Troutman Sanders

JANUARY 23, 2024

billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes to income-driven repayment (IDR) forgiveness and public service loan forgiveness (PSLF) made by the administration. On January 19, the Biden-Harris administration announced the approval of $4.9 On January 16, the U.S.

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Financial services Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

MARCH 4, 2024

On February 29, the Consumer Financial Protection Bureau (CFPB) issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. For information, click here.

Financial services 52

Financial services Law Firms Acquisition Debt collector 52

Troutman Sanders

FEBRUARY 21, 2024

On February 15, the CFPB published a blog recounting its action against a student loan debt relief business and a debt-settlement company. The CFPB alleged that the defendants charged thousands of consumers with federal student loans approximately $9.2 For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

NOVEMBER 27, 2023

State Activities: On November 20, North Carolina AG Josh Stein secured a court order requiring a lender to permanently shut down its operations, resolving allegations that the lender made false representations to students about job placement, saddled students with unlawful loans, and employed abusive practices to collect debt from student borrowers.

Financial services 52

Financial services Loans Lender Trade 52

Troutman Sanders

NOVEMBER 7, 2023

On November 1, the OCC issued a bulletin to inform banks about policy guidance that applies to commercial loans to early, expansion, and late-stage companies. Before making any loan, bank management should identify the purpose of the loan and the source of repayment. For more information, click here. On November 1, the U.S.

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Financial services Debt collector Loans Foreclosure 52

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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Financial services Financial Institution Banks Credit Unions 52

Troutman Sanders

MARCH 11, 2024

The blog post posited that closing costs significantly impact a borrower’s financial commitment and, potentially, monthly payments and identified a “noticeable increase” in closing costs, with median total loan expenses on home purchase loans increasing by 21.8% between 2021 and 2022. For more information, click here.

Financial services 52

Financial services Garnishment Lender Banks 52

Troutman Sanders

SEPTEMBER 25, 2023

On September 20, the Senate Banking, Housing, and Urban Affairs Committee held a hearing on artificial intelligence (AI) in financial services. In his opening statement, Chair Sherrod Brown (D-OH) alleged that AI could cause significant changes in our financial system. For more information, click here. 1020.210(b).

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Consumer Finance

MAY 5, 2024

The Consumer Financial Protection Bureau (CFPB) today took action against National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency for multi-year servicing failures.

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Student loans Student Loans Education Loans 119

Troutman Sanders

AUGUST 14, 2023

On August 8, the Office of the Comptroller of the Currency (OCC) issued a bulletin to provide banks with guidance regarding the applicability of the legal lending limit to purchased loans. Whether a loan purchased by a bank is attributable to the seller under the legal lending limit regulation depends on specific facts and circumstances.

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Financial services Foreclosure Banks Loans 52

Troutman Sanders

FEBRUARY 8, 2022

Troutman Pepper announced today that a nationally recognized consumer financial services group has joined the firm from Ballard Spahr in Atlanta, New York, Philadelphia, and Salt Lake City. The industry-leading group includes partners Christopher J. Willis , Mark J. Furletti , Jeremy T. Rosenblum , Stefanie H. Cover , and Anthony C.

Financial services 52

Financial services Government Financial Institution Lender 52

Troutman Sanders

FEBRUARY 26, 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 February 26, CoinSpeaker reported that in May, the U.S.

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Financial services Financial Institution Trade Banks 52

Troutman Sanders

OCTOBER 9, 2023

The FTC alleged that the defendants pretended to be affiliated with the Department of Education, charged illegal junk fees, and offered students loan forgiveness promises that were not fulfilled. Supreme Court heard oral argument in Community Financial Services Association of America v. For more information, click here.

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Financial services Student loans Student Loans Third-party Debt Collectors 52

Troutman Sanders

DECEMBER 28, 2023

On December 20, the Consumer Financial Protection Bureau (CFPB) and the Justice Department sued Colony Ridge, for allegedly operating an illegal land sales scheme and targeting Hispanic borrowers with false statements and predatory loans. For more information, click here. On December 20, Fannie Mae issued SVC-2023-06.

Financial services 52

Financial services Credit Unions Credit Unions Banks 52

Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.

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Financial services Manufacturing Debt Management Debtor 52

Troutman Sanders

NOVEMBER 21, 2023

On November 16, the Justice Department, in close coordination with the Department of Education, announced a successful first year of the new process for handling cases in which individuals seek to discharge their federal student loans in bankruptcy. For more information, click here. For more information, click here.

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Financial services Retail Banks Collections 52

Troutman Sanders

OCTOBER 30, 2023

On October 26, a House Financial Services subcommittee drafted legislative proposals related to the buy now, pay later (BNPL) and earned wage access (EWA) market. financial institutions. For more information, click here. For more information, click here. The letter asks the GAO to examine the role U.S.

Financial services 52

Financial services Financial Institution Trade Banks 52

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.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

AUGUST 28, 2023

Department of Education (DOE), used deceptive loan forgiveness promises, and falsely claimed they were offering relief under the “Biden Loan Forgiveness” plan to lure students and collect millions in illegal upfront fees. For more information, click here. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Loans 52

Troutman Sanders

DECEMBER 12, 2023

billion in student loan debt relief for 80,300 borrowers. The guidance focuses on the risk management of BNPL loans, which are payable in four or fewer installments and carry no finance charges. In her testimony, Murphy discussed the OCC’s supervision and regulation related to banks’ use of new and emerging financial technologies.

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Financial services Banks Collection Agencies Collections Agency 52

Troutman Sanders

DECEMBER 19, 2023

The complaint alleged that Ryan and others conspired to defraud First NBC Bank through a variety of schemes, including by disguising the true financial status of certain borrowers and their troubled loans, concealing the true financial condition of the bank from the board of directors, auditors, and examiners.

Financial services 52

Financial services Banks Debt collector Government 52

Troutman Sanders

DECEMBER 4, 2023

On December 1, the House of Representatives approved a resolution to repeal a Consumer Financial Protection Bureau (CFPB) rule that mandated banks to gather data on loan applications from women-owned, minority-owned, and small businesses to help lenders identify business development needs and opportunities.

Financial services 52

Financial services Collateral Banks Trade 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.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

MARCH 6, 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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Financial services Student loans Student Loans Loans 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 Loans Retail 52

Jimerson Firm

JULY 22, 2020

That trend holds true in the financial services industry, despite such lawsuits being more commonly associated with lower paid jobs. Below, we discuss three of the most common wage and hour issues that commonly arise in the financial services industry. Marketing, servicing or promoting the employer’s financial products.

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Financial services Law Firms Judgment Loans 94

Troutman Sanders

OCTOBER 3, 2023

State Activities: On September 30, New York Attorney General (AG) Letitia James issued a consumer alert sharing advice with New Yorkers on how to manage their student loan debt. After more than three years of administrative forbearance in connection with the COVID-19 pandemic, federal student loans payments are set to resume in October.

Financial services 52

Financial services Student loans Student Loans Trade 52

Troutman Sanders

JANUARY 17, 2023

On January 13, the Federal Reserve Board (Fed) released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. On January 13, the Fed announced preliminary financial information, indicating that the Federal Reserve Banks had estimated net income of $58.4

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Financial services Student loans Student Loans Education 52

Troutman Sanders

JULY 25, 2023

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities State Activities Federal Activities: On July 21, the Chairman of the U.S. The FSC will meet on July 26 to markup H.R.

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Financial services Trade Repossession Lender 52

Nerd Wallet

OCTOBER 25, 2022

The financial services company Figure is no longer offering new personal loans. Instead, the company is focusing on home lending options like home loans and refinancing and home equity lines of credit. Figure used to offer online personal loans to good-credit borrowers, with loan sizes from $5,000 to $50,000.

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Personal loans Loans Financial services 90

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.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

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. Banks reported that lending standards are currently on the tighter end of the range for all loan categories. For more information, click here.

Financial services 52

Financial services Financial Institution Manufacturing Loans 52

Troutman Sanders

AUGUST 21, 2023

However, the FTC may also be interested in the use of AI in customer service and interactions. On August 16, the Small Business Administration (SBA) announced the availability of low-interest disaster loans to businesses and residents across the nation, including Mississippi, Illinois, New Jersey, and Oklahoma.

Financial services 52

Financial services Banks Loans Financial Institution 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. However, due to partisanship in the Senate, Senator Lummis believes her bill is unlikely to pass before the House Financial Service Committee’s bill is introduced.

Financial services 52

Financial services Trade Consumer Credit Government 52

Troutman Sanders

JULY 5, 2023

On June 29, the United Kingdom’s cryptocurrency bill — the Financial Services and Markets Act 2023 — was approved by King Charles and ratified into law. The statement includes a section on short-term loan accommodations not included in the previous guidance. For more information, click here. For more information, click here.

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Financial services Financial Institution Credit Unions Credit Unions 52

Troutman Sanders

SEPTEMBER 27, 2022

On September 22, the Consumer Financial Protection Bureau (CFPB) announced its request for public input on ways to spur new mortgage products that help households. The CFPB invites insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing, especially for borrowers with smaller loan balances.

Financial services 52

Financial services Loans Trade Student loans 52

Troutman Sanders

NOVEMBER 15, 2022

Prop 209 critics argue that its provisions are overly broad and will likely have a chilling effect on creditors’ willingness to issue loans to Arizona consumers in the future. Prop 209 is expected to become law in January 2023. For more information, click here. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Trade 52