Collection Industry News

JULY 25, 2022

In addition to fees, the judgment includes requirements for dealers to comply with NYC rules on advertising and customer communication. The dealers agreed to: Not sell a car for more than the advertised price. Not tack on dealer fees (other than the $175 documentation fee) beyond the advertised price.

Retail 40

Retail Judgment Collections Education 40

UK debt collections

NOVEMBER 6, 2020

. ‘Tide’ commissioned YouGov to survey small business decision makers, including sole traders, to discover their payment terms, how often they experience late payments, and the actual duration before invoices were settled. Tide calculated that the average payment term was 15 days. AVERAGE STANDARD PAYMENT TERMS (DAYS).

Construction 87

Construction Retail Manufacturing Banks 87

Nerd Wallet

SEPTEMBER 28, 2020

Once a well-kept secret, these programs are now more prominently advertised, offering things like deferred payments and lower interest rates. But not all cardholders will qualify or receive favorable terms. As cardholders experience financial difficulties due to COVID-19, some credit card issuers are promoting their hardship programs.

Debt Management 65

Debt Management 65

Credit Corp

NOVEMBER 27, 2023

Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Terms and limitations apply Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers.

Creditworthiness 52

Creditworthiness Collections 52

Collection Industry News

APRIL 2, 2021

The legislation is similar to the California Consumer Privacy Act + the following key points: Right to opt out of the sale or sharing of information for the purpose of advertising. Subcontractors must abide by data protection terms. Retention limitation until the earlier of: one year after the consumer’s last interaction or.

Collections 40

Collections 40

Credit Corp

JANUARY 26, 2024

Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. All introductory APR offers say the terms in months or statement cycles. If they don’t specify the terms, it may be a scam.) Credit.com and CardRatings may receive a commission from card issuers.

Creditworthiness 59

Creditworthiness Lender 59

Troutman Sanders

MARCH 3, 2023

Under the terms of the proposed consent order , Park National will pay more than $9 million to resolve the allegations that it engaged in a “pattern or practice” of redlining in violation of the Fair Housing Act and the Equal Credit Opportunity Act.

Banks 52

Banks Lender Loans Education 52

Troutman Sanders

JULY 6, 2022

The settlement does not require claims, and the settlement terms provide that each class member who does not opt out will receive a mailed check for his or her pro rata share of the settlement fund. After motions practice and discovery, the parties entered into a class settlement in the amount of $2.5

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Troutman Sanders

MARCH 17, 2022

Every industry in the economy, from grocery stores to equipment manufacturers to nail salons, would be under a commandment to ensure that all their operations — including marketing and advertising — are free from disparate impact. Nevertheless, the Bureau’s new exam manual clearly signaled that the Bureau will examine targeted advertising.

Financial services 52

Financial services Financial Institution Manufacturing Trade 52

UK debt collections

FEBRUARY 19, 2024

within a year and had longer term debts of £4.2m. In addition to potentially charging excessive fees, some CMCs have also been accused of misleading advertising and pressuring clients into making claims even when it may not be in their best interest.

Trade 59

Trade Financial services Government 59

Collection Industry News

MAY 3, 2021

. — The Consumer Financial Protection Bureau (CFPB) this week took action against Nationwide Equities Corporation for sending deceptive loan advertisements to hundreds of thousands of older borrowers. The MAP Rule prohibits misleading claims in mortgage advertising. Likelihood to obtain a particular term or refinancing.

Lender 40

Lender Loans Retail Collections 40

Troutman Sanders

AUGUST 30, 2023

Under the terms of the proposed consent order , American Bank of Oklahoma will pay more than $1.15 Spend at least $100,000 in advertising, community outreach, and consumer financial education programs and credit counseling in the Tulsa MSA.

Banks 52

Banks Education Loans Foreclosure 52

Troutman Sanders

MARCH 8, 2024

SB 335 further prohibits brokers from making false or deceptive representations in their business dealings and from offering services in any advertisement without disclosing the actual address and telephone number of the broker.

Financial Institution 52

Financial Institution Loans 52

Troutman Sanders

FEBRUARY 6, 2023

It therefore held, “[t]he CFPB cannot regulate outside the bounds of the ECOA, and the ECOA clearly marks its boundary with the term ‘applicant.'” The court found that because the text of the ECOA is unambiguous, it owed no deference to the definition of “applicant” under Regulation B.

Trade 52

Trade Lender 52

Troutman Sanders

OCTOBER 19, 2022

In addition to the fine, the proposed settlement order includes a remediation plan, changing how Passport, which operates nine car dealerships in the Washington, D.C. metropolitan area, will operate going forward.

Trade 52

Trade 52

Troutman Sanders

MARCH 18, 2024

Inform the consumer of any material changes to the terms and conditions of the EWA product before implementing the change. Advertising or broadcasting any statement or representation with regard to the EWA services offered by the provider, which is false, misleading, or deceptive, or which omits to state material information.

Credit Unions 52

Credit Unions Credit Unions Banks Debt collector 52

Nexa Collect

JULY 10, 2021

While BillingTree doesn’t advertise its prices on its website, you may request a demo and then obtain a quote. Instamed , a JP Morgan company, advertises a comprehensive set of tools for health care providers. Here are some examples of popular payment providers: BillingTree offers strong patient data security and is HIPAA compliant.

Banks 130

Banks Collections 130

Consumer Financial Services Law

DECEMBER 13, 2016

A recent series of CFPB consent orders should remind the mortgage industry to carefully monitor its advertising practices. The MAP Rule prohibits deceptive and misleading commercial communications regarding any term of any mortgage credit product. 12 CFR Part 1014.

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CICM

MAY 3, 2023

Converted applications to an advertised petition: Currently running at approximately 73%. This means that less are being paid and thus converting to an advertised petition. Zombie Companies: A term coined for companies that were only servicing the debt and never growing: First spoken about during the financial crisis in 2008.

Credit Management 40

Credit Management Creditors 40

Troutman Sanders

SEPTEMBER 20, 2022

There continues to be a gradual increase in loan term lengths as compared to pre-pandemic growth rates. The combination of comparatively gradual loan term length growth, a relatively sharper increase in vehicle prices, and higher interest rates appears to have led to an increase in average monthly payments.

Consumer Credit 52

Consumer Credit Loans Trade Banks 52

Troutman Sanders

APRIL 14, 2023

The plaintiffs alleged that the defendants’ advertising of its brain performance supplements, which claimed that the supplements would improve “focus,” “accuracy” and “concentration,” and that the product had been clinically tested, was false and misleading in violation of multiple state unfair trade practices laws.

Trade 52

Trade 52

Troutman Sanders

OCTOBER 20, 2023

Invest in advertising, community outreach, and consumer financial education programs focused on residents of majority-Black and Hispanic neighborhoods. Invest in developing community partnerships to provide services that increase residential mortgage credit access for residents of those neighborhoods.

Lender 52

Lender Banks Loans Education 52

Fraser

MARCH 15, 2022

Local communities will be limited in their ability to regulate short-term housing rentals if a bill passed by the Michigan House of Representatives, House Bill 4722 (“HB 4722”), becomes law. The bill restricts local communities from adopting or enforcing zoning ordinance provisions that have the effect of prohibiting short-term rentals.

Government 52

Government Retail Collections 52

Consumer Financial Services Law

JANUARY 22, 2019

However, Suriano had not provided prior express written consent to receive advertising or telemarketing messages. The issue before the court was whether the five text messages were telemarketing or advertising messages requiring prior express written consent to receive such messages.

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Jimerson Firm

JANUARY 27, 2023

College athletes now have unlimited potential to capitalize upon their NIL and develop their brands on their terms. From a legal perspective, the term “NIL” generally refers to an individual’s legal right to control the usage of their name, image, or likeness. What is NIL?

Legal Rights 52

Legal Rights Education Trade Collections 52

UK debt collections

NOVEMBER 29, 2023

The new measures, further outlined in PPN 10/23, automatically applies to new advertised procurements in scope of the Public Contracts Regulations 2015 from 1 April 2024, with some exceptions. The government will lead by example in introducing more stringent payment-time requirements for firms bidding for large government contracts.”

Government 59

Government Collection Agencies Collections Agency Collections 59

Troutman Sanders

FEBRUARY 1, 2024

Inform the consumer of any material changes to the terms and conditions of the EWA product before implementing the change. Make any false or misleading statements or omit material information about the EWA products in advertisements. Offer at least one option to obtain funds at no cost and clearly explain how to elect that option.

Debt collector 84

Debt collector Debt Financing Collection Agencies Collections Agency 84

Troutman Sanders

JULY 14, 2023

If passed, the Responsible Financial Innovation Act would: Create definitions for crypto assets, payment stablecoins, smart contracts, distributed ledger technology, and similar important industry terms; Allocate enforcement authority for new crypto asset consumer protection requirements amongst the Commodity Futures Trading Commission (CFTC), Securities (..)

Financial Institution 52

Financial Institution Credit Unions Credit Unions Trade 52

Nexa Collect

AUGUST 24, 2020

Today, it’s just another term for pestering people. The platform also has a multifaceted advertising system that you can use to supplement your other activities. The phone was the only way to establish new relationships, apart from face to face conversations, so cold calling had a place. No one likes receiving unbidden calls or emails.

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Consumer Financial Services Law

JANUARY 14, 2017

Additionally, with respect to Equifax, the CFPB asserted a violation of Regulation V’s prohibition against CRAs advertising its credit products through the centralized credit reporting source for annual free credit reports prior to delivery of the consumer’s free annual credit report.

Lender 40

Lender Creditworthiness Financial Institution Education 40

Collection Industry News

FEBRUARY 5, 2021

ADVERTISEMENT. We continue to expect new filings will grow substantially in the second-half of 2021, notwithstanding any likely short-term stimulus,” said Kruse. ADVERTISEMENT. With unemployment rates in December holding steady at 6.7%, pressure on consumers has stabilized and renewed confidence on stimulus aid is rising. “We

Bankruptcy 40

Bankruptcy Law Firms Government Collections 40

Troutman Sanders

DECEMBER 21, 2021

BNPL programs are designed to allow consumers to purchase goods and to defer payment over a short term with little to no interest, but with the potential for fees in the event of nonpayment. Data Monetization The use of data for cross-selling purposes, targeted advertising, or third-party sharing, and the specifics of the data used.

Loans 52

Loans Financial services Collections 52

Collection Industry News

MARCH 7, 2022

The plaintiff, Lucine Trim, alleged that Reward Zone USA LLC (Reward Zone), sent spam advertisements and promotional offers to her cellphone via text message in violation of TCPA § 227(b). emphasis supplied by the District Court].

Collections 75

Collections 75

Troutman Sanders

MAY 5, 2022

The CFPB sees deceptive advertising of interest-free financing. Specifically, when creditors advertise the interest-free financing feature of their credit card without adequately disclosing the preconditions for obtaining the financing. The CFPB believes that some disclosures failed to reflect the terms of legal obligations.

Financial Institution 52

Financial Institution Repossession Debt collector Lender 52

Troutman Sanders

JANUARY 17, 2023

Under the terms of the proposed consent order , the bank will pay more than $31 million to resolve the allegations that it engaged in a pattern or practice of redlining in violation of the Fair Housing Act and the Equal Credit Opportunity Act. In the largest redlining settlement in the department’s history, the U.S. Spend at least $1.75

Banks 52

Banks Loans Lender Education 52

Troutman Sanders

MARCH 3, 2022

The plaintiff, Lucine Trim, alleged that Reward Zone USA LLC (Reward Zone), sent spam advertisements and promotional offers to her cellphone via text message in violation of TCPA § 227(b). emphasis supplied by the District Court].

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Hudson Weir

NOVEMBER 12, 2021

This can cause some confusion as colloquially, bankruptcy is often used as a term to describe when a company is insolvent too, particularly in the media. In this case the annulment can be advertised and the bankruptcy details deleted from the Individual Insolvency Register. What happens when you declare bankruptcy?

Bankruptcy 52

Bankruptcy Lender Creditors Government 52