Collection Industry News

AUGUST 17, 2023

The volume of newly originated auto loans, which includes leases, was $179 billion, largely reflecting high dollar values of originated loans even as the number of newly opened loans remains below pre-pandemic levels. Student loan balances fell by $35 billion and stood at $1.57 trillion in Q2 2023.

Credit Card Debt 40

Credit Card Debt Student Loans Student loans Foreclosure 40

True Accord

MARCH 31, 2022

The four key trends we’re studying are: resumed foreclosure activity, extensive medical bills, the end of child tax credits and historically high inflation. In January, the foreclosure proceedings that were paused under the CARES Act resumed after an 18-month hiatus. But some definitely feel it more than others. million U.S.

Lender 59

Lender Personal loans Foreclosure Loans 59

Troutman Sanders

SEPTEMBER 7, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. For those interested in reading the full announcement, click here.

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Burr Forman

MAY 20, 2021

Prohibiting servicers of private education loans from reporting an adverse item of information relating to the nonpayment of the loan for an established period of time.

Collections 52

Collections Debt collector Student Loans Student loans 52

Troutman Sanders

AUGUST 30, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. For more information, click here.

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Collection Industry News

JUNE 29, 2024

Total household debt includes mortgages, home equity lines of credit (HELOCs), student loans, auto loans, other, and credit cards.1 The government also provided stimulus checks to help alleviate the financial burden for consumers. Student loan debt decreased by $6 billion to $1.60

Credit Card Debt 40

Credit Card Debt Student Loans Student loans Lender 40

Collection Industry News

MARCH 15, 2021

It has taken actions to collect data on a number of new industries, including debt relief and earned wage access providers, and has filed a cease-and-desist order against a student loan debt relief company charging borrowers exorbitant fees for the false promise of getting their student debt wiped.

Foreclosure 40

Foreclosure Student Loans Student loans Lender 40

Collection Industry News

MAY 18, 2021

2547, the Non-Judicial Foreclosure Debt Collection Clarification Act, which would reverse the unanimous decision made by the Supreme Court of the United States (SCOTUS) in 2019. Require discharge of private student loans due to total and permanent disability. Clarify FDCPA coverage for non-judicial foreclosures.

Lender 40

Lender Foreclosure Collections Debt collector 40

Troutman Sanders

OCTOBER 16, 2023

State Activities: On October 12, California’s Department of Financial Protection and Innovation (DFPI), announced, in its October bulletin, that final regulations to implement the Student Loan Servicing Act and the Student Loans Borrower Rights Law have been approved and will become effective January 1, 2024.

Financial services 52

Financial services Student Loans Student loans Credit Unions 52

Troutman Sanders

OCTOBER 11, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Department of Education announced the establishment of an Office of Enforcement within Federal Student Aid (FSA).

Financial services 52

Financial services Loans Lender Foreclosure 52

Debt Free Colorado

MARCH 3, 2023

For instance, it may permit the restructuring of debts due to “secured” creditors, or creditors who have an interest in assets like a mortgage or a car loan, but it typically won’t abolish those debts. Are you at risk of falling into foreclosure, being evicted, or having your utilities cut off?

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Troutman Sanders

FEBRUARY 21, 2024

The court found that the defendants falsely promised to reduce homeowners’ mortgage payments and prevent foreclosures, defrauding distressed homeowners out of millions of dollars. On February 15, the CFPB published a blog recounting its action against a student loan debt relief business and a debt-settlement company.

Financial services 52

Financial services Student Loans Student loans Financial Institution 52

Debt Free Colorado

DECEMBER 7, 2016

Lawsuits, garnishments, foreclosures, and other collections stop at this time. Certain taxes, student loans, child or spousal support, fees owed the government, and other debts aren’t affected. Sign and File – Generally about 2 – 4 weeks after paperwork is turned in and fees paid.

Chapter 7 bankruptcy 40

Chapter 7 bankruptcy Bankruptcy Student Loans Student loans 40

Troutman Sanders

MAY 9, 2023

On May 4, the White House published technology standard document “United States Government National Standards Strategy for Critical and Emerging Technology.” For more information, click here. competitiveness and national security ….” For more information, click here. On May 1, Oklahoma Governor Kevin Stitt approved HB1443.

Financial services 52

Financial services Student Loans Student loans Loans 52

Collection Industry News

OCTOBER 6, 2020

It primarily had the CARES Act to thank: The bill delivered hundreds of billions of dollars worth of stimulus checks and bulked-up unemployment benefits to Americans, while easing pressures on them by halting foreclosures, evictions and student loan payments. At the same time, the pandemic compelled households to cut spending.

Debt collector 40

Debt collector Garnishment Banks Foreclosure 40

Troutman Sanders

FEBRUARY 22, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Borrowers deserve and desperately need relief from their Federal student loan burden, and they need that relief immediately.”

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Troutman Sanders

SEPTEMBER 14, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. For more information, click here. For more information, click here.

Financial services 52

Financial services Student Loans Student loans Foreclosure 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. For more information, click here. 364 et seq. For more information, click here. banking system. For more information, click here.

Financial services 52

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

Troutman Sanders

OCTOBER 19, 2020

Year-end data from the September 2020 Monthly Treasury Statement of Receipts and Outlays of the United States Government show a $3.1 On October 13, the Federal Trade Commission (FTC) warned consumers of scammers pretending to promise student loan debt relief. trillion the deficit for FY 2020 — $2.0

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Troutman Sanders

NOVEMBER 30, 2020

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. House of Representatives that would extend the payment pause and interest waiver for government-held federal student loans.

Financial services 52

Financial services Foreclosure Student Loans Student loans 52

Troutman Sanders

MARCH 8, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The stimulus package includes a provision that would end the current policy of considering any student debt forgiven taxable income.

Financial services 52

Financial services Retail Foreclosure Financial Institution 52

Troutman Sanders

APRIL 19, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link].

Financial services 52

Financial services Student Loans Student loans Financial Institution 52

Troutman Sanders

SEPTEMBER 20, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On January 31, 2022, the pause on interest and payments for federally held student loans will end.

Financial services 52

Financial services Foreclosure Debt collector Student Loans 52

Troutman Sanders

APRIL 5, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On April 1, the CFPB issued a warning to mortgage servicers to take necessary steps to prevent a wave of foreclosures this fall.

Financial services 52

Financial services Financial Institution Foreclosure Garnishment 52

Burr Forman

DECEMBER 4, 2020

With new and impending changes in both the economic and political landscape, financial institutions have had to adapt to ever-changing policies governing consumer loan servicing and debt collection. The new bill issued a moratorium on evictions, foreclosures, and repossessions, which expired on June 30, 2020.

Financial Institution 52

Financial Institution Garnishment Collections Foreclosure 52

Troutman Sanders

FEBRUARY 16, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On February 8, HB 32 was introduced in Ohio, seeking to place a moratorium on the collection of some student loans and health care debt.

Financial services 52

Financial services Student Loans Student loans Banks 52

Troutman Sanders

APRIL 12, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On April 5, the CFPB proposed a set of rule changes to help prevent foreclosures as the emergency federal foreclosure protections expire.

Financial services 52

Financial services Debt collector Student Loans Student loans 52

Troutman Sanders

JANUARY 19, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Department of Education to continue excusing borrowers from making payments on their student loans in light of the COVID-19 pandemic.

Financial services 52

Financial services Garnishment Foreclosure Government 52

Troutman Sanders

APRIL 26, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. For more information, click here. On April 22, the U.S.

Financial services 52

Financial services Debt collector Loans Banks 52

Troutman Sanders

JULY 26, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. For more information, click here.

Financial services 52

Financial services Student Loans Student loans Garnishment 52

Troutman Sanders

MARCH 15, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The FTC reminds consumers that the government will never ask them to pay anything upfront in any form to obtain stimulus money.

Financial services 52

Financial services Financial Institution Foreclosure 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.

Financial Institution 76

Financial Institution Banks Student Loans Student loans 76

Troutman Sanders

JUNE 1, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. ” Governments, companies, and other organizations may be developing their products and services. On May 27, U.S.

Financial services 52

Financial services Government Foreclosure Loans 52

Troutman Sanders

JUNE 28, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Collection Agencies Collections Agency 52

Troutman Sanders

FEBRUARY 13, 2024

Supreme Court unanimously ruled that government agencies can be sued for violations of the Fair Credit Reporting Act (FCRA). The case, Department of Agriculture Rural Development Rural Housing Service (USDA) Kirtz , involved a borrower who claimed the USDA inaccurately reported his loan as “past due,” damaging his credit score.

Financial services 52

Financial services Student Loans Student loans Collection Agencies 52

Troutman Sanders

AUGUST 16, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. trillion student loan portfolio from state regulation. You may access this interactive tool at [link]. On August 11, the U.S.

Financial services 52

Financial services Foreclosure Student Loans Student loans 52

Collection Industry News

OCTOBER 5, 2021

He held several high-ranking positions at the CFPB during the Obama administration, including the top job handling student-loan issues. “He Millions of Americans are now facing eviction and potential foreclosures due to the job losses caused by pandemic. Let’s get to work!,” Warren, now a U.S.

Student Loans 40

Student Loans Student loans Banks Foreclosure 40