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.

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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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Consumer Finance

FEBRUARY 23, 2024

The Consumer Financial Protection Bureau (CFPB) today published an order establishing supervisory authority over installment lender World Acceptance.

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Account Recovery

OCTOBER 9, 2023

The Consumer Financial Protection Bureau has filed a motion in federal court to compel a company to comply with a Civil Investigative Demand it has received from the Bureau, but the company is seeking to stay the proceedings until after the Supreme Court issues its ruling in CFPB v. Community Financial Services Association.

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Jimerson Firm

FEBRUARY 12, 2021

The SBA, through the Office of Credit Risk Management (“OCRM”), monitors and oversees the activities of all its lenders and CDCs to ensure it is effectively following loan program requirements and protecting the integrity of the SBA program. There are ten grounds that may trigger an enforcement action against all SBA lenders and CDCs.

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FFGN COLLECT NY

MAY 24, 2022

Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. The proposed bill does not currently apply to commercial lenders. Therefore, it will most likely be “business as usual” for commercial lenders and the like.

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Better Credit Blog

FEBRUARY 4, 2021

Are you concerned about a collections entry from Delivery Financial Services? Read on to learn more about Delivery Financial Services and how to get them deleted from your report. About Delivery Financial Services. How Delivery Financial Services Works. Ask Lex Law for Help.

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Better Credit Blog

NOVEMBER 2, 2020

Then you may start to hear from a company called Action Financial Services. Action Financial Services is a debt collection agency that may have been hired by the original owner of your debt. In order to pursue you for the debt, Action Financial Services has to first open up a collections account on your credit report.

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Troutman Sanders

SEPTEMBER 5, 2023

Under California law, reservists called to active duty may defer payments on certain financial obligations, including their mortgage, if they send a written request and copy of their military orders to the lender or other responsible entity. million in disgorgement, prejudgment interest, and a civil penalty.

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Troutman Sanders

DECEMBER 12, 2022

State Activities: On December 8, New York Governor Kathy Hochul announced a report from the Department of Financial Services (DFS), highlighting racial disparities in mortgage lending practices in certain parts of the state. However, DFS continues to investigate the lending practices of other lenders in the state.

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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.

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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 16, the U.S. For more information, click here.

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Troutman Sanders

AUGUST 7, 2023

According to the press release, “[t]he loan program improvements will increase small businesses’ ability to access funding to start up and grow through a broader network of lenders with streamlined lender procedures.” For more information, click here.

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Jimerson Firm

MARCH 24, 2021

The lender didn’t recover the full balance of the debt from the foreclosure sale. Learn more about how we serve the Banking & Financial Services Industry, and subscribe to our industry legal blog to stay abreast of timely news and updates. The borrower filed for bankruptcy during the foreclosure lawsuit.

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Troutman Sanders

SEPTEMBER 18, 2023

On September 14, the Consumer Financial Protection Bureau (CFPB) updated its FAQs related to the final Small Business Lending Rule (the Rule). The FAQs are a resource issued by the CFPB to help small business lenders and finance companies understand and comply with the Rule, which implements section 1071 of the Dodd-Frank Act.

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Troutman Sanders

SEPTEMBER 20, 2021

Justin Balser , an experienced litigator and compliance attorney, has joined Troutman Pepper’s nationally recognized Consumer Financial Services Practice Group as a partner. He previously served as legal counsel and advisor to senior management at Lehman Brothers’ mortgage subsidiary, Aurora Loan Services LLC.

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Troutman Sanders

AUGUST 1, 2023

On July 27, the Financial Innovation and Technology for the 21st Century Act passed the House Committee on Agriculture. The bill previously passed the House Committee on Financial Services on July 26. On July 26, the CFPB published a blog focused on consumer credit scores. For more information, click here.

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Jimerson Firm

OCTOBER 28, 2020

Lenders should be cognizant about what expenses are classified by the SBA as recoverable or non-recoverable. Expenses incurred by a 7(a) Lender or CDC that failed to liquidate the SBA Loan in accordance with Loan Program Requirements, including those pertaining to Liquidation or Litigation Plans. What Expenses are Recoverable. .;

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Jimerson Firm

FEBRUARY 18, 2021

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Accordingly, lenders making construction loans or those whose loan will be secured by a mortgage on real property, must be aware of notices of commencement and their requirements under Fla.

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Jimerson Firm

APRIL 2, 2021

Lenders must pay particular attention to subordinate liens and encumbrances prior to initiating any foreclosure action. Lenders can discover whether subordinate liens and encumbrances exist on a property by performing a title examination prior to initiating foreclosure. Subordinate Liens. York, 903 So. 2d 981, 983 (Fla. 2d DCA 2005).

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Account Recovery

SEPTEMBER 21, 2023

The Consumer Financial Protection Bureau is trying to build more guardrails around how companies in the financial services industry use artificial intelligence, issuing a warning that when sending credit denial letters to consumers, lenders must receive accurate and specific reasons and not just a checklist detailing why a credit request was denied. (..)

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Jimerson Firm

NOVEMBER 5, 2020

If a borrower is experiencing difficulties making payments on their SBA loan, they may seek relief with the lender or CDC by requesting a loan modification or deferment. Borrowers must submit current financial statements, federal income tax returns for the last two years, and any additional supporting documents necessary.

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Troutman Sanders

SEPTEMBER 27, 2022

The top 25 closed-end lenders by loan volume held nearly half of the market share of residential mortgage lending — a trend that has risen each year since 2018. On September 14, the New York Department of Financial Services issued notice of proposed rules, pertaining to the state’s Commercial Finance Disclosure Law (CFDL).

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Fico Collections

DECEMBER 9, 2021

For banks, credit unions, and other lenders, the sudden shift to digital-only interactions has introduced a variety of internal and external challenges, as well as some opportunities. This year has taught us a lot about facing adversity and handling the unexpected.

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Fico Collections

DECEMBER 20, 2021

It’s the time of year for predictions, and with the insights gained from 2021, I am ready to offer a few public policy forecasts for those in the financial services industry. Perhaps no area in the financial services space has seen more change and attention in the past few months than overdraft practices.

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Account Recovery

OCTOBER 23, 2024

It was immediately met with a lawsuit, filed by a pair of financial services organizations. Why it matters: By requiring financial institutions to make consumer data accessible for free, the CFPB hopes to make it easier for consumers to switch providers.

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Troutman Sanders

MARCH 28, 2023

Court of Appeals for the Second Circuit held that the Consumer Financial Protection Bureau’s (CFPB) funding structure is constitutional — splitting from the U.S. Court of Appeals for the Fifth Circuit’s decision in Community Financial Services Association of America v. For more information, click here.

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Better Credit Blog

FEBRUARY 5, 2021

If you’re wondering what BCA Financial Services is and why it’s on your credit report, the guide below is for you. With all of life’s financial obligations and the busyness of day to day life, it can be all too easy to let a payment slip through the cracks. About BCA Financial Services. BCA Financial Services, Inc.

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Jimerson Firm

NOVEMBER 2, 2020

Lenders are responsible for servicing and liquidating all of the 7(a) loans in their portfolio. CDC’s are responsible for servicing 504 loans in their portfolio, but they will only be responsible for liquidating the loan based on its designation. Servicing and Liquidation Take-Over by SBA. Performance Standards.

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Troutman Sanders

JULY 19, 2023

Among other things, the act provides that lender-placed insurance becomes effective “no earlier than the date of lapse of insurance upon mortgaged real property subject to the terms of a mortgage agreement or any other state or federal law requiring the same.” For more information, click here.

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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. Ocwen Loan Servicing, LLC, 8:14-CV-3214-T-35MAP, 2015 WL 12938920, at *1 (M.D. 1099-C Issuance. 1.6050P-1(b)(2)(i). Collecting Debts After 1099-C Issuance.

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Jimerson Firm

FEBRUARY 2, 2021

If a borrower defaults on a SBA loan, the lender or CDC must assess the environmental risk of contamination before conducting any liquidation action that could result in a loss, or otherwise increase the risk of loss, due to the actual or alleged presence of contamination. SOP 50 10 5(E), Appendix 2. SOP 50 57 2 ; SOP 50 55.

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Jimerson Firm

JUNE 30, 2021

When a borrower defaults on a mortgage, lenders will likely execute their right to foreclose on the property by filing a lawsuit. However, lenders are not always the successful party in the foreclosure and, to the disappointment of the lender, the lawsuit may be dismissed. Key Takeaways for Lenders. 2d 1004 (Fla.

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Jimerson Firm

AUGUST 12, 2021

Lenders who move for summary judgment under Florida’s new summary judgment standard will likely enjoy more favorable outcomes. The court’s more rigorous review of attempts to withstand summary judgment will change expected litigation outcomes, impact litigation strategy, and largely benefits lenders. appeared first on Jimerson Birr.

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Troutman Sanders

FEBRUARY 24, 2023

On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has issued orders to nine of the largest auto lenders requesting information about their auto lending portfolios. The Bureau indicated it is interested in the potential correlation between delinquency and geography, credit score, and income.

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Troutman Sanders

MAY 31, 2022

The CFPB published a Consumer Financial Protection Circular to remind the public, including those responsible for enforcing federal consumer financial protection law, of creditors’ adverse action notice requirements under the Equal Credit Opportunity Act. For more information, click here. For more information, click here.

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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.

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