True Accord

APRIL 5, 2023

Meanwhile, eyes are on the Big Apple as the New York Department of Financial Services (DFS) and the New York City Department of Consumer and Worker Protection are simultaneously engaged in amending their consumer debt collection rules. The final amended rule will go into effect on July 20, 2023.

Student loans 119

Student loans Student Loans Credit Card Debt Loans 119

Troutman Sanders

JANUARY 20, 2022

On January 13, a coalition of 39 state attorneys general — led by AGs from Pennsylvania, Washington, Illinois, Massachusetts, and California — reached a settlement with student loan servicer Navient over allegedly unfair, deceptive, and abusive student loan origination and servicing practices.

Student loans 52

Student loans Student Loans Loans Lender 52

Troutman Sanders

OCTOBER 19, 2021

The Office of Enforcement will be responsible for oversight of enforcement actions against postsecondary schools that participate in the federal student loan, grant, and work-study programs. 424 would, among other provisions, place new documentation requirements on any collection activity concerning student loans for private lenders.

Financial services 52

Financial services Student loans Student Loans Debt collector 52

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

MAY 9, 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. 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.

Financial services 52

Financial services Student loans Student Loans 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. to explain the application of the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA) to lenders relying on discriminatory home appraisals.

Financial services 52

Financial services Banks Third-party Debt Collectors Judgment 52

Better Credit Blog

APRIL 2, 2022

In 2019 alone, Fiona originated more than $600 million in personal loans. The site uses built-in algorithms to offer you real-time, pre-qualified personal loan rates from about a dozen different lenders. Since it connects you with multiple loan offers simultaneously, Fiona could save you time and money. Loan Terms.

Personal loans 80

Personal loans Loans Student loans Student Loans 80

Troutman Sanders

SEPTEMBER 27, 2022

The report shows a shift from refinance loans in 2020 to home purchase loans in 2021, with a greater share of home purchase loans going to Asian, Black, and Hispanic white borrowers relative to the share of home purchase loans for non-Hispanic white borrowers. For more information, click here. An estimated 2.7

Financial services 52

Financial services Loans Trade Student loans 52

True Accord

MARCH 31, 2022

While student loan payments are still paused through May, the day is quickly approaching when many will see their financial obligations increase yet again, compounding the burden and financial pressure on consumers. And lenders are happy to lend.

Lender 59

Lender Personal loans Foreclosure Loans 59

True Accord

JUNE 20, 2024

This constitutionality case was brought by representative groups of the payday loan industry, the Community Financial Services Association of America and the Consumer Service Alliance of Texas, alleging that the CFPB’s funding mechanism is unconstitutional under the Appropriations Clause.

Financial Institution 111

Financial Institution Student loans Student Loans Loans 111

Troutman Sanders

OCTOBER 11, 2021

Department of Education announced the establishment of an Office of Enforcement within Federal Student Aid (FSA). According to the announcement, the new office will “strengthen oversight of and enforcement actions against postsecondary schools that participate in the federal student loan, grant, and work-study programs.”

Financial services 52

Financial services Loans Lender Foreclosure 52

Troutman Sanders

APRIL 26, 2021

House of Representatives passed seven bipartisan bills introduced by House Financial Services Committee members. State Activities: On April 21, the Colorado Senate Finance Committee held a virtual hearing, during which the Colorado Student Equity Act came up for review. For more information, click here. On April 22, the U.S.

Financial services 52

Financial services Debt collector Loans Banks 52

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.

Financial services 52

Financial services Financial Institution Debt collector Trade 52

Credit Corp

SEPTEMBER 13, 2023

One reason that lenders look at credit mix is to make sure that you can be responsible with multiple types of credit. Showing that you can handle different types of credit—and multiple credit accounts at once—indicates financial reliability to potential lenders. You are not required to pay the loan in full each month.

Credit Unions 97

Credit Unions Credit Unions Student loans Student Loans 97

True Accord

AUGUST 11, 2022

Whether it’s taking out a loan, buying a house, saving for retirement or purchasing goods on a credit card,, people are constantly being asked to make decisions that affect their personal finances. As reported by the Milken Institute , only about 57% of the American population is considered financially literate.

Acquisition 75

Acquisition Debt Recovery Education Student loans 75

Collection Industry News

MAY 18, 2021

2547 was sponsored by House Financial Services Committee Chairwoman Rep. While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. The bill, H.R. Maxine Waters (D-Calif.),

Lender 40

Lender Foreclosure Collections Debt collector 40

Consumer Financial Services Law

DECEMBER 19, 2016

According to the post, the CFPB will increase its focus on: (a) redlining; (b) mortgage and student loan servicing; and (c) small business lending. In 2017, the Bureau “will continue to evaluate whether lenders have intentionally avoided lending in minority neighborhoods.” Mortgage and Student Loan Servicing.

Student loans 40

Student loans Student Loans Lender Loans 40

Troutman Sanders

FEBRUARY 10, 2021

Based on a list of CFPB-identified compliance failures regarding COVID-19 consumer relief, regulated entities engaged in mortgage servicing, student loan servicing, credit reporting, and Paycheck Protection Program loan administration may soon find themselves subject to these heightened supervisory and enforcement activities.

Student Loans 52

Student Loans Student loans Lender Loans 52

Troutman Sanders

MARCH 10, 2023

On March 8, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights report, focusing once again on fees assessed in relation to bank account deposits, auto loan servicing, mortgage loan servicing, payday lending, and student loan servicing.

Repossession 52

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True Accord

JANUARY 10, 2024

The fourth quarter marked the resumption of student loan payments for 22 million Americans, but repayment results were low. million borrowers missed their student loan payment —that’s 40% of loan holders. quarterly increase while auto loan balances rose by $13 billion and now stand at $1.6 a year ago.

Student loans 59

Student loans Student Loans Loans Banks 59

FFGN COLLECT NY

JANUARY 10, 2024

More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. The government will look to stop these exploitative tactics and more.

Garnishment 52

Garnishment Collections Debt collector Student loans 52

Consumer Financial Services Law

FEBRUARY 17, 2017

Here are the highlights of the most recent report: IN GENERAL · Student loans showed the greatest increase in complaints comparing October -December 2015 with October-December 2016, showing a 109% increase. In February 2016, the CFPB updated its student loan intake form to accept complaints about federal student loan servicing.

Student loans 40

Student loans Student Loans Foreclosure Loans 40

Better Credit Blog

APRIL 1, 2022

If you fall into hard times, the inability to pay off your credit card bills or student loans can result in your debts being transferred to a debt collection agency. They recently acquired Alltran Financial Services in 2020. For this, I suggest you check out Credit Saint. They’ll take care of you. Ads by Money.

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Collection Agencies Collections Agency Garnishment Fair Debt Collection 77

Collection Industry News

MARCH 15, 2021

The DFPI is aggressively exercising its new authority to regulate a large group of newly covered financial services, including debt collectors, credit reporting and credit repair agencies, debt relief agencies and others.

Foreclosure 40

Foreclosure Student Loans Student loans Lender 40

Better Credit Blog

AUGUST 4, 2020

Short for the First National Bank of Omaha, FNB National is a popular bank for several personal and professional financial services and products, including: Banking. Home loans. Auto loans. Personal loans. Student loan refinancing. Investment accounts. Credit cards. Wealth advising.

Banks 52

Banks Lender Loans Student loans 52

Collection Industry News

MARCH 17, 2024

More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. The government will look to stop these exploitative tactics and more.

Garnishment 40

Garnishment Collections Debt collector Student Loans 40

True Accord

JULY 5, 2022

And opening a new credit card line may prove difficult – many lenders are or will be changing their strategies to stave off the looming threat of…. Missed payments on certain loans are already on the rise. Key Factor 3: Rising Delinquencies. We all knew this was coming.

Lender 52

Lender Debt collector Loans Personal loans 52

Troutman Sanders

MAY 5, 2022

The Supervisory Highlights detail issues identified by CFPB examination teams across a wide number of segments of the consumer financial services industry. Auto Servicing. The lenders claimed that the rush appraisals, which led to the appraisal rush fees, were requested by consumers. Student Loan Servicing.

Financial Institution 52

Financial Institution Repossession Debt collector Lender 52

Collection Industry News

MARCH 28, 2022

In 2021, the Office of Financial Technology and Innovation (OFTI) met with dozens of companies, venture capitalists, lawyers, industry advocacy groups, federal and state financial regulators, consumer advocacy groups, and academics to better understand stakeholder perspectives on what constitutes responsible innovation in financial services.

Debt collector 40

Debt collector Education Credit Unions Lender 40

Collection Industry News

JULY 20, 2020

The Education Department is suspending collections on federal student loans and urging private collection agencies to stop pursuing borrowers. While debt collectors lobby to maintain business operations, representatives of firms that issue credit card, car loans, and online consumer loans, are lobbying for access to bailout money.

Garnishment 40

Garnishment Debt collector Collections Accounts Receivables Management 40

Collection Industry News

MAY 9, 2022

The Supervisory Highlights detail issues identified by CFPB examination teams across a wide number of segments of the consumer financial services industry. Auto Servicing. The lenders claimed that the rush appraisals, which led to the appraisal rush fees, were requested by consumers. Student Loan Servicing.

Financial Institution 40

Financial Institution Repossession Debt collector Student loans 40

Troutman Sanders

JUNE 14, 2023

On June 7, the CFPB released a blog discussing the fact that the pause on federal student loan interest, payments, and collections is now scheduled to end 60 days after June 30, which means borrowers will have to start making payments soon. For more information, click here. For more information, click here. The bill also amends C.R.S.

Financial services 52

Financial services Financial Institution Trade Student loans 52

Troutman Sanders

FEBRUARY 22, 2021

The letter states that “[b]road cancellation of Federal student loan debt will provide immediate relief to millions who are struggling during this pandemic and recession, and give a much-needed boost to families and our economy. Currently, the act only applies to persons who service student loans.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

True Accord

OCTOBER 12, 2022

And, collections and charge off rates for auto leases, personal loans and bank cards are higher than pre-pandemic. Amidst all the economic gloom, there was a silver lining for many borrowers in the form of student loan forgiveness. Will holiday spending take a huge blow from the challenging financial landscape?

Student loans 97

Student loans Student Loans Debt collector Lender 97

Troutman Sanders

APRIL 18, 2022

Federal Activities: On April 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report titled, “ Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends.” Pre-pandemic payment assistance on student loans. Pre-pandemic payment assistance on student loans.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

SEPTEMBER 11, 2023

State Activities: On September 7, the California Department of Financial Protection and Innovation (DFPI) announced the launch of the Student Loan Empowerment (SLE) Project, a new $7.25 The SLE Project will award $7.25 The SLE Project will award $7.25 For more information, click here.

Financial services 52

Financial services Student loans Student Loans Banks 52

Troutman Sanders

SEPTEMBER 7, 2021

On September 1, the Consumer Financial Protection Bureau (CFPB) proposed a new rule designed to help small businesses gain access to credit by increasing transparency in the lending marketplace. If finalized, this rule would require lenders to disclose information about their lending to small businesses.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52