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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

The letter states that “[b]road cancellation of Federal student loan debt will provide immediate relief to millions who are struggling during this pandemic and recession, and give a much-needed boost to families and our economy. The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On June 7, the CFPB released a blog discussing the fact that the pause on federal student loan interest, payments, and collections is now scheduled to end 60 days after June 30, which means borrowers will have to start making payments soon. For more information, click here. For more information, click here.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Department of Education, announced that the department will reverse a policy put in place during the Trump administration that blocked state and federal regulators from accessing records needed to investigate student loan lenders, servicers, and private collection agencies. For more information, click here.

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CFPB Supervisory Report Finds Issues in Several Financial Institution Practices

Troutman Sanders

The Supervisory Highlights detail issues identified by CFPB examination teams across a wide number of segments of the consumer financial services industry. Auto Servicing. The CFPB reports that this seems to happen most often with creditors’ acquisitions of pre-existing credit card accounts from other creditors.

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CFPB Supervisory Report Finds Issues in Several Financial Institution Practices

Collection Industry News

The Supervisory Highlights detail issues identified by CFPB examination teams across a wide number of segments of the consumer financial services industry. Auto Servicing. The CFPB reports that this seems to happen most often with creditors’ acquisitions of pre-existing credit card accounts from other creditors.