Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. Landlords may go to small claims court to recover missing rent, but not until after March 1, 2021.

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Burr Forman

FEBRUARY 11, 2021

11, 2021), is here. 10, 2021), is here. He has over 34 years of experience representing financial institutions in litigation, regulatory, and compliance matters. Mentions on the forum jumping from near zero to over 8,000 in just a few days. WallStreetBets Traders Set Cannabis Stocks Alight (Wall St.

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Troutman Sanders

AUGUST 22, 2022

District Court for the Central District of California entered an order, authorizing the IRS to serve a John Doe summons on SFOX, a Los Angeles-based cryptocurrency broker, to produce trading records for SFOX users who conducted trades totaling at least $20,000 between 2016 and 2021. For more information, click, here. On August 15, the U.S.

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Fico Collections

AUGUST 23, 2021

To measure the impact of COVID-19 on digital transformation in financial services, FICO surveyed 14,000 consumers across 14 countries in 2021 to evaluate customer-willingness for digital account opening. 2: Digital literacy IS NOT financial literacy. digital natives might not be who financial institutions think they are.

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Jimerson Firm

FEBRUARY 10, 2022

a United States District Court in the 11 th Circuit analyzed the issue of whether a creditor’s issuance of a 1099-C extinguishes or cancels a debt. 1:11–cv–72, 2012 WL 1098619, at *7 (W.D.N.C. In re Petty , 3:19-AP-0060-JAF, 2021 WL 1235369, at *3 (Bankr. For example, in Ware v. Bank of Am. , See, e.g., Fed. Deposit Ins.

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Fico Collections

FEBRUARY 12, 2023

His insights on humanizing interactions come from his larger piece on digital banking called The 11 Commandments of Digital Banking eBook. As a financial institution, you already have enough customer data 
to make subtle adjustments to your customer model that can create a better experience. But it's not always strictly true.

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Burr Forman

JANUARY 11, 2021

Beginning January 11, 2021, Borrowers who seek a First Draw PPP Loan under the new law can apply through community financial institutions exclusively allowed to make First Draw PPP Loans. Borrowers who seek a Second Draw PPP Loan may apply through the same community financial institutions beginning January 13, 2021.

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Fico Collections

SEPTEMBER 16, 2020

FICO’s Integrated AML Compliance Survey has revealed that while the vast majority of banks in more than 11 countries around the Asia Pacific region believe that AI will strengthen anti-money laundering efforts, many remain unsure how to operationalize the advanced technology. Investment in compliance technology.

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Fico Collections

JUNE 14, 2023

According to Forrester’s 2021 Global Trust Imperative survey , one-fifth of global data and analytics decision-makers at firms that use or are interested in AI say that employees’ lack of trust in AI is the biggest challenge to the organization’s adoption of AI-enabled technologies. Lack of trust is creating an internal barrier.

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Burr Forman

FEBRUARY 25, 2021

The clearing and settlement process was front and center at the House Financial Services Committee’s February 18, 2021 hearing over the GameStop (NYSE: “GME”) short-squeeze and Robinhood’s pause in GME trading. Studies have shown an integrated settlement model could provide an 11% reduction in the volatility component of NSCC margin.

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Troutman Sanders

JANUARY 11, 2021

On January 8, the Small Business Administration and the Treasury Department announced that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. The PPP will open to all participating lenders shortly thereafter. For more information, click here. – 12:00 noon PST.

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Fico Collections

NOVEMBER 30, 2022

Wed, 11/30/2022 - 16:30. To help prevent this kind of fraud before it impacts consumers, banks and other financial institutions (FIs) can use advanced technology like artificial intelligence and machine learning (AI/ML) as well as sophisticated capabilities like advanced decisioning and proactive customer communications.

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Fico Collections

NOVEMBER 29, 2022

Tue, 11/29/2022 - 10:30. Rising risk exposure, changing personal circumstances and a continually evolving financial picture mean they need to adapt at speed, at scale, as their market dictates - or even quicker. He joined FICO in 2021, and previously held positions at OneSpan, BAE Systems, Callcredit, Experian and Aviva.

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Burr Forman

FEBRUARY 25, 2021

The clearing and settlement process was front and center at the House Financial Services Committee’s February 18, 2021 hearing over the GameStop (NYSE: “GME”) short-squeeze and Robinhood’s pause in GME trading. Studies have shown an integrated settlement model could provide an 11% reduction in the volatility component of NSCC margin.

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Troutman Sanders

OCTOBER 19, 2021

The deadline was set for September 30, 2021. These FAQs are a Compliance Aid designed to help collection agencies comply with Reg F, which goes into effect on November 30, 2021. On October 26, the Nevada’s Financial Institutions Division is holding a workshop on regulations pertaining to medical debt collections and S.B.

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Fico Collections

APRIL 20, 2023

billion in scams in 2022, a 30% increase over 2021. According to FICO’s latest survey of consumers from 14 countries around the globe, 90% of all consumers have sent a real-time payment, and at least 95% of consumers have used real-time payments in India , Indonesia , the Philippines , and Brazil.

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Troutman Sanders

OCTOBER 15, 2021

Reprinted from the fall 2021 issue of the VBA Journal with permission of The Virginia Bar Association and authors Mary C. Lawyers for victims of wire fraud frequently file lawsuits against the financial institutions involved, alleging common law negligence outside of the actual wire transaction itself to avoid the pre-emption challenges.

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Credit Corp

FEBRUARY 21, 2021

American adults have seemingly had a consistent amount of credit card fraud victimization, according to a January 2021 survey from Finder. million women (11%). Americans fell victim to a reported $1.9 billion in fraud losses in 2019, with more than 270,000 cases reported specifically due to credit card fraud. Finder reveals that 11.4

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Troutman Sanders

MARCH 8, 2021

On March 5, the Federal Reserve Board clarified guidance relating to definitions for minority depository institutions (MDIs), expanded the MDI definition to include women-owned financial institutions, and highlighted resources available to MDIs through its Partnership for Progress program. For more information, click here.

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Troutman Sanders

DECEMBER 27, 2022

On December 16, the Financial Stability Oversight Council (FSOC) unanimously approved its 2022 Annual Report in which FSOC focused on four key priorities to address risks and emerging threats to the stability of the U.S. DFS will host a webinar to provide an overview of the proposed guidance on January 11, 2023 at 10:30 a.m.

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Financial services Banks Trade Retail 52

Troutman Sanders

JANUARY 30, 2024

The report, titled “SEC Cryptocurrency Enforcement: 2023 Update,” showed that the SEC launched 46 cryptocurrency-related enforcement actions in 2023, a significant increase from 33 in 2022 and 24 in 2021. These financial instruments partly fund many international financial institutions, including multilateral development banks.

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Fico Collections

DECEMBER 15, 2021

Today, assessment of affordability within financial institutions is fragmented, and there are different systems and approaches for each product and each stage of the credit. The Open Banking ecosystem continued to evolve at pace during 2021, with the OBIE reporting 330 regulated providers in the UK marketplace.

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Financial Institution Banks Lender Acquisition 52

Troutman Sanders

MARCH 28, 2022

Federal Activities: On March 24, the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2021 became available on the Federal Financial Institutions Examination Council’s HMDA platform for approximately 4,316 HMDA filers. For more information, click here. For more information, click here.

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Troutman Sanders

JUNE 21, 2022

According to the Fed, “Stablecoins that are not backed by safe and sufficiently liquid assets and are not subject to appropriate regulatory standards create risks to investors and potentially to the financial system, including susceptibility to potentially destabilizing runs.” financial institutions.

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Troutman Sanders

AUGUST 1, 2023

On July 27, the Senate passed its version of the National Defense Authorization Act (NDAA) bill, which includes a provision that tightens oversight over financial institutions engaged in crypto trading and takes aim at crypto mixers and “anonymity-enhancing” crypto assets. For more information, click here. Bonta, along with the U.S.

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Troutman Sanders

MAY 23, 2023

On May 11, the Bank of International Settlements (BIS) Innovation Hub published a guidance handbook for central banks considering implementing offline CBDC payments. The AG, along with the DOJ, filed a lawsuit against the airlines in 2021, alleging violations of the federal Sherman Act. For more information, click here.

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Financial services Banks Debtor Education 52

Troutman Sanders

MARCH 21, 2022

The CFPB will closely examine financial institutions’ decision-making in advertising, pricing, and other areas to ensure that companies appropriately test for and eliminate illegal discrimination. For more information, click here. For more information, click here. For more information, click here. On March 8, the U.S.

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Financial services Financial Institution Manufacturing Debt collector 52

Troutman Sanders

AUGUST 21, 2023

On August 15, the Federal Deposit Insurance Corporation (FDIC) announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Mississippi affected by severe storms, straight-line winds, and tornadoes. On August 11, in the case of Yuille v. Uphold HQ , the U.S.

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Troutman Sanders

JUNE 15, 2021

State Activities: On June 11, Connecticut Attorney General William Tong and D.C. On June 8, California Attorney General Rob Bonta warned “financial institutions, creditors and debt collectors that it is illegal to seize federal Child Tax Credit payments for individual debts in California.” For more information, click here.

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Troutman Sanders

JANUARY 23, 2024

billion for 793,400 borrowers since October 2021. On January 11, the Biden-Harris administration announced that next month it will start providing forgiveness after as few as 10 years of payments for borrowers on the Saving on a Valuable Education (SAVE) Plan who originally took out $12,000 or less for college.

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Fico Collections

JANUARY 26, 2022

2021 saw debt collection and recovery professionals grappling with new regulations while they developed better ways to monitor and handle vulnerable customers during the pandemic. Collection Predictions 2021: Uncertainty and Opportunity. Ted London shared four predictions for collections in 2021: 1.

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Fico Collections

JANUARY 11, 2023

Wed, 01/11/2023 - 14:25. It’s been a fixture in my talks about model development for years, and in June 2021 I wrote about the Highlander Principle in a blog about the importance of Auditable AI.”. million kilometers in travel, USD$725,000 in costs and 458 metric tons of emissions after implementing just 11% of the optimal solution.

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Troutman Sanders

MAY 31, 2023

The company’s operators agreed to settlements that the court entered in November 2021 permanently banning them from the debt relief industry and requiring them to surrender assets. On May 19, the Financial Crimes Enforcement Network (FinCEN) and the U.S. financial institutions for potential attempts by Russia to evade U.S.

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Fico Collections

NOVEMBER 8, 2022

Tue, 11/08/2022 - 12:20. The banking and financial services landscape has evolved rapidly over the past few years, and fraudsters have been swift at managing this change. For both the customer and the financial institution, detecting such behaviour before credit is handed over can only be a positive thing. by Matt Cox.

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Credit Corp

APRIL 13, 2021

If you’d like to see the numbers behind financial infidelity in America, take a look at our stats. How to Spot Financial Infidelity. Technology has made it harder to spot financial infidelity. What was once phone calls and paper statements from financial institutions have now turned into emails and electronic notifications.

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Troutman Sanders

APRIL 11, 2022

consumers paid an estimated $11 billion in overdraft fees in 2019, with the financial burden disproportionately falling on low-income consumers and consumers of color.” According to the press release, “U.S. On March 24, Utah’s governor signed the Commercial Financing Registration and Disclosure Act (CFRDA) into law.

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Troutman Sanders

MARCH 14, 2023

According to Liang, “114 countries … are exploring a CBDC … [and] 11 countries have fully launched CBDCs ….” On February 28, the Financial Crimes Enforcement Network of the U.S. In 2021, FinCEN saw a 23% increase in the number of check fraud-related suspicious activity reports (SARs). For more information, click here.

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