Troutman Sanders

DECEMBER 21, 2021

The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology. For more information, click here. 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

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

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

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. How Does Credit Reporting Work?

Lender 98

Lender Loans Creditors Credit Unions 98

FFGN COLLECT NY

JULY 20, 2021

After New York Governor Andrew Cuomo signs the Consumer Credit Fairness Act (S.153/Thomas) 153/Thomas) into law, many creditors will need to provide significant documentation in order to file a debt collection action against their non-paying consumers.

Creditors 40

Creditors Collections Credit Unions Credit Unions 40

Troutman Sanders

OCTOBER 16, 2023

On October 11, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion concerning consumers’ requests for information regarding their accounts with large banks and credit unions. For more information, click here. Existing law currently required this disclosure only until January 1, 2024.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

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

Troutman Sanders

JANUARY 17, 2023

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. On January 13, the Fed announced preliminary financial information, indicating that the Federal Reserve Banks had estimated net income of $58.4

Financial services 52

Financial services Student loans Student Loans Education 52

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. The solution integrates Equifax Consumer Credit Information and FICO risk decision management technology with marketing campaign automation and execution.

Credit Unions 52

Credit Unions Credit Unions Acquisition Banks 52

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

Collection Industry News

MARCH 28, 2022

The top categories of complaints included debt collection, cryptocurrency, and “neo banks,” financial technology, or “fintech” service providers, partnering with banks to offer deposit account services. For more information about the DFPI, visit their website at [link].

Debt collector 40

Debt collector Education Credit Unions Credit Unions 40

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

“Our staff is working tirelessly to help Californians navigate foreclosure protection rights, track and investigate harmful consumer trends, and keep a standing list of community resources that connect callers to food banks, medical assistance and more. 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

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

Consumer Finance

AUGUST 24, 2020

The Consumer Financial Protection Bureau issued a request for information to examine the impact of the rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009.

Consumer Credit 40

Consumer Credit Credit Unions Credit Unions Financial services 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

Collection Industry News

MAY 18, 2021

In a letter sent to the leaders of the House and Senate , CUNA President/CEO Jim Nussle stated his objections to section 403 of the bill, which would amend the Fair Credit Reporting Act to prohibit credit scoring models from treating certain medical debt information on consumers’ credit report as a negative factor.

Lender 40

Lender Foreclosure Collections Debt collector 40

Credit Corp

FEBRUARY 21, 2023

This will not only help you compare your own credit card balance to the national average, but you’ll also see if you’re getting a good deal with your current cards. How many credit cards carry a balance? The APR is the amount of interest consumers pay for their purchases, and the following table is broken down by credit card type.

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. The solution integrates Equifax Consumer Credit Information and FICO risk decision management technology with marketing campaign automation and execution.

Acquisition 52

Acquisition Credit Unions Credit Unions Financial Institution 52