord

JULY 9, 2024

Mortgage and auto loan balances continued climbing, increasing to $12.44 trillion, but new delinquencies rose with nearly 9% of credit card balances and 8% of auto loans transitioning into delinquency. The verdict is still out on how those with student loans are faring with resumed payments. trillion and $1.62

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Student loans Student Loans Banks Lender 111

Troutman Sanders

AUGUST 7, 2023

Small Business Administration (SBA) began implementing additional policies aimed at expanding small business access to capital by modernizing SBA’s signature 7(a) and 504 loan programs. The court issued this judgment in connection with the civil enforcement action filed by the CFPB in 2019. For more information, click here.

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Financial services Financial Institution Manufacturing Loans 52

Burr Forman

MAY 20, 2021

Prohibiting servicers of private education loans from reporting an adverse item of information relating to the nonpayment of the loan for an established period of time. Prohibiting servicers of private education loans from reporting an adverse item of information relating to the nonpayment of the loan for an established period of time.

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Collections Debt collector Student loans Student Loans 52

Troutman Sanders

JULY 17, 2023

Interestingly, the FTC also alleged that Celsius violated the GLBA by making false representations to customers of financial institutions to obtain, among other things, the cryptocurrency wallet addresses of its customers. Further, the stipulated consent order holds Celsius liable for a $4.72

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Better Credit Blog

APRIL 11, 2022

If you see an old phone number, chances are it is still on file with the financial institution that issued the loan or credit card. The types of credit accounts you can expect to see in this section include: Mortgages , home equity loans, and home equity lines of credit. Student Loans. Auto Loans.

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Creditors Loans Credit Bureau Lender 15

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. For more information, click here. For more information, click here. For more information, click here.

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Financial services Financial Institution Loans Credit Unions 52

Troutman Sanders

NOVEMBER 15, 2022

Director Chopra discussed potential resolutions on the hypothetical failure of three categories of systemically important financial institutions: (1) domestic systemically important financial institutions; (2) nonbank systemically important financial institutions; and (3) global systemically important banks.

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Troutman Sanders

MARCH 24, 2022

That definition does not distinguish between sales and loans, and therefore covers both merchant cash advances and loans that otherwise meet the definition. HB1027 will require registration with the commissioner of financial institutions for both sales-based financing providers and brokers by November 1, 2022.

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Jimerson Firm

JANUARY 31, 2023

The SBA regulations will apply to both banks and credit unions that process SBA loans. Nevertheless, all sources of regulations contain a similar theme: employing individuals with criminal backgrounds in certain positions within the financial institution can threaten the financial institution’s compliance with these regulatory bodies.

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Better Credit Blog

DECEMBER 18, 2020

An entry from CBCInnovis could be the result of several types of loan applications. While you may have applied for a loan from a popular lender or bank, their name isn’t necessarily the one that will appear on your credit report. Soft pulls happen when you check your score with a credit monitoring app or pre-qualify for loan offers.

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Lender Loans Foreclosure Financial Institution 52

Better Credit Blog

DECEMBER 28, 2020

It’s likely on your report because you applied for a car loan through Wells Fargo. Auto loan applications can lead to hard inquiries on your credit report, which may impact your score slightly. One of the nation’s premier financial institutions, Wells Fargo has over 70 million customers. WFDS On My Credit Report.

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Loans Repossession Lender Banks 52

Debt RR

AUGUST 3, 2020

Business debt, whether from small business loans, corporate credit cards, or federal and state taxes, can be a challenge to manage. Student loans: The most recent data shows that over 10% of student loans are more than 90 days late, which puts them at risk of being turned over to collection agencies. Student loans.

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Garnishment Banks Student loans Student Loans 40

Burr Forman

JANUARY 7, 2022

He represents various financial institutions, creditors, landlords, and other parties in all aspects of loan modifications and restructuring, commercial foreclosures, enforcement of security interests and domestic and foreign judgments, Chapter 7 and 11 bankruptcies, and creditors’ rights litigation.

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Troutman Sanders

OCTOBER 16, 2023

On October 11, an automotive management company settled claims by the Department of Justice (DOJ) alleging that the company had violated the False Claims Act by knowingly providing false information in support of its Paycheck Protection Program (PPP) loan forgiveness application. For more information, click here.

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Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

FEBRUARY 27, 2023

Overall, the report found that credit risks for syndicated loans — large loans originated by multiple banks — were moderate at the end of the review period. While risks to borrowers impacted by COVID-19 have declined, they remain high for leveraged loans, as well as the entertainment, recreation, and transportation services industries.

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Financial services Banks Retail Loans 52

Troutman Sanders

MARCH 21, 2023

The bulletin details recent findings by CFPB examiners that certain loan servicers illegally returned loans to collections after bankruptcy courts discharged the loans. On March 9, the Financial Crimes Enforcement Network informed U.S. On March 6, eight AGs won judgments, totaling nearly $245 million in the U.S.

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Financial services Banks Third-party Debt Collectors Judgment 52

Fico Collections

JULY 19, 2021

A pooled model is a scoring model built on “pools” of historical data from many financial institutions. No data is required from the customer because it’s built on pools of historical data from other financial institutions. This decreases the time needed for credit analysts to review and investigate each loan.

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Lender Credit Unions Credit Unions Financial Institution 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.

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Better Credit Blog

JANUARY 29, 2021

Citibank is a major financial institution that offers credit cards in partnership with numerous retailers, including: Best Buy. Soft inquiries happen when you pre-qualify for a credit card or loan, compare quotes, check your score, or get vetted for a job or apartment application. NTB/CBNA On My Credit Report. Brooks Brothers.

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Troutman Sanders

DECEMBER 20, 2022

On December 15, the Office of the Comptroller of the Currency, along with the Federal Financial Institutions Examination Council, released revised procedures for how its examiners will investigate financial institutions for Fair Debt Collection Practices Act compliance, incorporating Regulation F changes into their review.

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Financial services Student loans Student Loans Loans 52

Troutman Sanders

OCTOBER 15, 2021

Lawyers for victims of wire fraud frequently file lawsuits against the financial institutions involved, alleging common law negligence outside of the actual wire transaction itself to avoid the pre-emption challenges. to what was the fraudster’s Wells Fargo account. The federal appeals court affirmed.

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Troutman Sanders

MAY 9, 2023

On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans. 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.

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Financial services Student loans Student Loans Loans 52

Collection Industry News

JANUARY 10, 2025

million cardholders and 177,000 participating providers a decade prior, according to a May 2023reportby the Consumer Financial Protection Bureau (CFPB). The deferred interest component, which touts zero-interest loans during the promotional window, may also appeal to customers at a moment when interest rates are high.

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Loans Financial Institution Accrued Interest Banks 40

Fraser

SEPTEMBER 28, 2020

In the areas of banking, commercial, construction and real estate litigation, he represents lenders, contractors and owners on construction-related claims, and lenders and borrowers in commercial and residential foreclosure matters, large loan defaults and collections, lien priority disputes, and title insurance company liability.

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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. When you shop for online quotes or seek to get pre-approved for loan rates, the process should only involve a soft credit check, which simply verifies your credit score without lowering it.

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Lender Banks Foreclosure Financial Institution 40

Troutman Sanders

MAY 23, 2023

administrative penalty for operating as an unlicensed student loan servicer. On May 16, Maryland Governor Wes Moore signed SB106 into law, exempting up to $500 in a deposit account or other accounts of a judgment debtor held in certain financial institutions from execution on the judgment without an election by the debtor to exempt the money.

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Financial services Banks Debtor Education 52

Fico Collections

SEPTEMBER 27, 2022

In order not to miss the boat of the rapid technological developments, financial institutions need to know where their digitalization journey should go and how they want to use the innovative technologies in a focused manner. Thesis 4: AI Requires Effort. This assessment is inaccurate.

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Troutman Sanders

SEPTEMBER 5, 2023

Swift previously announced its intent to conduct the experiment in June, partnering with Chainlink and dozens of financial institutions to test connecting blockchains. The consent order between the parties includes a monetary judgment of $36.2 For more information, click here. million and civil penalties totaling $10.9

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Financial services Banks Trade Home Insurance 52

FDCPA Defense

JANUARY 22, 2017

Attorneys who collect for national banks, debt buyers or other financial institutions have been regular targets in FDCPA class actions. You may be better off developing the facts of the claim and then presenting your defense in the form of a summary judgment motion, so the facts of the case can shine in your favor. LLC , 817 F.3d

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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. According to U.S.

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Financial services Financial Institution Trade Student loans 52

Troutman Sanders

JULY 5, 2023

On June 29, the Federal Financial Institutions Examination Council announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,460 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies.

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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. Colorado – On June 29, 2020, the Colorado legislature enacted Senate Bill 20-211.

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Financial Institution Garnishment Collections Foreclosure 52

Troutman Sanders

MAY 2, 2023

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. On April 26, the CFPB, noting a rise in credit card delinquencies, released a new blog post analyzing civil judgments, the final recourse for creditors to collect on unsecured debt.

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Financial services Trade Government Consumer Credit 52

Troutman Sanders

SEPTEMBER 7, 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. State Activities. Privacy and Cybersecurity Activities. Federal Activities: On September 1, the U.S. For more information, click here.

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Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

OCTOBER 26, 2020

On October 23, the Federal Reserve and Financial Crimes Enforcement Network (FinCEN) invited comment on a proposed rule change, requiring financial institutions to keep more records on hand related to smaller-value international fund transfers. For more information, click here. For more information, click here.

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Financial services Foreclosure Financial Institution Banks 52

Troutman Sanders

MARCH 14, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. For more information, click here. government.

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