True Accord

JANUARY 10, 2024

If you’re a creditor or collector working with financially distressed borrowers, considering consumer situations against the economic landscape and accommodating their financial needs and preferences when collecting is critical to your success. million borrowers missed their student loan payment —that’s 40% of loan holders.

Student loans 58

Student loans Student Loans Loans Banks 58

Debt RR

AUGUST 3, 2020

Bank account garnishment can create serious cash flow blocks for companies of all sizes, and those cash flow problems can compound into other issues, like payroll concerns and late payments on other accounts. Review this guide for everything businesses need to know about bank account garnishment in Texas and how to avoid it.

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Garnishment Banks Student loans Student Loans 40

Troutman Sanders

JANUARY 17, 2023

The case marks the first time that the FTC has collected civil penalties against a company that received the “notice of penalty offenses” for money-making opportunities sent in October 2022 and the first civil penalties for violations of the Restore Online Shoppers’ Confidence Act. billion in 2022. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Education 52

Troutman Sanders

JANUARY 23, 2024

billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes to income-driven repayment (IDR) forgiveness and public service loan forgiveness (PSLF) made by the administration. Department of Justice announced that Patriot Bank agreed to pay $1.9 On January 17, the U.S.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

OCTOBER 9, 2023

The FTC alleged that the defendants pretended to be affiliated with the Department of Education, charged illegal junk fees, and offered students loan forgiveness promises that were not fulfilled. banking system. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Third-party Debt Collectors 52

Troutman Sanders

DECEMBER 21, 2021

On December 16, the Federal Reserve Board and the Federal Deposit Insurance Corporation announced the 2022 updated asset-size thresholds used to define “small bank” and “intermediate small bank” under their Community Reinvestment Act regulations. For more information, click here. For more information, click here. On December 16, U.S.

Financial services 52

Financial services Credit Unions Credit Unions Third-party Debt Collectors 52

Credit Corp

JUNE 8, 2023

When you borrow money, whether through a revolving account, like credit cards , or an installment account, like an auto loan or student loan , the information is gathered by the credit bureaus. The data the bureaus keep in your credit files is the date used to calculate your credit scores.

Lender 98

Lender Loans Creditors Credit Unions 98

Troutman Sanders

MARCH 14, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

MARCH 6, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

AUGUST 28, 2023

On August 23, the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) published a report of findings of its joint project pertaining to potential use cases for a central bank digital currency (CBDC) in Australia. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

JUNE 21, 2022

Covered institutions include banks, savings associations, credit unions, and mortgage companies. On June 14, the CFPB announced its request for public input as to how bank customers can assert their rights to better customer service with big banks. million in loan relief.” financial institutions.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

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. 2547, the Non-Judicial Foreclosure Debt Collection Clarification Act, which would reverse the unanimous decision made by the Supreme Court of the United States (SCOTUS) in 2019. Source: site.

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Credit Corp

APRIL 26, 2024

The IRS notes that cancellation can occur when the creditor gives up on collecting because it’s exhausted its resources and is unable to collect. So, while getting a 1099-C itself doesn’t change your credit at all, you’ve probably already experienced a negative hit to your score. Decision or policy to discontinue collection H.

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Repossession Creditors Bankruptcy Foreclosure 59

Troutman Sanders

DECEMBER 19, 2023

On December 14, the Bank of International Settlements (BIS) issued a consultive whitepaper, drafted by the Basel Committee, to amend certain digital asset standards related to stablecoins. Under this order, the company will cease operations and pay a $95,000 penalty to the CFPB’s victims relief fund. For more information, click here and here.

Financial services 52

Financial services Banks Debt collector Government 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

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.

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Foreclosure Student loans Student Loans Debt collector 40

Consumer Financial Services Law

SEPTEMBER 1, 2016

This month’s report highlights "bank account and service" complaints and echoes a recurring concern for the CFPB: that it believes that banks are under serving a portion of the banking population who are being rejected from the banking system because they have a poor depository account history.

Student loans 40

Student loans Student Loans Credit Unions Credit Unions 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.

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Debt collector Education Credit Unions Credit Unions 40

Collection Industry News

JULY 6, 2021

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFPB has the authority to supervise large banks, thrifts, credit unions with assets over $10 billion, and certain nonbanks for compliance with Federal consumer financial law. important; font-size: 16px; }.uc1431124d58f0275524edb4a186458e3:hover.postTitle

Student loans 40

Student loans Student Loans Foreclosure Loans 40

Troutman Sanders

MARCH 22, 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. The bill also would require such payments to be encoded, and would extend other restrictions on collection of such funds.

Financial services 52

Financial services Garnishment Student loans Student Loans 52

Troutman Sanders

AUGUST 24, 2020

Secretary of Education Betsy DeVos implemented President Donald Trump’s memorandum extending relief on federally held student loans to borrowers through the end of the year. On August 14, 2020, New York Attorney General Letitia James extended a moratorium on collecting certain debts that are owed to the State of New York.

Financial services 52

Financial services Student loans Student Loans Education 52

Troutman Sanders

JUNE 22, 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. Covered institutions include banks, savings associations, credit unions, and mortgage companies.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Better Credit Blog

AUGUST 19, 2020

Payment history mostly pertains to debts from mortgages, loans, and credit cards. However, after several missed payments on services like your phone, internet, and medical bills, those accounts can be turned over to a debt collection agency and placed on your credit report. Learn More: Best Credit Monitoring Services.

Student loans 60

Student loans Student Loans Lender Loans 60

Sawin & Shea

APRIL 17, 2024

The court will then order a bankruptcy stay — also called an automatic stay — that prohibits creditors and lenders from collecting what you owe. You will not be able to discharge: Family and child support Most student loans Most local, state, and federal taxes How Does Filing Bankruptcy Impact Your Standing with Credit Bureaus?

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Better Credit Blog

SEPTEMBER 4, 2020

You have also probably seen them appear on your credit report as a collections account. This is because Rausch Sturm has been hired by your original creditor to collect the debt on their behalf. You won’t stop hearing from them until you pay them or remove their account from your credit report in another way.

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Debt collector Collections Credit Unions Credit Unions 52

Better Credit Blog

AUGUST 21, 2020

Several credit issues can result in a score of 620. Individuals with “fair” credit scores usually have late payments on their credit reports , some of which may have gone to collections. Some of these issues can stay on your credit report and drastically hurt your score for several years if they aren’t removed.

Personal loans 59

Personal loans Loans Lender Debt Consolidation 59