Troutman Sanders

DECEMBER 12, 2022

financial institutions and corporations. On December 6, the CFPB issued its Semi-Annual Report to Congress for the period beginning October 1, 2021 and ending March 31, 2022. The RFP industry working group is comprised of noteworthy U.S. For more information, click here. For more information, click here.

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Troutman Sanders

OCTOBER 4, 2022

The SEC alleged that Chavez functioned as an unregistered investment adviser in violation of federal securities law, and together, he and Benvenuto raised over $12 million from approximately 5,000 investors. 8985 — the Credit Access and Inclusion Act of 2022 — as a companion bill to the bill Senator Tim Scott introduced to the Senate in 2021.

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Troutman Sanders

MAY 23, 2022

digital asset businesses, comparisons to traditional financial services and financial inclusion considerations, as well as technological considerations. On May 16, the CFPB published a report, examining mortgage servicers’ responses to the COVID-19 pandemic. 12 U.S.C § 5481(14). For more information, click here.

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Troutman Sanders

APRIL 4, 2022

The bill requires stablecoins to be backed by government securities with maturities less than 12 months or domestic dollars, while requiring stablecoin issuers to publicly release audited reports of reserves executed by third-party auditors. Bill Hagerty (R-TN), introduced the Stablecoin Transparency Act (S. 3970 and H.R.

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Troutman Sanders

SEPTEMBER 19, 2022

The five firms surveyed in the report originated 180 million loans, totaling over $24 billion in 2021 — a near ten-fold increase from 2019. The report finds that the industry grew rapidly during the pandemic, but borrowers may receive uneven disclosures and protections. For more information, click here. For more information, click here.

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Financial services Trade Government Banks 52

Troutman Sanders

NOVEMBER 16, 2020

Federal Activities: On November 10, the Federal Reserve Board announced the approval of fee schedules, effective January 4, 2021, for payment services the Federal Reserve Banks provide to depository institutions. percent of their priced services costs in 2021. The Reserve Banks project that they will recover 98.7

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Troutman Sanders

OCTOBER 19, 2021

On October 12, Rohit Chopra was sworn in as Director of the CFPB. 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. For more information, click here. For more information, click here.

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Troutman Sanders

FEBRUARY 2, 2021

The new deadline is March 31, 2021. On January 21, the Federal Reserve Board approved reappointment of 12 Federal Reserve Bank presidents and 11 first vice presidents. The extension applies to licenses with expiration dates on or after March 12, 2020. For more information, click here. For more information, click here.

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Troutman Sanders

FEBRUARY 16, 2022

In January 2022, the Consumer Final Protection Bureau (CFPB) Office of Minority and Women Inclusion issued a report on diversity and inclusion within the financial service industry. The Federal Trade Commission (FTC) warned that romance scams hit a record high, with $547 million reported lost in 2021 alone.

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Troutman Sanders

JANUARY 11, 2021

On January 7, the Treasury Department launched the $25 billion Emergency Rental Assistance Program (ERAP) established by the Consolidated Appropriations Act, 2021. A temporary rule, created in response to COVID-19, has been in place since June 2020 and is set to expire on February 17, 2021. – 12:00 noon PST.

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Troutman Sanders

MARCH 1, 2021

Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year 2021 funding round for the CDFI Rapid Response Program today. billion to community development financial institutions to help their communities respond to the economic hardships created by the COVID-19 pandemic.

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Troutman Sanders

JULY 20, 2020

Like most industries today, Consumer Financial Services businesses are being significantly impacted by the novel coronavirus (COVID-19). On July 1, 2020, Delaware Governor John Carney modified an order pertaining to the Declaration of a State of Emergency issued on March 12, 2020. For more information, click here.

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Troutman Sanders

APRIL 19, 2021

Senator Ted Cruz introduced the Financial Institution Customer Protection Act of 2021, which seeks to prohibit financial institutions from denying services to law-abiding businesses, such as companies in the accounts receivable management industry. For more information, click here. On April 13, U.S.

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Troutman Sanders

OCTOBER 19, 2020

trillion) in the FY 2021 budget published in February. On October 15, the Vice Chair for Supervision of the Board of Governors of the Federal Reserve spoke about the lessons learned from COVID-19 stress on financial systems. trillion the deficit for FY 2020 — $2.0 trillion higher than estimated ($1.1 For more information, click here.

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Troutman Sanders

JULY 7, 2021

The California commissioner of financial protection and innovation recently issued proposed changes to the notice of rulemaking for acquiring a debt collection license under the Debt Collection Licensing Act. While licenses will not be required until 2022, comments to the new proposed changes are due July 12. On June 17, U.S.

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Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

APRIL 5, 2021

The eviction ban was set to expire at the end of March 2021. Eligible participants may qualify for 12 months of assistance. For more information, click here. On March 28, the Centers for Disease Control extended the national ban on evictions through June 30. For more information, click here. For more information, click here.

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Troutman Sanders

JUNE 15, 2021

Please join us on Wednesday, June 30 at 3 PM Eastern/12 noon Pacific for an update from Troutman’s Appellate and Supreme Court practice on the most important cases from the U.S. Supreme Court in the last year, as well as a preview of major certiorari grants for the 2021–2022 term. Please click here to register.

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Nexa Collect

DECEMBER 12, 2021

DeFi refers to Decentralized Finance; peer-to-peer financial services on a public decentralized blockchain network, particularly Ethereum. A system that interacts buyers, sellers, borrowers, or lenders with peer-to-peer technology to access financial products or financial services bypassing middlemen such as financial institutions.

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Fico Collections

MARCH 7, 2023

In banking and financial services within North America, our research shows that AI is an even higher priority now than 12 months ago for 52% of financial services organisations. Systems used in banking and financial services are firmly in scope and could be enforced as early as the second half of 2024.

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Financial services Banks Government Acquisition 52

Collection Industry News

OCTOBER 2, 2023

The Supreme Court is set to hear oral arguments Tuesday in a case with the potential to gut the Consumer Financial Protection Bureau, a watchdog agency created in the wake of the 2008 financial crisis. Community Financial Services Association of America — hinges on the constitutionality of the agency’s funding.

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Fico Collections

SEPTEMBER 5, 2022

European Card Fraud in 2021: Winners, Losers and Scams. Tue, 11/10/2020 - 12:17. Senior Consultant, Fraud and Financial Crime. Only four countries of the 18 we studied improved their card fraud performance in 2021. Darcy Sullivan. by Naomi Palmer. expand_less Back To Top. billion payments cards worldwide.

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Fico Collections

JUNE 28, 2022

Tue, 11/10/2020 - 12:17. Average monthly spend hit £760, tied with December 2021 as the highest in more than two years. The signs of the cost-of-living crisis are still limited, with the biggest area of concern being a 3 percent increase in the average 1 payment missed balance month over month for new cardholders (less than 12 months).

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Troutman Sanders

FEBRUARY 28, 2022

In the Outline, the CFPB notes that it is looking at a 12-month implementation period once the final rule is issued. Then, in December 2021, the D.C. attorney general transmitted the “Stop Discrimination by Algorithms Act of 2021” for consideration and enactment by the Council of the District of Columbia (see our blog post here ).

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CSA

DECEMBER 14, 2022

The Chancellor of the Exchequer, Jeremy Hunt, announced a number of financial services industry reforms on Friday 9 December 2022 in a speech delivered in Edinburgh, widely referred to as the Edinburgh Reforms. FCA shares findings from review into diversity and inclusion in financial services.

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Fico Collections

DECEMBER 8, 2022

Thu, 12/08/2022 - 16:00. David's other professional experience includes senior roles with financial services consulting and analysis firms Argus Information and Advisory Services and First Manhattan Consulting Group in New York, as well as private equity real estate investment management firm Evans Randall in London.

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Fico Collections

JANUARY 24, 2023

The percentage of customers missing one payment decreased for the second month in a row, although it is 9 percent higher than 2021. percent increase for those missing two payments since November 2021. The market trend since last year will also be a concern to lenders, with a 14.8

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Collection Industry News

MAY 9, 2022

Testifying before the House Financial Services Committee on April 27, Rohit Chopra, CFPB Director Rohit Chopra summarized the agency’s findings, recent actions and new direction. “In TransUnion is an out-of-control repeat offender that believes it is above the law,” Chopra said on April 12, the day of the legal action. “I

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Financial services Construction Credit Bureau Lender 40

Troutman Sanders

JANUARY 17, 2023

In the complaint , which was filed in the district court for the Central District of California on January 12, 2023, the DOJ alleged that from 2017 through 2020, the bank “avoided” providing mortgage lending services to majority-Black and Hispanic neighborhoods in Los Angeles County.

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Troutman Sanders

MARCH 11, 2024

The blog post posited that closing costs significantly impact a borrower’s financial commitment and, potentially, monthly payments and identified a “noticeable increase” in closing costs, with median total loan expenses on home purchase loans increasing by 21.8% between 2021 and 2022. For more information, click here.

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ABI

JANUARY 13, 2022

12 According to Miller, he was a subsequent transferee and not an initial transferee under 11 U.S.C. § 18 Miller’s argument failed because he relied on the Gredd decision, whose facts were distinguishable to the Bonded Financial and Finley decisions. 10-04921 (CGM), 2021 WL 2787604, at *1 (Bankr. July 2, 2021).

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Fico Collections

FEBRUARY 22, 2023

Liz joined FICO in 2006 and works closely with financial services clients in the UK, Ireland, the European Union, the Middle East and India in supporting their customer management and collections disciplines.

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Fico Collections

MAY 27, 2021

A Dozen Top Achievers in 2021. Earlier this year we provided a list of the winning companies in our 2021 FICO® Decisions Awards. This year the 12 winners have demonstrated extraordinary innovation in very different industries and markets. . Our 2021 Industry Judges. Read the full Volvo story here. by Nikhil Behl.

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Fico Collections

SEPTEMBER 13, 2022

Tue, 11/10/2020 - 12:17. As the UK economy transitions from the pandemic to the cost-of-living crisis, is there anything that can be learnt from how the 2008 financial crisis impacted credit card usage? The multiple lockdowns from the end of March 2020 through 2021 drastically reduced consumers’ ability to spend.

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UK debt collections

OCTOBER 15, 2021

The research also claims that 12% of Small Businesses wait more than 60 days for payment and 2% more than 90. The Financial Services and Retail sectors top the charts for longest payment delays with a shocking 33% of all invoices going unpaid in September alone. This is according to market research conducted on their behalf.

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Consumer Financial Services Law

MARCH 23, 2021

19-CV-2996, 2021 U.S. Solovyova , 2021 U.S. Solovyova , 2021 U.S. Landon Van Winkle is an attorney in Smith Debnam's Consumer Financial Services Litigation and Compliance Group. Solovyova v. Grossman & Karaszewski PLLC , No. LEXIS 27837, at *19–21 (E.D.N.Y. LEXIS 27837, at *19. LEXIS 27837, at *21.

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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. Additional Resources on the House Financial-Services Committee hearing on GameStop are here.

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Fico Collections

AUGUST 19, 2022

What financial institutions need to compete with fintech threat disrupters. Thu, 12/19/2019 - 16:29. billion globally in 2021 – banks and credit unions are losing their status as the primary financial services providers to American consumers. by Darryl Knopp. expand_less Back To Top. Fri, 08/19/2022 - 15:30.

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