Troutman Sanders

MAY 5, 2022

The Supervisory Highlights detail issues identified by CFPB examination teams across a wide number of segments of the consumer financial services industry. Debt Collection. The CFPB alleges some financial institutions do not perform robust enough investigations of errors. Auto Servicing.

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Account Recovery

AUGUST 20, 2020

The Attorney General of Pennsylvania announced yesterday that it had entered into a voluntary agreement with a financial institution which will require the institution to stop engaging in what the AG described as “aggressive” debt collection practices.

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FFGN COLLECT NY

APRIL 18, 2023

What happens to the money on deposit at the debt collection lawyer’s bank if that bank fails? Recent news could leave you wondering whether monies collected and deposited by your debt collection attorney on your behalf will be safe or at risk. on deposit at each financial institution.

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UK debt collections

JULY 22, 2021

The UK’s leading High Street banks are strengthening their Debt Collection teams ahead of the emergency covid loan defaults. The UK’s four largest banks are said to have hired over 750 new Debt Collection staff to their debt recovery units in a major challenge facing them.

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Qualco

SEPTEMBER 12, 2023

During a tightening cycle, central banks worldwide raise interest rates in an attempt to curb inflation. The Asset-Driven Approach In the ever-changing financial environment, banks and servicers must adopt an Asset-Driven Approach to effectively manage loan portfolios and optimise recovery outcomes.

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Collection Industry News

MAY 9, 2022

The Supervisory Highlights detail issues identified by CFPB examination teams across a wide number of segments of the consumer financial services industry. Debt Collection. The CFPB alleges some financial institutions do not perform robust enough investigations of errors. Auto Servicing.

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Fico Collections

MARCH 23, 2021

With the impact of COVID-19, banks and financial institutions are forced to accelerate the development and deployment of their digital capabilities as access to remote channels moved from choice to necessity. With that, the speed of continuous adoption is being seen not as an exception but rather the habit.

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Fico Collections

MARCH 1, 2022

Following the highly successful The 11 Commandments of Digital Banking eBook , we are kicking off a series of 5 deeper dive blog posts that group the 11 Commandments below into common themes. Financial institutions have access to a lot of data – from customers themselves, third-party organizations, meta data, and many other sources.

Banks 52

Banks Financial Institution Credit Unions Credit Unions 52

Fico Collections

OCTOBER 17, 2022

Open Banking in the Philippines and the Opportunities in the Data. Open Banking in the Philippines - the path ahead. Open Banking in the Philippines promises to give customers the control to share their data and allow third-party providers to access their data. How data sharing can improve credit risk decisioning. FICO Admin.

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Troutman Sanders

OCTOBER 25, 2023

On October 24, the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) finally issued their long-awaited final rule modernizing how they assess lenders’ compliance under the Community Reinvestment Act (CRA).

Banks 52

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Fico Collections

APRIL 7, 2022

Following the highly successful The 11 Commandments of Digital Banking eBook , we are publishing a series of 5 deeper dive blog posts that group the 11 Commandments below into common themes: Digital lift-and-shift is not a strategy! Customers expect financial institutions to provide an ample amount of security and protection.

Banks 52

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Fico Collections

JANUARY 11, 2022

Last year we published a highly successful The 11 Commandments of Digital Banking eBook that introduced the 11 commandments: Digital lift-and-shift is not a strategy! In addition to a new blog post that will be published monthly over 5 months, we are also excited to launch the following event: LinkedIn Live on Digital Banking.

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Troutman Sanders

MAY 2, 2023

Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield, Addison Morgan, and Josh McBeain for the first installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule.

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Financial Institution Fair Debt Collection Financial services Law Firms 97

Fico Collections

AUGUST 19, 2022

Tackling the Fintech Threat: A Guide for Banks and Credit Unions. What financial institutions need to compete with fintech threat disrupters. billion globally in 2021 – banks and credit unions are losing their status as the primary financial services providers to American consumers. banks collected $15.47

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Credit Unions Credit Unions Banks Financial Institution 52

FFGN COLLECT NY

NOVEMBER 4, 2021

There is no state as liberal as New York when it comes to commercial debt collection and the enforcement of judgments against commercial entities. To ensure the best possible outcome, you’ll want to make sure you have a good collection attorney who knows how to maneuver through New York’s liberal enforcement policies.

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Troutman Sanders

OCTOBER 25, 2023

The proposed Personal Financial Data Rights Rule would require depository and nondepository entities to make available to consumers and authorized third parties certain data relating to consumers’ accounts, establish obligations for third parties accessing a consumer’s data, and provide basic standards for data access.

Banks 52

Banks Financial Institution Credit Unions Credit Unions 52

Troutman Sanders

OCTOBER 5, 2022

Banking groups are taking issue with a report by Senator Elizabeth Warren (D-MA) regarding the prevalence of fraud on Zelle, the popular peer-to-peer (P2P) payment service. Zelle has soared in popularity with bank customers because it’s fast, free and easy to use. Today’s report from Sen. Warren fails to acknowledge that 99.9%

Banks 52

Banks Financial Institution Collections 52

Collection Industry News

OCTOBER 17, 2022

The Consumer Financial Protection Bureau (CFPB) has released a report detailing the fees and terms of banking products marketed to college students in partnership with their schools. The CFPB has released a report to Congress on college banking and credit card agreements. Department of Education. Key Takeaways.

Banks 40

Banks Education Financial Institution Credit Unions 40

Troutman Sanders

AUGUST 10, 2023

Supreme Court’s final decision in Community Financial Services Association (CFSA) v. The banking trade groups argued that relief should be provided to banks nationwide to “be prudent and ameliorate confusion.”

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

Collection Industry News

JUNE 27, 2023

Banks and credit unions rarely see eye-to-eye, so it was no surprise when Dan Berger, president and CEO of the National Association of Federally-Insured Credit Unions, called out “greedy” bank executives responsible for recent bank failures. “The causes can be traced to greedy, profit-seeking bank executives.

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Credit Unions Credit Unions Banks Financial Institution 40

Fico Collections

FEBRUARY 2, 2022

Following the highly successful The 11 Commandments of Digital Banking eBook , we are kicking off a series of 5 deeper dive blog posts that group the 11 commandments below into common themes. Banks must find ways to be personable in these impersonal channels. The digital banking journey needs to be intuitive, friendly, and transparent.

Banks 52

Banks Financial Institution Education Financial services 52

Troutman Sanders

JANUARY 25, 2023

Bankers are opposing any effort by the Consumer Financial Protection Bureau (CFPB or Bureau) to reduce or eliminate the late fee safe harbor, citing a potentially significant adverse impact on community banks and credit unions.

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

AUGUST 2, 2022

But the American Bankers Association and Bank Policy Institute say the amendment as applied to financial institutions would duplicate existing regulations under the Dodd-Frank Act, while also requiring the turnover of a substantial amount of cybersecurity-related data that could prove dangerous in the wrong hands.

Banks 52

Banks Financial Institution Government Trade 52

Fico Collections

DECEMBER 2, 2020

In December of last year, the Malaysian National Bank, Bank Negara, issued a consultation document about their intention to allow eKYC in the applications process for a wide range of financial products. Can Malaysian banks deliver on customers’ eKYC expectations?

Banks 72

Banks Financial Institution Acquisition Financial services 72

FFGN COLLECT NY

AUGUST 22, 2023

Some people overnight payment to satisfy their debt collection claim. Our bank, and most likely yours, has even warned against placing checks in the mailboxes outside of the post office. A week later you find out from the bank that the check was deposited by an unknown third party.

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Collections Financial Institution Banks Creditors 52

Fico Collections

APRIL 26, 2023

Home Blog FICO Survey: Do Customers Think Banks Are Fair to Scam Victims? Because of the incredible growth of both RTP and scams (which is a topic I’ll address in depth in an upcoming FICO World 2023 panel discussion), banks must consider how this payments evolution is impacting customers. Are Banks Fair with Victims of Scams?

Banks 52

Banks Education Financial Institution Acquisition 52

Payment Savvy

MAY 16, 2023

Our current era has been shaped by digitization with a fundamental impact on all sectors, including banking and finance, where it has brought unprecedented convenience, security, and efficiency. Instant ACH transfers have gained prominence as they cater to the increasing demand for expedited financial transactions.

Financial Institution 94

Financial Institution Banks Credit Unions Credit Unions 94

Troutman Sanders

MAY 16, 2023

Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield and Caleb Rosenberg for the second installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule.

Collections 52

Collections Law Firms Financial Institution Lender 52

Troutman Sanders

OCTOBER 27, 2022

While not explicitly an open banking or open finance rule, the rule will move us closer to it, by obligating financial institutions to share consumer data upon consumer request, empowering people to break up with banks that provide bad service, and unleashing more market competition.

Banks 52

Banks Financial Institution Credit Unions Credit Unions 52

FFGN COLLECT NY

MARCH 15, 2022

It’s important you verify the information contained in a debt collection affidavit before you sign it. An affidavit is sworn testimony used to support your debt collection case. Chase was one of 13 financial institution censured for robo-signing documents in support of debt collection suits and foreclosure.

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FFGN COLLECT NY

JANUARY 20, 2021

States have their own rules and regulations when it comes to freezing or restraining bank accounts. Creditors and debtors alike often wonder how debt collection attorneys restrain bank accounts. Below we demystify the process and explain how to freeze a bank account. Before Judgment. We have the experience that pays.

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Nexa Collect

SEPTEMBER 15, 2020

Need a Collection Agency – Serving Nationwide? The financial pressures have triggered feverish increases in the number of loan impairments for residential and commercial real estate loans. Other banks are following suit. Both large and small institutions are putting measures into place to minimize losses.

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Nexa Collect

APRIL 11, 2021

The debt collection industry has been through one of its most difficult periods in modern history, and the recovery looks slow and prolonged. A national and, at the same time, a global recession has been caused, not by financial crises, but rather by an unexpectedly devastating health issue.

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. This Bulletin serves as an update to that non-exhaustive compilation of information.

Financial Institution 52

Financial Institution Garnishment Collections Foreclosure 52

Nexa Collect

JANUARY 14, 2023

The US government has thrown a slew of laws on collection agencies, making bad-debt recovery harder and costlier. There are thousands of collection agencies in the USA, but most are small. The following changes can result in many collection agencies shutting their businesses. . Read: Impact of the GLBA on Collection Agencies.

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Fico Collections

FEBRUARY 12, 2023

Home Blog FICO Top 5 Customer Development Posts of 2022: Digital Banking and Pricing Opti The most popular posts in our Customer Development category dealt with digital banking, optimizing credit line increases, loan pricing and machine learning for credit risk models. Despite assumptions, banking doesn’t have to be boring!

Banks 52

Banks Loans Startups Financial Institution 52

Fico Collections

NOVEMBER 10, 2020

As someone who has worked in fraud detection and mitigation for more than 30 years, I wanted to share some important facts on how banks and card issuers protect their customers from fraudulent transactions: with multiple defenses that are often invisible, and more importantly, often intentionally frictionless. Emphases added.).

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