Collection Industry News

MARCH 28, 2022

Key takeaways from CCFPL Report: Enforcement. During its first year with authority under the CCFPL, the DFPI proactively identified enforcement targets and opened 106 investigations that resulted in 49 public actions under the CCFPL. These can be found in a statutory report that has been posted to the DFPI website: [link].

Debt collector 40

Debt collector Education Credit Unions Credit Unions 40

Troutman Sanders

MARCH 11, 2024

On February 26, the Office of Inspector General for the CFPB released a report titled, “The CFPB Can Enhance Certain Practices to Mitigate the Risk of Conflicts of Interest for Division of Supervision, Enforcement and Fair Lending Employees.” On February 29, eight state AGs filed an amicus brief in the SEC’s enforcement action against Kraken.

Financial services 52

Financial services Garnishment Lender Banks 52

Consumer Financial Services Law

MAY 7, 2017

The Report provides a summary of the volume of complaints by product category, by company and by state. Student loan complaints showed the greatest month to month decrease after spiking in January 2017 after what appears to be a response to the Bureau’s enforcement action against Navient.

Student loans 40

Student loans Student Loans Loans Collections 40

Troutman Sanders

SEPTEMBER 25, 2023

On September 20, the Senate Banking, Housing, and Urban Affairs Committee held a hearing on artificial intelligence (AI) in financial services. In his opening statement, Chair Sherrod Brown (D-OH) alleged that AI could cause significant changes in our financial system. For more information, click here. On September 19, the U.S.

Financial services 52

Financial services Loans Banks Debt collector 52

Troutman Sanders

DECEMBER 19, 2023

For example, the whitepaper discusses how the quality of a stablecoin issuer’s reserve asset composition, and its ability to meet redemption requests, will determine whether a particular stablecoin meets the conditions to be included in the Group 1b category and be subjected to existing bank capital requirements. correspondent bank account.

Financial services 52

Financial services Banks Debt collector Government 52

Jimerson Firm

JUNE 28, 2021

Luckily for lenders, Florida courts have held that even if the foreclosure lawsuit was dismissed with prejudice , the lender can file a new foreclosure action, if it is based on a different act or a new date of default that was not alleged in the previous foreclosure lawsuit. See Bartram v. Ass’n , 211 So. 3d 1009, 1020 (Fla.

Foreclosure 90

Foreclosure Lender Judgment Banks 90

Jimerson Firm

MAY 12, 2021

Based on this, in the event a borrower dies, lenders need to know what actions they should consider doing upon notification of a borrower’s death, who is a “successor in interest,” and what their obligations are to a successor in interest. Some Best Practices Upon Notification of Borrower’s Death. Who is a “Successor in Interest”?

Collateral 52

Collateral Lender Loans Foreclosure 52

Burr Forman

FEBRUARY 9, 2021

These losses are unlikely to be covered by the Financial Services Compensation Scheme. They may withdraw their services, in line with customer terms and conditions if, for instance, they consider it necessary or prudent to do so. Broking firms are not obliged to offer trading facilities to clients. The FINRA Study is here.

Trade 52

Trade Financial Institution Retail Financial services 52

Consumer Financial Services Law

FEBRUARY 27, 2018

The district court held that “an attempt to collect a time-barred debt does not violate the FDCPA unless it is accompanied by the threat of legal action.” 1692e(2)(A) when they seek voluntary repayment of stale debts so long as they do not threaten or take legal action.” The Court held they may.

Debt collector 40

Debt collector Debtor Collections Creditors 40

Consumer Financial Services Law

MARCH 29, 2017

The Report provides a summary of the volume of complaints by product category, by company and by state. The Report suggests the January spike in complaints concerning student loans appears to be in response to the Bureau’s enforcement action against Navient. The CFPB issued its monthly report on consumer complaints this week.

Student loans 40

Student loans Student Loans Loans Collections 40

Troutman Sanders

JANUARY 23, 2024

These discharges are the result of fixes to income-driven repayment (IDR) forgiveness and public service loan forgiveness (PSLF) made by the administration. The debt relief is broken down into the following categories: $1.7 To help as many borrowers as possible benefit from this action, the U.S. For more information, click here.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

Fico Collections

APRIL 19, 2022

It’s an approach where financial services firms make astute decisions about the entire loan offer – based on detailed predictions of customer value, sensitivities, and behavior analysis, as well as customer attitudes and choices, revealed at the point of sale. Competitive Loan Pricing Is a Race – But Not to the Bottom.

Loans 52

Loans Financial services Lender Financial Institution 52

FDCPA Defense

MAY 6, 2014

Arrow Financial Services , 428 F. 2006) (letter “correctly informed” debtors that “paying their obligations might ‘help regain [their] financial future’” and did not violate FDCPA); Kimmel v. 2003) (“Adverse credit reporting is one the debt collector's most important inducements to prompt payment. 2d 1057 (N.D.

Creditworthiness 40

Creditworthiness Debtor Debt collector Consumer Credit 40

Troutman Sanders

APRIL 5, 2023

On March 14, Credit Acceptance filed a motion to dismiss the complaint, and on March 21, Troutman Pepper filed an amicus curiae brief in support of Credit Acceptance on behalf of the American Financial Services Association, the Consumer Bankers Association, and the Chamber of Commerce of the United States.

Trade 52

Trade Consumer Credit Financial services Government 52

Troutman Sanders

NOVEMBER 15, 2022

Federal Activities: On November 11, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra delivered remarks before the FDIC Systemic Resolution Advisory Committee. On November 4, the SEC commenced an enforcement action against founder Douver Torres Braga and various U.S. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Trade 52

Collection Industry News

JUNE 13, 2022

These concerns have been expressed through high-visibility statements that have included congressional testimony and speeches before trade associations and consumer advocacy groups—all of which have raised the alarm by financial intermediaries of the threat of imminent and severe federal enforcement actions. A Little History.

Retail 40

Retail Manufacturing Trade Financial services 40

Troutman Sanders

MAY 2, 2023

However, due to partisanship in the Senate, Senator Lummis believes her bill is unlikely to pass before the House Financial Service Committee’s bill is introduced. The bill additionally leaves room for assets that don’t fit neatly into either category. For more information, click here. Dollar (USD) LIBOR after June 30.

Financial services 52

Financial services Trade Consumer Credit Government 52

Troutman Sanders

NOVEMBER 21, 2023

The CFPB also reports that people commonly reported that a medical bill being collected had already been paid or should have been paid by someone else; medical bills are collected long after services were provided; and medical bills that patients have no prior knowledge of appear on their credit reports. For more information, click here.

Financial services 52

Financial services Retail Banks Collections 52