Troutman Sanders
NOVEMBER 13, 2023
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 November 9, while at the New York Bankers Association’s Financial Services Forum, Federal Reserve Governor (..)
Troutman Sanders
JUNE 14, 2023
On June 6, Colorado Governor Jared Polis signed HB 23-1229, which amends the state’s Uniform Consumer Credit Code (UCCC). These amendments will become effective on July 1, 2024, and will govern consumer credit transactions occurring after that date. For more information, click here.
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Troutman Sanders
JULY 12, 2021
On July 9, President Joe Biden issued an executive order, requiring federal regulators to increase scrutiny of mergers and acquisition within the banking industry. On June 30, the CFPB released a blog post regarding trends of commercial reporting on consumer credit. billion for nearly 92,000 borrowers.
Troutman Sanders
OCTOBER 18, 2022
1987 (i)(6) (“The term “consumer credit” … does not include a loan procured in the course of purchasing a car or other personal property, when that loan is offered for the express purpose of financing the purchase and is secured by the car or personal property procured.”). Training key personnel and adequate oversight are paramount.
Fico Collections
MARCH 8, 2021
Over the past several years, we’ve helped lenders develop on-ramps to mainstream credit using alternative data for those seeking financial inclusion. Our research finds that alternative data sources that demonstrate a consumer’s ability to manage their finances are predictive of consumer credit risk.
Fico Collections
AUGUST 10, 2022
Easier to qualify for, BNPL has given shoppers, particularly those with little or no credit history, the ability to access – or stack - multiple BNPL arrangements at once without them appearing in bureau data used to assess consumer credit risk. There is greater focus on the impact of their actions on future customer wellbeing.
Fico Collections
JULY 15, 2022
Credit when it's offered responsibly is a social good. The lending and financial services industry can provide that social good, as long as it's done in a way that is both responsible and fair. Expanding access to credit around the world. Sally holds a B.A. in statistics from the University of California at Berkeley.
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