Troutman Sanders

JANUARY 23, 2024

The report presents detailed recommendations to mitigate risks to investors, consumers, market integrity, financial stability, and to combat illicit finance. Additionally, the act requires an applicant to submit an affidavit of financial solvency with its application. For more information, click here. For more information, click here.

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Troutman Sanders

FEBRUARY 26, 2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: Federal Activities State Activities Federal Activities: On February 26, CoinSpeaker reported that in May, the U.S.

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Financial services Financial Institution Trade Banks 52

Troutman Sanders

FEBRUARY 8, 2022

Troutman Pepper announced today that a nationally recognized consumer financial services group has joined the firm from Ballard Spahr in Atlanta, New York, Philadelphia, and Salt Lake City. The industry-leading group includes partners Christopher J. Willis , Mark J. Furletti , Jeremy T. Rosenblum , Stefanie H. Cover , and Anthony C.

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Financial services Government Financial Institution Lender 52

Troutman Sanders

FEBRUARY 13, 2024

Speaking to the House Financial Services Committee, Yellen highlighted the potential risks posed by digital assets, including runs on digital asset platforms and price volatility. She also expressed concern about the risks posed by stablecoins to the financial system. For more information, click here. They cited a U.S.

Financial services 52

Financial services Student loans Student Loans Collection Agencies 52

Troutman Sanders

OCTOBER 30, 2023

The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. financial institutions. For more information, click here.

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Financial services Financial Institution Trade Banks 52

Troutman Sanders

AUGUST 14, 2023

The extensive network of loan-broker channels and increased involvement of nonbank lenders have resulted in growth in the availability of loans for purchase. On August 7, Chairman of the House Financial Services Committee Patrick McHenry (NC-10) issued a statement following PayPal’s announcement of its PayPal USD stablecoin.

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Financial services Foreclosure Banks Loans 52

Troutman Sanders

DECEMBER 12, 2023

In her testimony, Murphy discussed the OCC’s supervision and regulation related to banks’ use of new and emerging financial technologies. These documents can be used by lenders working with housing finance agencies (HFAs) at the state, city, county, and local levels to eliminate confusion and misinterpretation of DPA programs.

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Financial services Banks Collection Agencies Collections Agency 52

Troutman Sanders

NOVEMBER 7, 2023

Small Business Administration (SBA) announced that it has granted three new Small Business Lending Company (SBLC) licenses to lenders focused on historically underserved markets — the first expansion of the SBLC program in more than 40 years. For more information, click here. On November 1, the U.S. For more information, click here.

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Financial services Debt collector Loans Foreclosure 52

Troutman Sanders

JULY 25, 2023

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 State Activities Federal Activities: On July 21, the Chairman of the U.S. The FSC will meet on July 26 to markup H.R.

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Financial services Trade Repossession Lender 52

Account Recovery

OCTOBER 9, 2023

The Consumer Financial Protection Bureau has filed a motion in federal court to compel a company to comply with a Civil Investigative Demand it has received from the Bureau, but the company is seeking to stay the proceedings until after the Supreme Court issues its ruling in CFPB v. Community Financial Services Association.

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Troutman Sanders

FEBRUARY 16, 2023

Companies operating these digital platforms appear to shoppers as if they provide objective lender comparisons, but may illegally refer people to only those lenders paying referral fees. On February 8, New York Department of Financial Services (DFS) Superintendent Adrienne A. For more information, click here.

Financial services 52

Financial services Lender Banks Education 52

Troutman Sanders

OCTOBER 24, 2023

Representative Maxine Waters (D-CA), while applauding the Biden administration’s recent actions on “junk fees,” announced that House Democrats will soon be “unveiling additional legislation to more expansively address junk fees in the financial services and housing industries.” For more information, click here. On October 16, the U.S.

Financial services 52

Financial services Creditworthiness Banks Government 52

Troutman Sanders

DECEMBER 4, 2023

On December 1, the House of Representatives approved a resolution to repeal a Consumer Financial Protection Bureau (CFPB) rule that mandated banks to gather data on loan applications from women-owned, minority-owned, and small businesses to help lenders identify business development needs and opportunities.

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Financial services Collateral Banks Trade 52

Troutman Sanders

MAY 2, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan, as well as provide a framework for how these loans will be treated under the Truth in Lending Act. For more information, click here. Dollar (USD) LIBOR after June 30. For more information, click here. For more information, click here.

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Financial services Trade Consumer Credit Government 52

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. million from investors.

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Financial services Loans Banks Debt collector 52

Troutman Sanders

SEPTEMBER 5, 2023

Under California law, reservists called to active duty may defer payments on certain financial obligations, including their mortgage, if they send a written request and copy of their military orders to the lender or other responsible entity. million in disgorgement, prejudgment interest, and a civil penalty.

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Financial services Banks Trade Home Insurance 52

Jimerson Firm

FEBRUARY 12, 2021

The SBA, through the Office of Credit Risk Management (“OCRM”), monitors and oversees the activities of all its lenders and CDCs to ensure it is effectively following loan program requirements and protecting the integrity of the SBA program. There are ten grounds that may trigger an enforcement action against all SBA lenders and CDCs.

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Lender Loans Financial services Banks 93

FFGN COLLECT NY

MAY 24, 2022

Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. The proposed bill does not currently apply to commercial lenders. Therefore, it will most likely be “business as usual” for commercial lenders and the like.

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Financial services Judgment Debtor Creditors 52

Troutman Sanders

SEPTEMBER 18, 2023

On September 14, the Consumer Financial Protection Bureau (CFPB) updated its FAQs related to the final Small Business Lending Rule (the Rule). The FAQs are a resource issued by the CFPB to help small business lenders and finance companies understand and comply with the Rule, which implements section 1071 of the Dodd-Frank Act.

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Financial services Trade Banks Credit Unions 52

Troutman Sanders

AUGUST 7, 2023

According to the press release, “[t]he loan program improvements will increase small businesses’ ability to access funding to start up and grow through a broader network of lenders with streamlined lender procedures.” For more information, click here.

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Financial services Financial Institution Manufacturing Loans 52

Troutman Sanders

MAY 31, 2023

On May 22, Freddie Mac announced enhancements to its ground-breaking automated income assessment tool that allows lenders to assess a homebuyer’s income paid through direct deposit, to also include the borrower’s digital paystub data. On May 16, the U.S. For more information, click here.

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Financial services Financial Institution Banks Trade 52

Troutman Sanders

NOVEMBER 21, 2022

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. Notable banking institutions and financial services providers will be participating in the pilot project. For more information, click here.

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Financial services Banks Lender Trade 52

Troutman Sanders

DECEMBER 12, 2022

State Activities: On December 8, New York Governor Kathy Hochul announced a report from the Department of Financial Services (DFS), highlighting racial disparities in mortgage lending practices in certain parts of the state. However, DFS continues to investigate the lending practices of other lenders in the state.

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Financial services Financial Institution Banks Lender 52

Better Credit Blog

FEBRUARY 4, 2021

Are you concerned about a collections entry from Delivery Financial Services? Read on to learn more about Delivery Financial Services and how to get them deleted from your report. About Delivery Financial Services. How Delivery Financial Services Works. Ask Lex Law for Help.

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Financial services Debt collector Collection Agencies Collections Agency 69

Better Credit Blog

NOVEMBER 2, 2020

Then you may start to hear from a company called Action Financial Services. Action Financial Services is a debt collection agency that may have been hired by the original owner of your debt. In order to pursue you for the debt, Action Financial Services has to first open up a collections account on your credit report.

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Financial services Debt collector Collection Agencies Collections Agency 74

Troutman Sanders

JANUARY 17, 2023

On January 13, the Federal Reserve Board (Fed) released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. On January 13, the Fed announced preliminary financial information, indicating that the Federal Reserve Banks had estimated net income of $58.4

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Financial services Student loans Student Loans Education 52

True Accord

JULY 27, 2020

Banks, lenders, and other financial players are accelerating their digital transformation roadmaps, shortening years’ worth of development into mere months, in an attempt to service consumers at scale while managing the complexities of our new normal and the limitations of outdated infrastructure.

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Financial services Financial Institution Lender Banks 100

Troutman Sanders

AUGUST 1, 2023

On July 27, the Financial Innovation and Technology for the 21st Century Act passed the House Committee on Agriculture. The bill previously passed the House Committee on Financial Services on July 26. On July 26, the CFPB published a blog focused on consumer credit scores. For more information, click here.

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Financial services Financial Institution Debt collector Fair Debt Collection 52

Jimerson Firm

MARCH 24, 2021

The lender didn’t recover the full balance of the debt from the foreclosure sale. Learn more about how we serve the Banking & Financial Services Industry, and subscribe to our industry legal blog to stay abreast of timely news and updates. The borrower filed for bankruptcy during the foreclosure lawsuit.

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Foreclosure Financial services Banks Financial Institution 52

Troutman Sanders

JUNE 27, 2023

On June 21, the House Financial Services Committee announced its plan to advance two proposed new cryptocurrency laws in July 2023. However, the complaint alleged that Ichioka could not pay investors because he used investor money to for his personal use. The DOJ and CFTC also filed criminal and civil actions against Ichioka.

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Financial services Banks Trade Loans 52

Account Recovery

SEPTEMBER 21, 2023

The Consumer Financial Protection Bureau is trying to build more guardrails around how companies in the financial services industry use artificial intelligence, issuing a warning that when sending credit denial letters to consumers, lenders must receive accurate and specific reasons and not just a checklist detailing why a credit request was denied. (..)

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Troutman Sanders

SEPTEMBER 20, 2021

Justin Balser , an experienced litigator and compliance attorney, has joined Troutman Pepper’s nationally recognized Consumer Financial Services Practice Group as a partner. He previously served as legal counsel and advisor to senior management at Lehman Brothers’ mortgage subsidiary, Aurora Loan Services LLC.

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Financial services Financial Institution Loans Lender 52

Troutman Sanders

MAY 16, 2022

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

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Financial services Foreclosure Lender Judgment 52

Jimerson Firm

OCTOBER 28, 2020

Lenders should be cognizant about what expenses are classified by the SBA as recoverable or non-recoverable. Expenses incurred by a 7(a) Lender or CDC that failed to liquidate the SBA Loan in accordance with Loan Program Requirements, including those pertaining to Liquidation or Litigation Plans. What Expenses are Recoverable. .;

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Jimerson Firm

FEBRUARY 18, 2021

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Accordingly, lenders making construction loans or those whose loan will be secured by a mortgage on real property, must be aware of notices of commencement and their requirements under Fla.

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Construction Lender Loans Banks 98

Jimerson Firm

APRIL 2, 2021

Lenders must pay particular attention to subordinate liens and encumbrances prior to initiating any foreclosure action. Lenders can discover whether subordinate liens and encumbrances exist on a property by performing a title examination prior to initiating foreclosure. Subordinate Liens. York, 903 So. 2d 981, 983 (Fla. 2d DCA 2005).

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Troutman Sanders

JULY 19, 2023

Among other things, the act provides that lender-placed insurance becomes effective “no earlier than the date of lapse of insurance upon mortgaged real property subject to the terms of a mortgage agreement or any other state or federal law requiring the same.” For more information, click here.

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