Acquisition Consumer Credit Lender Loans 
Fico Collections
FEBRUARY 16, 2021
It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. But more tellingly, the penalty related to the mistreatment of business and personal customers who fell behind on credit card and loan payments between 2014 and 2018 – well before many of us had even heard of COVID-19.
Troutman Sanders
OCTOBER 18, 2022
The Act takes direct aim at, among other things, the Military Lending Act’s (MLA) exceptions for loans obtained to purchase motor vehicles and other forms of personal property. Whether auto loan lenders may finance GAP waivers, GPS tracking systems, or other products that consumer advocates argue are credit-related is an open question.
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Troutman Sanders
JULY 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. These borrowers will receive 100% loan discharges, resulting in approximately $55.6 million in relief. billion for nearly 92,000 borrowers.
Fico Collections
AUGUST 10, 2022
It is one of the biggest challenges lenders face over the next few years. Triggered in part by the US housing market collapse and an unprecedented number of loan defaults, the crisis uncovered a shocking level of unrestrained lending and excessive risk taking. Affordability models are primarily underpinned by credit data.
Fico Collections
JULY 15, 2022
As a data scientist working on credit models in the late 80s, it was a mission to help replace human bias with data-driven science. in 1989, it meant lenders of all sizes could leverage the technology of scoring and open up credit to consumers that they might not have lent to in the past. Hundreds of lenders in the U.S.
Fico Collections
MARCH 8, 2021
That’s why FICO has been focused on finding new ways to demonstrate responsible financial behavior so that lenders can confidently extend credit to more consumers. . Over the past several years, we’ve helped lenders develop on-ramps to mainstream credit using alternative data for those seeking financial inclusion.
Troutman Sanders
JUNE 14, 2023
The report highlights enforcement actions related to the acts and their implementing regulations, including in the areas of automobile purchases and financing, payday lending, credit repair and debt relief, other credit, and electronic fund transfers. For more information, click here. For more information, click here.
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