Collection Industry News

MAY 18, 2021

Despite objections from CUNA and NAFCU, the House of Representatives passed the Comprehensive Debt Collection Improvement Act on Thursday. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans. Source: site. The bill, H.R. Maxine Waters (D-Calif.),

Lender 40

Lender Foreclosure Collections Debt collector 40

Collection Industry News

APRIL 10, 2023

The revamped survey will mean that dominant credit card issuers will be more transparent by requiring them to publish average interest rates based on credit score ranges. Small banks and credit unions will also now have a chance to have their prices displayed next to those of the largest ones.

Credit Card Debt 40

Credit Card Debt Credit Unions Credit Unions Banks 40

Collection Industry News

MARCH 28, 2022

The DFPI investigations resulted in 49 public enforcement actions, $975,000 in restitution to consumers, $547,500 in penalties, and included several “first of its kind” actions for the DFPI in debt collection, student debt relief, earned wage access, and private post-secondary education financing. Regulatory Activities.

Debt collector 40

Debt collector Education Credit Unions Credit Unions 40

Nexa Collect

JULY 1, 2020

At any given point, we may have several credit scores based on our financial history, as measured by companies such as FICO or VantageScore Solutions, another credit analysis company. Experian reports that the lowest FICO credit score is 300, but no one really stays at such a low score once some financial history has been established.

Bankruptcy 130

Bankruptcy Lender Credit Unions Credit Unions 130

Credit Corp

OCTOBER 6, 2023

The average household credit card debt in America is $9,654, and the states with the largest amount of credit card debt are Alaska, Hawaii, and New Jersey. Between the first quarters of 2022 and 2023, The Federal Reserve Bank of New York reported that the credit card debt in America rose by $145 billion.

Credit Card Debt 98

Credit Card Debt Debt Consolidation Credit Unions Credit Unions 98

Fico Collections

JULY 9, 2021

For credit unions and smaller banks in North America, the challenge of how to compete with their bigger counterparts is a constant and pressing matter. Today’s prescreening solutions are very manual in nature, typically involving a list processing agreement with a credit bureau.

Credit Unions 52

Credit Unions Credit Unions Acquisition Banks 52

Collection Industry News

MARCH 15, 2021

The DFPI is aggressively exercising its new authority to regulate a large group of newly covered financial services, including debt collectors, credit reporting and credit repair agencies, debt relief agencies and others. Consumers can reach the DFPI at (866) 275-2677 or Ask.DFPI@dfpi.ca.gov.

Foreclosure 40

Foreclosure Student loans Student Loans Debt collector 40

Troutman Sanders

NOVEMBER 2, 2020

On October 23, lawmakers in the House of Representatives introduced a bill to exclude Paycheck Protection Program (PPP) loans from regulators’ calculations of the asset size of smaller banks. The legislation would benefit banks and credit unions with assets under $15 billion. For more information, click here.

Financial services 52

Financial services Financial Institution Loans Credit Unions 52

Credit Corp

FEBRUARY 21, 2023

Despite the national average of Americans having $9,000 in credit card debt per household, only 14 percent say they’re “very worried” about their debt. 67 percent of respondents said they have less than $2,000 in debt, which may indicate the national average means that a concentrated number of people have high amounts of credit card debt.

Credit Card Debt 98

Credit Card Debt Debt Consolidation Credit Unions Credit Unions 98

Fico Collections

JULY 9, 2021

For credit unions and smaller banks in North America, the challenge of how to compete with their bigger counterparts is a constant and pressing matter. Today’s prescreening solutions are very manual in nature, typically involving a list processing agreement with a credit bureau.

Acquisition 52

Acquisition Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

JUNE 21, 2022

Covered institutions include banks, savings associations, credit unions, and mortgage companies. As the most comprehensive publicly available information on mortgage market activity, HMDA data is used by industry, consumer groups, regulators, and others to assess potential fair lending risks and for other purposes.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

JUNE 14, 2023

On June 8, the board of governors for the Federal Reserve (the Fed), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and the OCC requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

JANUARY 17, 2023

million to consumers and pay a $500,000 civil penalty for deceiving consumers with false claims about their services. On January 13, the Federal Reserve Board (Fed) released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. billion in 2022.

Financial services 52

Financial services Student loans Student Loans Education 52

Collection Industry News

OCTOBER 17, 2023

Credit cards are the “most prevalent form of household debt,” and their use continues to spread, according to the Federal Reserve Bank of New York. There are 70 million more credit card accounts open now than in 2019, it said. Federally chartered credit unions have an 18% limit. For example, Sen.

Credit Unions 40

Credit Unions Credit Unions Accrued Interest Credit Card Debt 40