Collection Industry News

OCTOBER 2, 2023

For example, any rules the CFPB has issued in the past 12 years — whether about credit cards, mortgages, payday loans or debt collection, for example — could be nullified, experts said. In the current case, the CFSA trade group sued the CFPB in 2018, seeking to invalidate a 2017 rule that cracked down on payday lenders.

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Troutman Sanders

DECEMBER 20, 2022

On December 13, the CFPB and the Federal Housing Finance Agency published updated loan-level data for public use through the National Survey of Mortgage Originations. d/b/a Premier Student Loan Center, a student-loan debt-relief company. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Loans 52

ABI

JANUARY 13, 2022

12]. Ultimately, the court found that Pizzo’s plan was proposed in good faith.” [13] 16-CV-62900, 2017 WL 4348897, at *8 (S.D. 29, 2017). [13] 9] The court acknowledged that “good faith is an independent requirement for confirmation of a Chapter 13 plan.” [10] 15]. (quoting In re Martinelli, 482 B.R.

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Consumer Financial Services Law

MARCH 5, 2018

The bill, which is officially entitled “Protecting Consumers’ Access to Credit Act of 2017,” is a response to the Second Circuit’s decision in Madden v. Under the National Bank Act, 12 U.S.C. § This decision, and the Supreme Court’s refusal to weigh in on the issue, lead to uncertainties in the secondary loan market.

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ABI

JANUARY 12, 2022

2] On September 15, 2017, Aerogroup filed a voluntary petition for relief under Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) with the Delaware Bankruptcy Court. [3] Aerogroup”). [2] 6] Following the sale of Aerogroup’s assets, the bankruptcy court dismissed Aerogroup’s chapter 11 case. (“Aerogroup”). [2]

Collateral 40

Collateral Bankruptcy Lender Loans 40

Troutman Sanders

AUGUST 22, 2022

District Court of the Western District of Washington against the founder of three crypto-related companies and the companies themselves, alleging that in 2017, the defendants conducted an unregistered crypto asset securities offering in violation of Sections 5(a) and (c) of the Securities Act of 1933. For more information, click here.

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Collection Industry News

MAY 24, 2021

The company took issue with the CID’s notification of purpose, which among other things, stated that the CFPB was investigating whether the company “in connection with the extension of credit, servicing of loans, processing of payments, or collection of debt. 3d 683, 691 (2017) (“ ACICS ”). Accrediting Council for Indep. & Sch. ,

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Credit Corp

DECEMBER 3, 2020

According to CNBC , 1 million children were the victims of identity theft in 2017. When your Social Security number is requested for something like a loan application, be sure that the organization is totally legitimate. The post 12 Tips to Help Prevent Identity Theft appeared first on Credit.com.

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ABI

MARCH 9, 2020

Acis LP”) is a Delaware limited partnership investment adviser and collateralized loan obligation (“CLO”) manager. [4] 7] The Acis trustee rejected the Shared Services Agreement, which as amended on March 17, 2017, did not contain an arbitration clause. [8] 12] See In re Acis Capital Mgmt., 1] In In re Acis Capital Mgmt.,

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Fico Collections

AUGUST 19, 2022

Thu, 12/19/2019 - 16:29. In fact, only 12% of consumers are using an automated savings tool from their bank or credit union, based on a Q1 2022 Cornerstone survey. There is opportunity for banks to help these consumers more effectively manage these loans. Tackling the Fintech Threat: A Guide for Banks and Credit Unions.

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Credit Unions Credit Unions Banks Financial Institution 52

Troutman Sanders

APRIL 25, 2022

The access occurred in 2017, and the SEC stated the breach “did not impact the actions taken by the staff investigating and prosecuting the cases or the commission’s decision-making in the matters.” On April 19, the Department of Education announced actions to “fix longstanding failures in the student loan programs.”

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Financial services Student loans Student Loans Education 52

FDCPA Defense

FEBRUARY 3, 2019

1992) (emphasis added, citation and quotation marks omitted) (personal loan from friend used to start software business not a “debt” under the Act: “Neither the lender's motives nor the fashion in which the loan is memorialized are dispositive of this inquiry.”). Litton Loan Serv. Federal Home Loan Mortg. System, Inc.,

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Jimerson Firm

JANUARY 16, 2023

6:15-CV-1951-ORL-40GJK, 2017 WL 10350673, at *3 (M.D. In order to recover actual damages under the FDCPA or the FCCPA, the burden is on the plaintiff to prove such damages. See Baumann v. Prober & Raphael , No. Indeed, both courts and juries have rejected claims for emotional distress in cases involving serious FDCPA violations.

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Garnishment Foreclosure Banks Consumer Collections 52

FDCPA Defense

FEBRUARY 1, 2018

2017), petition for cert. 21, 2017) (No. 2017) was subject to the FDCPA, because it was not sent solely to enforce a security interest. n]either the lender’s motives nor the fashion in which the loan is memorialized are dispositive of the inquiry”). Litton Loan Servicing, LP , 2011 WL 635258, at *4 (N.D.

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Consumer Financial Services Law

JUNE 11, 2016

Proposed 12 CFR 1040.3 Proposed 12 CFR 1040.4(a)(1). Proposed 12 CFR 1040.4(a)(2)(i). Proposed 12 CFR 1040.4(a)(2)(ii). See Proposed 12 CFR 1040.4(a)(2)(iii). See Proposed 12 CFR 1040.5(b). Proposed 12 CFR 1040.4(b). Contracts entered into 211 days after the final rule is published. Who’s Covered?

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Judgment Financial services Retail Debt Management 40

Troutman Sanders

JANUARY 17, 2024

The FAQ address the following topics: (1) reporting on loans to businesses owned by socially and economically disadvantaged individuals; (2) regulatory treatment for loans using certain SSBCI-supported credit enhancements; (3) considerations for loans in Indian Country; and (4) Community Reinvestment Act considerations.

Financial services 52

Financial services Student loans Student Loans Trade 52

Credit Corp

MARCH 20, 2023

Loan or lease fraud 197,914 -3.4% 2017 $8.9 $15 Year Data breaches 2017 1,506 2018 1,175 2019 1,279 2020 1,108 2021 1,862 2022 1,802 Source: ITRC 2022 Data Breach Report Now, some may wonder why cybercriminals are targeting businesses more than individuals. Credit card fraud 389,737 -.8% 8% Other identity theft 377,102 6.7%

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Trade Government Banks Loans 98

FDCPA Defense

JANUARY 22, 2017

(This post is adopted from the materials presented at the CAI Law Seminar in Las Vegas, Nevada on January 20, 2017) Demystifying the FDCPA Class Action For HOA Attorneys Consumer attorneys have been filing FDCPA class actions against collection attorneys for decades, and the pace of those filings has increased sharply in the past ten years.

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Troutman Sanders

OCTOBER 31, 2022

On October 21, the Eighth Circuit temporarily blocked President Joe Biden’s student loan forgiveness program. On October 20, Supreme Court Justice Amy Coney Barrett, who oversees Seventh Circuit emergency matters, rejected an emergency request to stop President Biden’s student loan forgiveness program. For more information, click here.

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Financial services Student loans Student Loans Loans 52

Credit Corp

JULY 16, 2021

The bank focuses on multi-family loans in New York City, particularly in buildings that are rent controlled. In the 2021 first quarter, adjusted FFO per unit came in at $0.37, up 12% from the year-ago quarter. The company also acquired the remaining 48% stake in Reynolds American Tobacco that it did not already own in July of 2017.

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Collection Industry News

OCTOBER 18, 2021

The CFPB rule requires payday and vehicle title lenders to get permission to access a consumer’s bank account after two failed attempts to collect on the short-term, high-cost loans, among other provisions. The CFPB also mandated cooling-off periods after a borrower takes out three loans in a short period of time. The case is Cmty.

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Lender Trade Banks Loans 40

Troutman Sanders

JUNE 28, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. If confirmed by the Senate, Uejio would replace 2017 Trump appointee Anna Maria Farias. For more information, click here. On June 25, U.S.

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Financial services Financial Institution Collection Agencies Collections Agency 52