Banks Consumer Credit Credit Unions Student Loans 
Troutman Sanders
JULY 12, 2023
On June 14, Nevada Governor Joe Lombardo signed into law AB 332 , An Act Relating to Student Education Loans, requiring, among other things, student loan servicers to be licensed by the Commissioner of Financial Institutions and regulating certain conduct of the servicers towards borrowers.
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. The rules also include servicers of these products subject to the act and licensure.
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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. Department of Education’s decision to terminate its federal student loan contracts with private collection agencies. For more information, click here.
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.
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
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.
Collection Industry News
MARCH 15, 2021
It has taken actions to collect data on a number of new industries, including debt relief and earned wage access providers, and has filed a cease-and-desist order against a student loan debt relief company charging borrowers exorbitant fees for the false promise of getting their student debt wiped.
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