Troutman Sanders

NOVEMBER 21, 2022

Supreme Court denied YouTube influencer and BitConnect recruiter Glenn Arcaro’s petition to review the Eleventh Circuit’s assessment of the scope of statutory seller liability under Section 12(a)(1) of the Securities Act of 1933. On February 25, 2022, the U.S. For more information, click here. In Parks v. BitConnect Ltd.,

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Troutman Sanders

DECEMBER 20, 2022

On December 15, the FTC announced that because of a lawsuit it filed in May 2022 against the operators of the credit repair scheme “The Credit Game,” those operators now face a lifetime ban from the credit repair industry. On December 12, the U.S. For more information, click here. For more information, click here.

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Troutman Sanders

OCTOBER 16, 2023

In April, Coinbase petitioned the Third Circuit to compel the SEC to answer its July 2022 petition, which requested for the agency to promulgate crypto-specific regulations. Court of Appeals for the Third Circuit that SEC staff had made a recommendation on how to respond to crypto exchange Coinbase’s petition for crypto rulemaking.

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Troutman Sanders

SEPTEMBER 18, 2023

billion, or 31.7%, more than in the second quarter of 2022. Supreme Court reverses the Fifth Circuit in the Community Financial Services Association (CFSA) v CFPB case, which found the CFPB’s funding structure unconstitutional and, therefore, rules promulgated by the CFPB invalid. On September 12, Maryland AG Anthony G.

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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. On September 27, CFTC Commissioner Caroline Pham delivered a keynote address at CordaCon 2022 in London.

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Fico Collections

DECEMBER 20, 2021

It’s the time of year for predictions, and with the insights gained from 2021, I am ready to offer a few public policy forecasts for those in the financial services industry. However, 2022 should signal a change. Financial Inclusion Policy Proposals Will Continue to Promote the Promise of Alternative Data. Stay tuned!

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Troutman Sanders

DECEMBER 12, 2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. financial institutions and corporations. State Activities. For more information, click here.

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Troutman Sanders

SEPTEMBER 19, 2022

On September 12, the New York State Bar Association announced the launch of its Emerging Digital Finance and Currency Task Force, geared toward researching how digital assets should be regulated within New York, as well as the legal issues digital assets may present to attorneys during their representation of clients.

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Troutman Sanders

OCTOBER 19, 2021

On October 12, Rohit Chopra was sworn in as Director of the CFPB. 424 into law which will become operative July 1, 2022. Privacy and Cybersecurity Activities: On October 15, the Federal Trade Commission (FTC) warned individuals about marketing scams during the 2022 Medicare open enrollment period.

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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. billion on January 21, 2022.” For more information, click here. For more information, click here. billion on December 1, 2019, to $155.6

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Troutman Sanders

OCTOBER 25, 2021

On October 18, the Department of Education announced that it would consider proposals that give borrowers flexibility when the moratorium on student loan payments ends on January 31, 2022. For more information, click here.

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Troutman Sanders

JULY 7, 2021

On July 1, the Departments of Health and Human Services, Labor, and Treasury issued an interim final rule as part of a law that limits “surprise” medical bills assessed to patients who are unknowingly treated by doctors and facilities outside of the patients’ health care networks. For more information, click here.

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Troutman Sanders

APRIL 19, 2021

Federal Activities: On April 19, the Consumer Financial Protection Bureau (CFPB) announced that the 30-day comment period on the CFPB’s proposal to delay the effective date of Regulation F, its Debt Collection Rule, is open. Comments must be submitted on or before May 19. 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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Fico Collections

MARCH 23, 2023

January saw inflation slightly pegged back compared to the end of 2022; retail sales also improved marginally in the new year. Highlights Average total sales per card down 8 percent compared to December 2022 at £755 Percentage of credit card accounts with two missed payments 13.6

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Fico Collections

AUGUST 16, 2022

Canada Bankcard Industry Benchmarking Trends: Q2 2022 Update. Thu, 05/12/2022 - 07:46. Tue, 08/16/2022 - 15:30. On July 13th, 2022, Bank of Canada raised its target overnight rate to 2.5%, an increase of an entire percentage point. Consumer inflation in June 2022 is up 8.1% Saxon Shirley. by Amir Sikander.

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Fico Collections

JUNE 28, 2022

Tue, 11/10/2020 - 12:17. Tue, 06/28/2022 - 14:10. FICO’s report of April 2022 UK card trends shows some early signs of the impact of the widely reported cost-of-living pressures. US Bankcard Industry Benchmarking Trends: 2022 Q1 Update. Darcy Sullivan. by Liz Ruddick. expand_less Back To Top. Liz Ruddick.

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Fico Collections

SEPTEMBER 30, 2022

Thu, 05/12/2022 - 10:29. Thu, 09/29/2022 - 15:15. They have been chosen because of their unique knowledge and extensive expertise across financial services, technology, business, engineering and science. Nominations are due October 28, 2022, and winners will be announced January 26, 2023. Saxon Shirley.

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Fico Collections

FEBRUARY 22, 2023

December also saw a significant rise in UK cardholders missing one credit card payment, which underlines the financial pressures on consumers. Liz also works on a range of projects including customer management software implementations and upgrades, current state assessments and delivery of data-driven strategies.

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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

Tue, 11/10/2020 - 12:17. Senior Consultant, Fraud and Financial Crime. Tue, 09/06/2022 - 10:00. The European Fraud Map we produce each year, with data from Euromonitor International , Consumer Finance 2022 Edition and UK Finance, has some good news and bad news for last year when it comes to fraudulent activity.

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Fico Collections

JANUARY 24, 2023

These are some of the UK market patterns seen in the November 2022 data: Average total credit card sales in November reversed the downward trend seen over the previous few months, to be 1.9 percent higher than October 2022 at £755 The percentage of consumer payments to balance dropped by 2.8 percent Year-on-year there were 14.8

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CSA

NOVEMBER 16, 2022

The FCA has shared the key findings from its review of firms’ treatment of borrowers in financial difficulty after the Covid-19 pandemic. The findings outline the areas and issues that financial services firms need to focus in order to improve outcomes. The FCA report setting out its findings is available here.

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Troutman Sanders

DECEMBER 19, 2023

On December 15, the Securities and Exchange Commission (SEC) denied Coinbase’s Petition for Rulemaking, which was submitted to the SEC on July 20, 2022, as “currently unwarranted.” On December 12, the U.S. District Court of the Southern District of New York denied bankrupt digital asset services company Celsius Network Inc.’s

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Fico Collections

NOVEMBER 29, 2022

Tue, 11/10/2020 - 12:17. Tue, 11/29/2022 - 11:05. With the rise in inflation and soaring energy costs in the UK, it’s no surprise that our data on UK card trends for September 2022 offer clear signs of consumer indebtedness. Darcy Sullivan. by Liz Ruddick. expand_less Back To Top. per cent lower than August. Liz Ruddick.

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Fico Collections

DECEMBER 15, 2022

Wed, 05/25/2022 - 03:43. Mon, 12/19/2022 - 11:30. As scams grow worldwide – scams grew by 30% in two years in the UK and by 18% from 2020 to 2021 in the US – financial services institutions are looking for new tools to detect and stop them. Saxon Shirley. by Scott Zoldi. Chief Analytics Officer.

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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. The draft guidance can be found here and responses are due by 21 December 2022.

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Fico Collections

OCTOBER 19, 2022

Tue, 11/10/2020 - 12:17. Wed, 10/19/2022 - 13:20. FICO’s report of UK card risk trends for summer 2022 (June-August) paints a picture of inconsistent consumer behaviour and market patterns which will be challenging for lenders to manage as the cost-of-living crisis impacts financial spending and consumer finances.

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Troutman Sanders

OCTOBER 29, 2021

On October 20, the New York Department of Financial Services (NYDFS) published a notice in the New York State Register announcing that it has issued a proposed regulation to implement S 5470-B , which requires disclosures for commercial financing transactions of $2.5 million or less under a commercial financing agreement.

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Fico Collections

NOVEMBER 21, 2022

Financial institutions face first-party risks “inside the wire” - 14% of customers worldwide think it is normal to exaggerate income on a mortgage application. Mon, 11/21/2022 - 15:15. FICO Admin. Tue, 07/02/2019 - 02:45. by Sarah Rutherford. expand_less Back To Top. Why This Matters Now.

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Troutman Sanders

FEBRUARY 25, 2022

The Fourth Circuit held that “where a written correspondence to a loan servicer provides sufficient information to identify the account and an alleged servicing error, such correspondence is a QWR for the purpose of RESPA and Regulation X.”. 22, 2022), the Fourth Circuit considered whether plaintiffs Rogers Morgan and Patrice L.

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Fico Collections

DECEMBER 8, 2022

Addressing Portfolio Risk in Economic Uncertainty: Part 1 (2022). Thu, 12/08/2022 - 16:00. This four-part series looks at embedding portfolio risk resilience into decisions across the credit lifecycle through targeted application of the FICO ® Resilience Index. FICO Admin. Tue, 02/18/2020 - 14:57. by David Binder.

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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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Troutman Sanders

FEBRUARY 24, 2023

These requests are not unexpected, as the CFPB first announced its intention to collect such data in November 2022 and has proceeded to collect public comments regarding the same over the past few months. The CFPB issued these requests under its authority to monitor the auto finance market under 12 U.S.C.

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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. Fri, 08/19/2022 - 15:30. 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.

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Fico Collections

AUGUST 3, 2022

Thu, 08/22/2019 - 12:37. Wed, 08/03/2022 - 12:10. Banking and financial services continue to be disrupted by leaner, new-to-market fintechs andchallenger banks, as well as shifting economic and regulatory conditions. by Richard Lagerweij. expand_less Back To Top.

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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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