Troutman Sanders

JANUARY 26, 2023

On January 20, 2023, California Attorney General Rob Bonta submitted a letter to the CFPB agreeing with its preliminary determination that California’s Commercial Financing Disclosures Law (CFDL) is not preempted by TILA because the CFDL only applies to commercial financing and not to consumer credit transactions within the scope of TILA.

Financial services 52

Financial services Consumer Credit Financial Institution Government 52

Troutman Sanders

MARCH 16, 2022

On March 15, the Federal Trade Commission (FTC or Commission) released a consent agreement with Electronic Payment Systems and its owners John Dorsey and Thomas McCann (collectively, EPS) for allegedly opening credit card processing merchant accounts for fictitious companies on behalf of Money Now Funding (MNF).

Trade 52

Trade Consumer Credit Collections 52

Collection Industry News

MARCH 28, 2022

The Federal Trade Commission (FTC) took action against a firm that used a government website as part of its scheme connected with consumer credit reports. Before providing any services, however, the company illegally demands consumers pay a $1,500 fee up front, according to the complaint. Source- site.

Consumer Credit 40

Consumer Credit Government Trade Loans 40

Fico Collections

DECEMBER 8, 2022

Nowhere across the consumer credit lifecycle are the stakes higher than in early-stage collections, where the uncertainty of outcomes and the range of treatment options is the greatest. times more likely to become clean than the least resilient consumers (10.9% penetration rate) of live-agent calls (Figure 1).

Trade 52

Trade Lender Acquisition Collections 52

Troutman Sanders

MARCH 24, 2023

He focuses primarily on federal and state government regulatory and enforcement matters involving state attorneys general, the Consumer Financial Protection Bureau (CFPB), and the Federal Trade Commission (FTC).

Personal loans 52

Personal loans Loans Government Trade 52

Fico Collections

AUGUST 16, 2021

That’s why at FICO we are constantly innovating with alternative data sources that go beyond the traditional credit bureau file to increase financial inclusion and bring more of these consumers into the system. Rental payment data has always been largely absent from consumers’ credit files.

Credit Bureau 52

Credit Bureau Lender Consumer Credit Trade 52

Troutman Sanders

JANUARY 19, 2022

A recent settlement between the Federal Trade Commission (FTC) and a lead generator provides new insight into the FTC’s enforcement of sensitive personal data collection and sales under the Fair Credit Reporting Act (FCRA) and the agency’s Section 5(a) authority. Consent Order Requirements and Penalties.

Trade 52

Trade Loans Financial services Consumer Credit 52

Burr Forman

JULY 9, 2021

In affirming the lower court’s findings, the Eleventh Circuit held that a defendant does not “recklessly” violate the FCRA unless its interpretation of the FCRA’s requirements was “objectively unreasonable” under the statute itself or under other applicable guidance outlined by the courts or agencies such as the Federal Trade Commission (“FTC”).

Loans 52

Loans Judgment Lender Trade 52

Collection Industry News

DECEMBER 28, 2020

The Federal Trade Commission (FTC) on December 9, 2020, settled with Complete Merchant Solutions, LLC (CMS) and its former CEO, Jack Wilson, requiring them to pay $1.5 million, refrain from processing payments for certain merchants and enact enhanced client screening protocols.

Trade 40

Trade Consumer Credit Banks Collections 40

Troutman Sanders

OCTOBER 30, 2023

District Court for the Southern District of Texas granted motions filed by three groups of trade association intervenors to extend the court’s existing injunction against the CFPB’s enforcement of its final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule) to cover all small business lenders nationwide.

Financial services 52

Financial services Financial Institution Trade Banks 52

Credit Corp

MARCH 8, 2023

Find out more about free credit repair for low-income families and individuals below. Educating Yourself on Consumer Credit Sites When it comes to free credit repair and report help, consumer credit sites are a great resource. The Consumer Financial Protection Bureau. The Federal Trade Commission.

Credit Counselor 98

Credit Counselor Education Lender Credit Bureau 98

Troutman Sanders

JANUARY 5, 2022

On December 29, 2021, the California Court of Appeals upheld a lower court ruling, prohibiting a company from collecting on $38 million of unpaid debt as consumers were not provided statutory notice of the risks of cosigning a consumer credit contract. For more information, click here. For more information, click here.

Financial services 52

Financial services Judgment Trade Consumer Credit 52

Collection Industry News

JUNE 19, 2023

The CFPB also released several reports shining a light on factors that may influence fair access to credit, including how medical debt affects tens of millions of consumers’ credit profiles, how people in under-resourced rural areas struggle to access financial services, and the challenges faced by justice-involved individuals and families.

Financial services 40

Financial services Financial Institution Government Education 40

Troutman Sanders

JANUARY 11, 2022

Federal Activities: On January 5, the Consumer Financial Protection Bureau (CFPB) released a report, discussing changes in complaint responses provided by nationwide consumer reporting companies, which the CFPB concluded resulted in fewer meaningful responses and less consumer relief. For more information, click here.

Financial services 52

Financial services Trade Consumer Credit Collections 52

Fico Collections

JUNE 27, 2022

consumer credit profiles found that roughly 7 million borrowers entered a bankcard accommodation early in the pandemic and had exited accommodation by October 2020. FICO’s analysis of a representative national sample of U.S. Less resilient borrowers also tend to carry higher bankcard balances.

Loans 52

Loans Trade Consumer Credit 52

Debt Guru

JANUARY 27, 2021

The Federal Trade Commission recommends finding a reputable credit counseling organization that uses certified counselors trained in consumer credit and debt management. But there are many things to consider before jumping into one. How do I choose a debt management agency?

Debt Management 52

Debt Management Unsecured Debt Debt Consolidation Creditors 52

Troutman Sanders

AUGUST 9, 2022

Critics of the Fed’s safe harbor provision have called upon the CFPB to put a halt to inflation adjustments, pointing out that financial institutions already charge consumers roughly $12 billion a year in late fees, and there is no reason to presume that the current fees are reasonable and proportional to the impact of consumers’ late payments.

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

CSA

JULY 26, 2021

A leading trade association is urging policy-makers to take extra care before prescribing detailed forbearance schemes that could make a customer?s s debt problems worse not better. With restrictions on how often breathing space can be used, this approach could impact the customer?s

Collection Agencies 40

Collection Agencies Collections Agency Trade Consumer Credit 40

Troutman Sanders

NOVEMBER 13, 2023

On November 7, the Commodity Futures Trading Commission (CFTC) announced that, in 2023 alone, the cumulative penalty amount stemming from consent orders it entered with digital asset-based companies totaled $4.3 For more information, click here.

Financial services 52

Financial services Manufacturing Debt Management Debtor 52

CSA

OCTOBER 9, 2020

s something that the CSA and other trade bodies, as well as firms, have argued is overdue from as far back as 2014.? ?Communications Communications with consumers in default do need to be clear and comprehensible, but they now need to be designed for the 21st century and sensitive to customer circumstances. ? Chris adds. ?The

Collections 40

Collections Creditors Lender Trade 40

CSA

JUNE 29, 2021

Regulation, Compliance and Policy including early engagement, ESG responsibilities and looking at what is on the regulatory horizon; and Commercial and business innovation covering SME collections as well as consumer credit trends.

Collections 40

Collections Trade Consumer Credit Banks 40

Credit Corp

DECEMBER 19, 2021

Both organizations are publicly traded —in May 2021, Visa had a $497.5 Visa or Mastercard credit cards have the following things in common. Credit Scores Matter. Card issuers make decisions based on consumers’ credit scores. Lower credit scores generally mean lower credit limits and higher interest rates.

Banks 98

Banks Financial Institution Retail Trade 98

Credit Corp

JULY 7, 2021

According to the Federal Trade Commission, one in five people do. If you’re among them, be sure to dispute the misinformation with the credit bureau in question (here’s how). Your credit score will likely thank you for it.

Student loans 59

Student loans Student Loans Loans Credit Bureau 59

Troutman Sanders

DECEMBER 21, 2021

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.

Financial services 52

Financial services Credit Unions Credit Unions Third-party Debt Collectors 52

Troutman Sanders

NOVEMBER 24, 2020

Federal Trade Commission (FTC) sent a warning letter to a financial aid company based in New York as part of its effort to monitor the marketplace for questionable claims arising from the COVID-19 pandemic. On November 16, the Federal Trade Commission (FTC) issued its Fiscal Year 2020 Agency Financial Report. On November 16, the U.S.

Financial services 52

Financial services Foreclosure Banks Loans 52

Collection Industry News

APRIL 11, 2022

I want to make sure my credit report is accurate so I can at least qualify for loans.’. So they started looking at their credit report more, and they found more mistakes,” he said. But a trade group that represents the credit reporting companies questioned the reliability of the CFPB’s complaint reports.

Debt collector 40

Debt collector Loans Trade Consumer Credit 40

Troutman Sanders

OCTOBER 4, 2021

Federal Activities: On September 29, the Consumer Financial Protection Bureau (CFPB) released its fifth biennial report to Congress on the consumer credit card market, finding that the market’s growth over the last few years reversed course in 2020. On September 28, Federal Trade Commission (FTC) Chair Lina M.

Financial services 52

Financial services Financial Institution Foreclosure Student loans 52

Troutman Sanders

NOVEMBER 2, 2020

On October 25, the administrator of Colorado’s Uniform Consumer Credit Code issued an order extending the requirements of sections (4) and (5) of SB-211 and restricting the use of extraordinary collection activities to collect debt or satisfy judgments in Colorado until February 1, 2021. For more information, click here.

Financial services 52

Financial services Financial Institution Loans Credit Unions 52

Troutman Sanders

OCTOBER 16, 2023

On October 11, the Federal Trade Commission (FTC) announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. The FTC has estimated that these fees can cost consumers tens of billions of dollars per year in unexpected costs.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

Nexa Collect

JULY 1, 2020

If you’re not in the habit of checking your credit score every month, you can hire a credit monitoring company to do the tracking for you. To that end, the three consumer credit reporting companies, TransUnion, Equifax and Experian, offer extensive information and assistance to pinpoint the problem on their websites.

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Bankruptcy Lender Credit Unions Credit Unions 130

CSA

MARCH 4, 2021

consumer credit payment holidays to borrowers so far. s main announcements on business taxation: The Chancellor is banking on the volumes of consumer savings squirrelled away in deposits to be unlocked and help get things moving ? mortgage and over 1.7m Chancellor?s

Government 40

Government Banks Loans Trade 40

Troutman Sanders

APRIL 5, 2023

The Second Circuit has rejected similar pleading tactics in the past, and the CFPB’s official interpretation of the governing disclosure regulations is clear that assignment discounts are not finance charges unless separately imposed on consumers in individual transactions — a test the complaint’s “cash price proxy” theory does not satisfy. (3)

Trade 52

Trade Consumer Credit Financial services Government 52

Troutman Sanders

MARCH 1, 2021

The bill will prohibit selling an individual’s debt to another party and reporting adverse information about the individual to consumer credit reporting agencies or credit bureaus. For more information, click here. Planning for a [cyber] emergency has had to change as well[.]”

Financial services 52

Financial services Foreclosure Financial Institution Government 52

Troutman Sanders

JANUARY 30, 2023

On January 26, the Securities and Exchange Commission (SEC) rejected Cboe BZX Exchange’s (BZX) request to list and trade Ark 21Shares, the proposed spot-Bitcoin exchange traded fund (ETF) managed by asset managers ARK Investment Management and 21Shares (collectively hereinafter, the “trust). For more information, click here.

Financial services 52

Financial services Foreclosure Banks Trade 52

Troutman Sanders

MAY 9, 2023

On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam. The FTC charged the defendants with taking tens of millions of dollars from people by falsely promising to eliminate or substantially reduce their credit card debt. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

JUNE 14, 2023

On June 8, the Commodities Futures Trading Commission (CFTC) obtained a default judgment against a decentralized autonomous organization (DAO) Ooki Dao in the U.S. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. For more information, click here.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

AUGUST 1, 2023

For example, the bill distinguishes a “digital asset” from a “digital commodity,” empowering the Securities and Exchange Commission (SEC) to regulate the former and the Commodity Futures Trading Commission (CFTC) to regulate the latter. On July 26, the CFPB published a blog focused on consumer credit scores.

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Financial services Financial Institution Debt collector Fair Debt Collection 52