Account Recovery

JANUARY 5, 2024

A trade group representing non-bank financial institutions that provide sales-based financing to businesses has filed a lawsuit against the Consumer Financial Protection Bureau claiming it has overstepped its authority by issuing a rule regulating how lenders must collect and submit data related to small business lending activities.

Financial Institution 130

Financial Institution Trade Lender Banks 130

Credit Corp

DECEMBER 14, 2020

Brenda’s still tending her garden, though, thanks to a second-chance loan from the New Hampshire Community Loan Fund-a Community Development Financial Institution (CDFI). Small loans like these are typically not attractive to larger financial institutions, who may not find them profitable enough. Better loan terms.

Lender 98

Lender Loans Financial Institution Personal loans 98

Qualco

NOVEMBER 4, 2024

A key development is the growing adoption of Loan Origination Systems (LOS), which have become essential tools for financial institutions. The alternative lenders fill a gap left by traditional banks, offering unsecured loans with faster approval processes to individuals who may not qualify for conventional credit.

Loans 98

Loans Financial Institution Lender Creditworthiness 98

Account Recovery

AUGUST 13, 2021

Credit card lenders and financial institutions are apparently a little leery of the state of the economy and consumer’s ability to meet their financial obligations and are keeping balance limits largely stationary for the time being, except for one group of consumers — and it’s probably not the group you would guess — according (..)

Financial Institution 246

Financial Institution Lender 246

Troutman Sanders

OCTOBER 27, 2023

In a major victory for small business lenders, yesterday the U.S. Supreme Court reverses the Fifth Circuit in Community Financial Services Association v CFPB (CFSA case), which found the CFPB’s funding structure unconstitutional. A discussion of the preliminary injunction issued by that Texas federal court on July 31 can be found here.

Lender 52

Lender Credit Unions Credit Unions Financial Institution 52

Jimerson Firm

FEBRUARY 10, 2022

When account owners have an account that reflects a negative balance, the lender is faced with a myriad of options and obligations with regard to the pursuit of that debt. Lenders that charge off a debt trigger issuance of the 1099-C when their defined policy leads the lender to discontinue collection activity and discharge a debt.

Lender 98

Lender Credit Unions Credit Unions Collections 98

Consumer Finance Watch

OCTOBER 21, 2024

Lenders, mortgage servicers, and other financial institutions should take note that the Second Circuit has certified the question of FAPA’s retroactive application to the New York Court of Appeals. Thus, there will finally be a definitive answer regarding retroactivity.

Foreclosure 59

Foreclosure Financial Institution Lender 59

Troutman Sanders

JANUARY 20, 2023

22-(R22-011) , concluding earned wage access (EWA) products that are fully non-recourse and no-interest are not “consumer lender loans” under Arizona law. Thus, those who make, procure, or advertise EWA products are not required to be licensed as a “consumer lender” by Arizona’s Department of Insurance and Financial Institutions.

Lender 52

Lender Loans Financial Institution Consumer Credit 52

Qualco

APRIL 15, 2024

THE NEW ERA OF CONSUMER LENDING In today ’ s rapidly evolving financial landscape, the significant increase in consumer lending presents new challenges for financial institutions, particularly in managing collections. INTRODUCING QCR ACCELERATOR The QCR Accelerator is a collections solution developed by QUALCO.

Financial Institution 97

Financial Institution Collections Debt Recovery Unsecured Debt 97

Fico Collections

JULY 19, 2021

Lenders face a myriad of challenges these days. 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. What Is a Pooled Model?

Lender 52

Lender Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

OCTOBER 25, 2023

On October 24, the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) finally issued their long-awaited final rule modernizing how they assess lenders’ compliance under the Community Reinvestment Act (CRA).

Banks 52

Banks Lender Credit Unions Credit Unions 52

Troutman Sanders

JULY 28, 2023

Previously, a license was required for a lender seeking to take advantage of the usury authority provided by the NILA and also for any person that holds or acquires any rights of ownership, servicing, or other forms of participation in a loan under the NILA. Legislative Bill 92 took effect on June 7, 2023.

Loans 52

Loans Banks Financial Institution Lender 52

Fico Collections

FEBRUARY 16, 2021

The UK’s Financial Conduct Authority (FCA) has handed out a £26m fine following poor treatment of more than 1.5 It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. As we pass the first anniversary of the pandemic’s outbreak, where does this leave lenders?

Lender 52

Lender Collections Loans Acquisition 52

Troutman Sanders

APRIL 20, 2022

In its recent blog post, the CFPB is clearly signaling that the practice of withholding transcripts as a debt collection tactic does not make much sense to the Bureau, stating: “It is particularly perplexing, as it can undermine rather than enhance a student’s likelihood of repaying.”

Education 52

Education Lender Student loans Student Loans 52

Troutman Sanders

JULY 25, 2023

One of the aspects of the proposed rule that changed dramatically when the Final Rule was issued was a series of new provisions and sections of the Official Commentary prohibiting small business lenders from discouraging applicants from providing the data required to be collected by the Final Rule.

Financial Institution 52

Financial Institution Lender Loans Collections 52

Troutman Sanders

MAY 2, 2023

CFS Partner Lori Sommerfield brings more than two decades of experience in representing a wide range of banks, financial institutions, and financial services companies in fair lending and responsible banking regulatory compliance.

Financial Institution 97

Financial Institution Fair Debt Collection Financial services Law Firms 97

Nerd Wallet

MAY 9, 2022

Minority business loans are available from many lenders. But getting funding from a traditional financial institution may be tougher for minority business owners due to issues like unconscious bias, insufficient credit and limited banking history. In fact, a 2019 report.

Loans 71

Loans Financial Institution Lender Banks 71

Troutman Sanders

FEBRUARY 22, 2024

The initiative, which has been underway for over two years, involves all federal financial institution regulators, including the OCC, FDIC, Federal Reserve Board, CFPB and HUD, and has resulted in a significant number of redlining cases brought by the DOJ.

Financial Institution 52

Financial Institution Lender 52

Nerd Wallet

MAY 23, 2022

According to the Federal Reserve’s 2021 Small Business Credit Survey, banks remain the most common source of credit for small businesses — compared with options such as online lenders, community development financial institutions or credit unions. Randa Kriss writes for NerdWallet.

Banks 71

Banks Loans Credit Unions Credit Unions 71

Consumer Finance Watch

SEPTEMBER 14, 2021

Eng, and Chenxi Jiao Lenders, mortgage servicers, and other financial institutions should take note that the New York State legislature has extended the COVID-19 Emergency Eviction and Foreclosure Prevention Act (“CEEFPA”) and the COVID-19 Emergency Protect Our Small Businesses … Continue reading →

Foreclosure 96

Foreclosure Financial Institution Lender 96

Consumer Finance Watch

MARCH 9, 2022

Eng, Cheryl S. Chang, and Jessica A.

Lender 40

Lender Loans Financial Institution 40

Credit Corp

NOVEMBER 15, 2024

When you take out a mortgage, a financial institution agrees to lend you enough money to purchase a home. Before approving your mortgage application, a lender needs to know you have the ability to pay back the loan. Before approving your mortgage application, a lender needs to know you have the ability to pay back the loan.

Lender 52

Lender Personal loans Loans Financial Institution 52

Credit Corp

MAY 10, 2023

Your credit score is an important aspect of your financial health and is oftentimes used by lenders, landlords, and even employers to determine your creditworthiness. Hard inquiries , also known as hard pulls, are typically made by lenders and other financial institutions and can harm your credit score.

Creditworthiness 97

Creditworthiness Lender Financial Institution Loans 97

Troutman Sanders

NOVEMBER 15, 2022

The Safeguards Rule requires nonbanking financial institutions to develop, implement, and maintain a comprehensive information security program to keep their customers’ information safe. In the letter, the SBA states: “[S]mall financial institutions will need to modify their methods for evaluating these.

Credit Counselor 52

Credit Counselor Financial Institution Credit Unions Credit Unions 52

Account Recovery

SEPTEMBER 5, 2024

This partnership will undoubtedly enhance the impact SpringFour has on improving financial well-being for individuals and families across the nation.” About CORA GroupCORA Group is a collective organization redefining advancement through the acquisition, strengthening, and growth of over 30 independent software brands worldwide.

Acquisition 130

Acquisition Credit Unions Credit Unions Construction 130

Nexa Collect

SEPTEMBER 15, 2020

The financial pressures have triggered feverish increases in the number of loan impairments for residential and commercial real estate loans. The more impaired a loan becomes, the greater the chance that the borrower will default, causing partial or total losses for the lender. The largest lender in the U.S.,

Collection Agencies 130

Collection Agencies Collections Agency Lender Collections 130

Nerd Wallet

AUGUST 12, 2020

While a “C” average may feel middle-of-the-road on an academic scale, nailing the five C’s of credit is the key to getting business funding from banks and other financial institutions. Jackie Zimmermann is a writer at NerdWallet. Email: articles@nerdwallet.com.

Collateral 92

Collateral Financial Institution Lender Banks 92

True Accord

JUNE 20, 2024

When financial institutions enact this fine print tactic to try to trick consumers into believing they have given up certain legal rights or protections, they now risk violating the Consumer Financial Protection Act. “The Its reputation as the “Consumer Watchdog” continues to be well-earned as the economic landscape evolves.

Financial Institution 89

Financial Institution Student Loans Student loans Loans 89

Credit Corp

MARCH 25, 2024

In essence, interest rates work by determining how much a borrower must pay a lender while using a loan. When it comes to money in savings accounts , interest works to your benefit—financial institutions will pay you for the privilege of using your funds. How Are Interest Rates Calculated? Why Is Your Credit Score Important?

Lender 59

Lender Loans Financial Institution Banks 59

Troutman Sanders

AUGUST 31, 2023

Chris, Lori, and Joe discuss who benefits from the injunction and what it means for those who do not, advocacy efforts by other financial institution trade groups to level the playing field, the impact on small business borrowers, when we can expect a resolution, and until then, how small business lenders should move forward.

Financial Institution 52

Financial Institution Trade Lender Banks 52

Micro Bilt

OCTOBER 20, 2021

Whether you're a financial institution, a private lender, you can't be too careful when it comes to verifying the identity of your customers. We all love the convenience of making purchases, opening accounts, and applying for jobs from our computers or smartphones.

Financial Institution 63

Financial Institution Lender 63

True Accord

JULY 27, 2020

Banks, lenders, and other financial players are accelerating their digital transformation roadmaps, shortening years’ worth of development into mere months, in an attempt to service consumers at scale while managing the complexities of our new normal and the limitations of outdated infrastructure.

Financial services 100

Financial services Financial Institution Lender Banks 100

Roths Child Law

DECEMBER 13, 2023

Your credit score is the number that financial institutions will use to determine how trustworthy you are as a borrower. This is a card that you obtain by giving a down payment to the lender. One of the most important things to remember about bankruptcy is that it does not ruin your financial future forever.

Bankruptcy 52

Bankruptcy Financial Institution Lender Loans 52

Troutman Sanders

OCTOBER 6, 2022

Glen Trudel is a consumer financial services, banking, and business attorney who counsels financial institutions, marketplace lenders, fintech entities, and other companies on both regulatory and transactional matters.

Acquisition 52

Acquisition Financial Institution Lender Financial services 52

Troutman Sanders

JANUARY 19, 2023

In addition to outlining the CFPB’s efforts to remediate appraisal bias, Deputy Director Martinez highlighted the critical role lenders play in ensuring valuations are accurate. The CFPB has warned that lenders that fail to ensure borrowers can seek a reconsideration of their home valuation risk violating federal law.

Financial Institution 52

Financial Institution Lender Government 52

Fico Collections

JUNE 30, 2023

Origination is just the initial phase of the long and complex mortgage lifecycle, which begins with a lender qualifying a borrower and then providing the funds used to purchase a new property or refinance an existing property. The lender then holds the mortgage on its balance sheet or sells the mortgage on the secondary market to investors.

Lender 96

Lender Loans Banks Creditworthiness 96

FFGN COLLECT NY

OCTOBER 14, 2021

Worries from the credit card processor and/or their lender that they won’t be repaid. The laundry list of situations that constitute a default makes it far easier for a buyer to “default,” which enables the lender to accelerate payment, penalties, and the like. That is unless you are put out of business by the lender.

Loans 98

Loans Lender Financial Institution Banks 98