Burr Forman

JANUARY 29, 2021

29, 2006), the plaintiff had made multiple late payments on her car loan before paying the loan off entirely. In May of 2015, Judge Froeschner of the Southern District of Texas departed from these holdings when he denied summary judgment in Macik v. 14-cv-00044, 2015 WL 12999728 (S.D. May 28, 2015). In Moulton v.

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Credit Corp

JUNE 11, 2021

It’s also the only city on the list where homeowners have spent over 40% of their income on mortgage in both 2010 and 2015. Looking at the top 15 most cost-burdened cities in 2020, it’s perhaps no surprise that California holds the lion’s share, with 10 entries. The Problem with Rising Home Prices.

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Collection Industry News

DECEMBER 17, 2023

In the past three years alone, there have been 18 sovereign defaults in 10 developing countries—greater than the number recorded in all of the previous two decades. In 2022, new external loan commitments to public and publicly guaranteed entities in these countries dropped by 23% to $371 billion—the lowest level in a decade.

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Collection Industry News

FEBRUARY 7, 2022

The Consumer Financial Protection Bureau’s Director Rohit Chopra raised hackles by launching a broad inquiry last week into so-called “junk fees” charged on run-of-the-mill financial products such as loans, mortgages and credit cards. 26 press call. Beyond overdraft, the CFPB has late fees and non sufficient funds fees in its sights.

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Troutman Sanders

MAY 9, 2023

For the first year after the effective date of the proposal, these firms would be subject to an excise tax of 10% of the costs of electricity they use in digital asset mining. billion in revenue over 10 years. The excise tax would then increase to 20% in the second year, and it would reach its maximum of 30% in year three.

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Consumer Financial Services Law

MARCH 29, 2017

The CFPB attributes this increase to the updating of its student loan intake form to include complaints after Federal student loan servicing in late February 2016; Student loan complaints showed the greatest month to month decrease after spiking in January 2017.

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Jimerson Firm

JANUARY 16, 2023

2015) (holding a plaintiff may recover actual damages for emotional distress, including stress, anxiety, and sleeplessness under the FDCPA and FCCPA); Fini v. 6:010-CV-226-ORL-31, 2011 WL 1560647, at *10 (M.D. 6:10-CV-226-ORL-31, 2011 WL 1557853 (M.D. Bank of America, N.A. , 3d 1197, 1211 (M.D. Dish Network L.L.C. ,

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Collection Industry News

JULY 4, 2022

The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on June 29, 2022, clarifying its view as to the legality under the Fair Debt Collection Practices Act (FDCPA) of “convenience fees” for optional methods of expedited payment not prescribed in the underlying loan documents, such as payment by phone or on the web.

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Consumer Financial Services Law

JULY 12, 2017

The letter went on to advise the plaintiff that “going forward, all mortgage payments should be sent to Carrington, but that ‘[n]othing else about [the] mortgage loan will change.” 1692e(10) by failing to disclose that the balance on his debt was increasing due to interest. In Baptiste v. Carrington Mortgage Services, LLLC, 2017 U.S.

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Better Credit Blog

APRIL 2, 2022

Whether you’re making a big purchase or just refinancing some existing debt, a personal loan could help. But comparing loan options could take days — unless you use an online marketplace like Fiona which lets you compare personal loan offers side by side within minutes. How Fiona Loans Work. Fiona Loan Fees.

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Troutman Sanders

OCTOBER 4, 2022

for allegedly engaging in a pump-and-dump scheme regarding a crypto-asset security named “Dignity,” which Arbitrade and Cryptobontix falsely represented to investors was backed by $10 billion in gold bullion the entities obtained through a purchase transaction. and Cryptobontix, Inc. For more information, click here. On September 29, U.S.

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National Service Bureau

OCTOBER 21, 2015

Well, medical debt can be a touchy subject , and CFPB oversight of medical collection agencies is slightly different than for others - namely the exception of the $10 million revenue threshold for Larger Market Participants. Why is that?

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Better Credit Blog

APRIL 6, 2022

They are currently open 10-4 pm ET on Saturday and closed on Sunday. By repairing your credit, you’ll be positioning yourself to get better loan terms on big purchases in the future. You may be able to save money each month by consolidating some of your high-interest debt into a lower-interest loan. Debt Consolidation.

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Consumer Financial Services Law

JUNE 11, 2016

The proposed rule includes 355 pages of justification prior to presenting the rule in a concise 10 pages. The proposed rule comes as no surprise to anyone who read the CFPB’s 2015 arbitration report which was hugely critical of class action bans in arbitration clauses. What You Need to Know The Rule in a Nutshell.

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FDCPA Defense

FEBRUARY 1, 2018

1992) (emphasis added, citation and quotation marks omitted) (personal loan from friend used to start software business not a “debt” under the Act: “The [FDCPA] characterizes debts in terms of end uses. [n]either n]either the lender’s motives nor the fashion in which the loan is memorialized are dispositive of the inquiry”).

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Troutman Sanders

MARCH 14, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. For more information, click here. government.

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Troutman Sanders

MARCH 6, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. For more information, click here. government.

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Troutman Sanders

JANUARY 25, 2022

On January 20, the FTC issued an advisory opinion, stating that the Holder Rule does not prevent a plaintiff from recovering attorneys’ fees and costs against a “loan holder,” where another state, local, or federal law permits the recovery as some courts have incorrectly concluded. For more information, click here.

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Troutman Sanders

JANUARY 23, 2024

billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes to income-driven repayment (IDR) forgiveness and public service loan forgiveness (PSLF) made by the administration. On January 19, the Biden-Harris administration announced the approval of $4.9 For more information, click here.

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Credit Corp

MARCH 20, 2023

Loan or lease fraud 197,914 -3.4% Phone or utilities fraud 88,813 -10% Source: Federal Trade Commission Consumer Sentinel Network Data Book 2020 and 2021 Reported frauds in the U.S. 19 2020 $10. Type of identity fraud Cases reported in 2021 Percent change from 2020 Government documents or benefits fraud 395,948 -2.5% 2017 $8.9

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Troutman Sanders

JUNE 27, 2023

Throughout 2015 and 2016, a customer of Swedbank Latvia used Swedbank Latvia’s e-banking platform from an internet protocol address in Crimea to send payments to persons in Crimea through U.S. Swedbank Latvia agreed to remit $3,430,900 to settle its potential civil liability for 386 apparent violations of OFAC’s Crimea sanctions.

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Troutman Sanders

JANUARY 17, 2023

On January 10, the FTC announced that it will send payments totaling more than $2.9 On January 6, the FTC announced that it adjusted the maximum civil penalty dollar amounts for violations of 16 provisions of law the FTC enforces, as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.

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Collection Industry News

FEBRUARY 21, 2022

February 18, 2022 at 10:52 AM. It is much easier to verify which Robert Smith out of more than 34,000 Robert Smiths is the one with a particular defaulted loan or outstanding credit card balance when that particular Robert Smith’s date of birth and Social Security number is used to confirm his identity. 11 minute read. By James A.

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Public Citizen

MARCH 5, 2021

Here's something I posted in 2015 on his autobiography: I just finished listening to the audio version of Barney Frank's autobiography,  Frank: A Life in Politics from the Great Society to Same-Sex Marriage , which Frank reads himself. by Jeff Sovern.   Nevertheless, the book is well worth listening to. . 

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