Troutman Sanders

APRIL 24, 2023

Earlier this month, a district court for the Eastern District of Michigan dismissed on its own initiative a Fair Credit Reporting Act (FCRA) claim brought by a consumer alleging inaccurate reporting of her charged-off vehicle loan. Americredit Financial Services, Inc. The court’s opinion in Shelton v. Hence, no inaccuracy.

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Loans Repossession Secured Creditor Construction 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

Repossession Student Loans Student loans Loans 52

Troutman Sanders

FEBRUARY 24, 2023

According to the CFPB, the nine targeted lenders represent a cross-section of the auto finance market and the data collected in response to these orders will help the CFPB build a data set that provides them with insight into lending channels and loan performance.

Lender 52

Lender Repossession Loans Collections 52

Troutman Sanders

JANUARY 5, 2023

In the event a car is totaled in an accident, the car buyer’s primary automobile insurance typically pays only fair market value, which may be less than the amount owed on the loan due to a vehicle’s depreciation. Troutman Pepper Consumer Financial Services Team. Jeremy Rosenblum. Caleb Rosenberg. Clay Friedman – Co-leader.

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Credit Unions Credit Unions Repossession Financial services 52

Jimerson Firm

FEBRUARY 3, 2021

The lawsuit must be brought in a court of competent jurisdiction based on the value of the mobile home (not the amount alleged that is unpaid on the loan). For example, in the case Ark Real Estate Services, Inc. , The mobile home was anchored to the land and hooked up to utilities.

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Foreclosure Collateral Lender Repossession 96

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. Repossessions. Investment accounts. Credit cards. Wealth advising.

Banks 52

Banks Lender Loans Student 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 CFPB sees wrongful repossessions everywhere. Failing to trigger refunds of GAP protection after a repossession. Student Loan Servicing.

Financial Institution 52

Financial Institution Repossession Debt collector Lender 52

Consumer Financial Services Law

JANUARY 31, 2020

Joy Denby-Peterson purchased a 2008 Corvette in July 2016, and several months later the vehicle was repossessed when Denby Peterson failed to make all of the required loan payments. After repossession, Denby-Peterson filed an emergency Chapter 13 Bankruptcy petition in the Bankruptcy Court for the District of New Jersey.

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Collateral Repossession Bankruptcy Chapter 13 bankruptcy 40

Better Credit Blog

DECEMBER 30, 2020

Short for Dell Financial Services/Webbank, the entry is probably on your report because you applied for a Dell Preferred Account. Most of the time, a hard inquiry from a lender or service provider is nothing to panic over. WebBank partners with Dell Financial Services, backing their financing plans. LendingClub.

Lender 52

Lender Financial services Loans Repossession 52

Fico Collections

MAY 18, 2021

Toyota Financial Services increased auto loan approval rates with 40% fewer credit exceptions, prevented 1,600 repossessions, and reduced annual losses by up to $12 million. Siam Commercial Bank increased its number of applications processed per day by 10x, and its approval rate more than 40%. by Bill Waid.

Banks 52

Banks Repossession Manufacturing Financial services 52

Fico Collections

JULY 12, 2021

Loans, grants, and job protection schemes provided by governments around the world during the past 18 months have eased the financial burden of the pandemic, for both businesses and their consumers. Lenders have benefitted from state measures which have so far helped limit near-term loan defaults. The End of COVID-19 Support.

Collections 52

Collections Lender Repossession Banks 52

Better Credit Blog

SEPTEMBER 9, 2021

Your credit score, known in the financial services industry as a Fico Score, is a snapshot of your financial history. The reason this number is so important is that it can determine whether you can get a loan for a house, car, or other essential purchase, and at what interest rate.

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Debt Consolidation Loans Repossession Financial services 59

Consumer Financial Services Law

OCTOBER 4, 2016

Banks and other financial service providers should also keep in mind that amendments to the Military Lending Act began to take effect October 3, 2016. The Order comes a year have the OCC re-emphasized its focus on bank compliance with the SCRA and its intentions to ramp up on enforcement.

Banks 40

Banks Repossession Judgment Financial services 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 CFPB sees wrongful repossessions everywhere. Failing to trigger refunds of GAP protection after a repossession. Student Loan Servicing.

Financial Institution 40

Financial Institution Repossession Debt collector Student loans 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. Debt collection activities, including legal proceedings, garnishments, repossessions, and debt selling, must be prohibited during the state of emergency.

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Garnishment Collections Debt collector Accounts Receivables Management 40

Better Credit Blog

NOVEMBER 23, 2020

Financial services. When you fail to repay a debt, whether it’s a medical bill, student loan, or credit card balance, it eventually enters collections. Several companies offer multiple subscriptions, so you only have to pay for the level of service you need. Retail cards. Bank cards. Check recovery. Medical debt.

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Debt collector Collection Agencies Collections Agency Collections 52

Consumer Financial Services Law

DECEMBER 29, 2016

Also, on an auto loan, there could be more than one missed payment, followed by a repossession, followed by a sale of the collateral and establishment of a deficiency balance. For example, on a credit card account, there could be several defaults, followed by charge-off, followed by additional payments.

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Collections Judgment Enforcement Creditor's Rights Creditors 40

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.

Financial services 52

Financial services Trade Repossession Lender 52

Fico Collections

JANUARY 26, 2022

Student Loan Challenges. In December, the Federal Government extended the Student Loan Forbearance Period through January 31, 2021. This means that student loan borrowers do not have to make any payments during this period. There are over 40 Million Americans who have an outstanding student loan, with over $1.7

Collections 52

Collections Student loans Student Loans Government 52

Collection Industry News

JUNE 14, 2021

President Biden’s nominee to lead the CFPB, Federal Trade Commission member Rohit Chopra, was the bureau’s first student loan ombudsman under former CFPB Director Richard Cordray and is expected to return the bureau to its former place at the forefront of consumer protection in financial services.

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Financial Institution Banks Student loans Student Loans 76