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.

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Fico Collections

JULY 15, 2022

As a data scientist working on credit models in the late 80s, it was a mission to help replace human bias with data-driven science. in 1989, it meant lenders of all sizes could leverage the technology of scoring and open up credit to consumers that they might not have lent to in the past. Hundreds of lenders in the U.S.

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Fico Collections

AUGUST 10, 2022

It is one of the biggest challenges lenders face over the next few years. Lenders could no longer base decisions simply on a customer’s history of repaying. Lenders have refined and improved their affordability models over the years in adherence to regulatory requirements. Affordability is top of mind.

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Fico Collections

MARCH 8, 2021

That’s why FICO has been focused on finding new ways to demonstrate responsible financial behavior so that lenders can confidently extend credit to more consumers. . Over the past several years, we’ve helped lenders develop on-ramps to mainstream credit using alternative data for those seeking financial inclusion.

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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.”). No court order is required.

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