Collection Industry News

MARCH 13, 2024

The Federal Reserve on Wednesday held interest rates steady as expected and signaled it still plans multiple cuts before the end of the year. The current federal funds rate level is the highest in more than 23 years. We are prepared to maintain the current target range for the federal funds rate for longer if appropriate.”

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American Profit Recovery

MAY 5, 2023

We always advise the organizations we work with to have an internal debt collection strategy prior to issuing accounts to a collection agency. And there are benefits to doing so but there are also some issues to keep in mind. That allows your business to conduct due diligence in trying to resolve the matter internally.

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Fraser

JULY 12, 2021

The NCAA recently announced an interim policy that allows student-athletes from all three divisions to monetize their name, image and likeness (often referred to as “NIL”). The new policy went into effect on July 1, 2021. What is Allowed Under the NCAA Interim Policy. What is Not Allowed Under the NCAA Interim Policy.

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Troutman Sanders

MAY 24, 2022

issued May 23, the Court concluded that this rule, followed by nine federal circuits, was inconsistent with federal waiver law generally and was not justified by the federal policy favoring arbitration established by the Federal Arbitration Act (FAA). In Morgan v. Sundance, Inc. Rederi A/B Nordie , 389 F.

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Troutman Sanders

DECEMBER 8, 2023

Under the CFDL, providers are required to give certain disclosures similar to consumer transactions, such as the amount of funding the small business will receive, the APR, a payment amount (if applicable), the term, details related to prepayment policies, and (for products without a monthly payment) an average monthly cost.

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Collection Industry News

OCTOBER 10, 2022

The CFPB, in a notice published in the Federal Register on September 27, 2022, announced that it was rescinding its No-Action Letter and Compliance Assistance Sandbox policies (Policies). The CFPB also determined that the existing Policies failed to meet appropriate standards for transparency and stakeholder participation.

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Troutman Sanders

FEBRUARY 6, 2024

On February 2, House Representatives Patrick McHenry, French Hill, and Andy Barr sent a letter to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg, expressing concern about a shift in regulatory posture having a chilling effect on banks’ engagement with fintech. For more information, click here. On January 31, the U.S.

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Troutman Sanders

FEBRUARY 21, 2024

The CFPB alleged that the defendants charged thousands of consumers with federal student loans approximately $9.2 On February 15, the Federal Reserve Board released the hypothetical scenarios for its annual stress test, which helps ensure that large banks can lend to households and businesses even in a severe recession. economy.

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Troutman Sanders

FEBRUARY 27, 2023

On February 23, Board of Governors of the Federal Reserve System, the FDIC, and the OCC issued a joint statement, highlighting the purported liquidity risks associated with engaging crypto-asset sector participants that utilize cryptocurrency as a source of funding. For more information, click here. For more information, click here.

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Public Citizen

JUNE 6, 2022

For the second time in the space of two weeks, the Supreme Court issued a narrow, but unanimous, decision against a company seeking arbitration. Today's decision in Southwest Airlines v. Saxon , like the one two weeks ago in Morgan v. Sundance, Inc. involved an employment arbitration agreement, not a consumer agreement.

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Burr Forman

NOVEMBER 3, 2021

On November 1, 2021, the Safer Federal Workforce Task Force issued additional guidance for federal contractors with respect to vaccine mandates and other COVID-19 safety protocols. The new guidance is available on the Safer Federal Workforce website FAQ section for federal contractors.

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Fraser

JULY 15, 2021

On July 9, 2021, President Biden issued an executive order aimed at “promoting competition in the American economy.” In the days since the executive order was issued, we have heard from a number of clients who are, understandably, uncertain about the status of their current non-compete agreements. The Impact of the Executive Order.

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Troutman Sanders

MAY 9, 2022

CDIA’s fifth annual industry wide conference is an essential event to convene, connect, and hear from world-class speakers on the most relevant and critical issues facing the industry. This is the only conference that connects the entire consumer reporting ecosystem!

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Troutman Sanders

SEPTEMBER 18, 2023

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. A discussion of the first injunction issued by a Texas federal court can be found here.) For more information, click here.

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Troutman Sanders

SEPTEMBER 9, 2021

On August 27, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the “Agencies”) issued “ Conducting Due Diligence on Financial Technology Companies: A Guide for Community Banks.” Information Security. Operational Resilience.

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Troutman Sanders

MARCH 16, 2023

For a number of years, federal courts have been split on whether non-qualified private education loans are also subject to the undue hardship standard in the Bankruptcy Code. In these instances, CFPB examiners observed that most borrowers resumed payments, sometimes paying thousands of dollars on discharged debts.

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UK debt collections

JANUARY 4, 2024

We have called upon the expertise of the highly experienced Business Debt Collection specialists, Federal Management to help us compile this handy guide. Federal Management celebrate their 20th year of success in the Debt Collection field in 2024 so who better to call upon for tips on how to chase unpaid invoices.

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Troutman Sanders

AUGUST 7, 2023

On August 1, the Board of Governors of the Federal Reserve System (the Fed) delivered to Congress its Cybersecurity and Financial System Resilience Report (report). The court issued this judgment in connection with the civil enforcement action filed by the CFPB in 2019. dba DEBT Box. For more information, click here.

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Burr Forman

NOVEMBER 4, 2021

The ETS becomes effective immediately and requires employers to establish, implement, and enforce an acceptable vaccination policy by December 5, 2021. Under the new rule, all employers with 100 or more employees at any time the ETS is in effect have two options: Implement and enforce a mandatory COVID-19 vaccination policy, or.

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Troutman Sanders

MAY 17, 2022

On May 16, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it will launch a new initiative to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce “Federal consumer financial law.” 12 U.S.C § 5481(14). Circulars will be released publicly.

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Troutman Sanders

OCTOBER 29, 2021

Federal Deposit Insurance Corp. FDIC) Chairman Jelena McWilliams announced at the October 25 Money 20/20 conference that the FDIC is currently working with the Federal Reserve and Office of the Comptroller of the Currency to develop a series of policy statements aimed at addressing engagement in activities involving cryptocurrency assets.

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Collection Industry News

FEBRUARY 7, 2022

Leaders from two of the organizing groups say there is still much work to be done in this area and they hope to advance public policies addressing systemic challenges to lower-income citizens who encounter medical emergencies. So really for us, the next priority is, how do we develop public policy that addresses this in the long term?

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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. State Activities. For more information, click here. Gruenberg, and OCC Acting Comptroller Michael J.

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Troutman Sanders

MARCH 11, 2022

Institutions with federal deposit insurance would be subject to a more streamlined level of review; those without insurance that are supervised by a federal banking agency would undergo an intermediate level of review; and those without insurance, and not supervised by a federal bank regulatory agency, would be subject to a stricter level review.

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Troutman Sanders

JUNE 21, 2022

On June 8, the New York State Department of Financial Services (NYDFS) issued new “ Guidance on the Issuance of U.S. Dollar-Backed Stablecoins ,” establishing a first-of-its-kind state standards for USD-backed stablecoins issued by entities subject to regulation by the NYDFS. dollar,” less any fees.

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Troutman Sanders

SEPTEMBER 5, 2023

The putative class asserted two sets of federal securities claims: one for rescission of allegedly unlawful contracts under Section 29(b) of the Securities Exchange Act of 1934; and another for Uniswap’s alleged violation of Section 12(a)(1) of the Securities Act of 1933. For more information, click here. For more information, click here.

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True Accord

JUNE 29, 2023

In today’s financial landscape, regulators at both the federal and state level are driving accountability for companies when it comes to data protection and security. Data protection policies can often be treated as a set-it-and-forget-it, or even treated as a luxury of lower priority due to limited resources, expertise, or familiarity.

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Troutman Sanders

OCTOBER 25, 2023

On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking under Section 1033 of the Consumer Financial Protection Act of 2010 (CFPA). A requirement for written policies and procedures. A right to share data. Tiered compliance dates.

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Troutman Sanders

AUGUST 22, 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. On August 15, a federal court in the U.S. State Activities. For more information, click here.

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Troutman Sanders

OCTOBER 12, 2021

On October 4, the Consumer Financial Protection Bureau (CFPB) announced on its website that the deadline to request initial forbearance for a COVID-19 hardship for loans backed by the Federal Housing Administration (HUD/FHA), the U.S. HUD/FHA announced this policy change in its Mortgagee Letter 2021-24 issued on September 27.

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Troutman Sanders

SEPTEMBER 13, 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. On September 9, SEC Commissioner Mark Uyeda spoke at the SEC Speaks 2022 , issuing a call for crypto rulemaking.

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Troutman Sanders

JANUARY 14, 2022

In addition, SoFi Technologies, the parent company of SoFi Bank, has applied to the Federal Reserve to become a bank holding company and therefore subject to holding company supervision. to be adequately capitalized, have strong risk management programs, policies and procedures in place, and provide fair treatment to its customers.”.

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Troutman Sanders

JANUARY 3, 2024

On December 22, Montana Attorney General Austin Knudsen issued an opinion on whether Earned Wage Access (EWA) products constitute either “consumer loans” under Montana Code § 32-5-102(2)(a) or “deferred deposit loans” under § 31-1-703. The Attorney General also looked at other federal authorities for guidance.

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Troutman Sanders

FEBRUARY 28, 2022

On February 23, the Consumer Financial Protection Bureau (CFPB) issued an outline of proposals and alternatives (Outline) under consideration related to an automated valuation model (AVM) rulemaking. In the Outline, the CFPB notes that it is looking at a 12-month implementation period once the final rule is issued.

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Troutman Sanders

OCTOBER 30, 2023

A discussion of the preliminary injunction issued by that Texas federal court on July 31 can be found here. On October 25, the Federal Reserve Board (the Fed) requested comment on a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit card transaction. financial institutions.

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Troutman Sanders

SEPTEMBER 29, 2022

Chamber of Commerce (the Chamber) submitted an amici curiae brief in support of Walmart in Federal Trade Commission v. The brief argues that the fraud at issue is the criminal who tricks consumers, even before they go to a Walmart, into initiating a money transfer. On September 6, the U.S. Walmart Inc. , 1:22-cv-3372 (N.D.

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Fraser

OCTOBER 11, 2021

If enacted, the legislation would encourage (not require) colleges and universities to remove criminal and juvenile justice questions from their admissions applications by providing guidance and training schools to change their policies. Department of Education would be responsible for issuing ??guidance guidance and recommendations.

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