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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Financial services Student loans Student Loans Credit Unions 52

Fico Collections

APRIL 28, 2023

Credit Risk and FICO Score Trends? And that’s because it generally takes a few months for the effects of that event and the accompanying financial strain to start to show up in consumers’ credit reports, such as in the form of rising balances, credit seeking behavior, and eventually for some, missed payments.

Student loans 52

Student loans Student Loans Consumer Credit Lender 52

Troutman Sanders

APRIL 18, 2022

Federal Activities: On April 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report titled, “ Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends.” Pre-pandemic payment assistance on student loans. Pre-pandemic payment assistance on student loans.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

NOVEMBER 8, 2022

On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of student loan payment reinstatement. The CFPB found that student loan borrowers are increasingly likely to struggle once their monthly student loan payments are reinstated.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

Troutman Sanders

JULY 11, 2023

The CFPB further alleged that the defendants made guarantees about lowering consumers’ credit card interest rates. The defendants also pitched a credit card debt elimination service, and alleged that they could access funds from the government or from a lawsuit against the credit card industry to pay off consumers’ credit card debt.

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Financial services Student loans Student Loans Credit Card Debt 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

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.

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Lender Loans Creditors Credit Unions 98

Credit Corp

JANUARY 7, 2021

TD Cash Credit Card. on TD Bank's secure website. Mobile banking option Chime includes a plethora of tools designed to make your financial life much easier. According to credit bureau Experian’s 2019 Consumer Credit Review , we are accumulating debt at an average of 3% per year. Check Your Credit Score.

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Collection Industry News

NOVEMBER 13, 2023

trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. Credit card balances spiked by $154 billion year over year, notching the largest increase since 1999, the New York Fed found. Americans now owe $1.08

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Credit Card Debt Student loans Student Loans Consumer Credit 40

Troutman Sanders

OCTOBER 31, 2022

On October 21, the Eighth Circuit temporarily blocked President Joe Biden’s student loan forgiveness program. Notably, Chairman Gruenberg believes stablecoins should be (1) issued through a bank subsidiary; (2) backed in a 1:1 ratio by short-dated U.S. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. On November 8, while at the Central Bank of Ireland, Federal Reserve Governor Lisa D.

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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

Katabat

MARCH 30, 2021

That’s the headline from a recent NBC News story about the millions of Americans who have deferred payment on mortgages, rent, student loans and utility bills. 26% of Consumers Have a Third-Party Collection Tradeline on Their Credit Report. “Payment deferrals were a lifeline for millions during Covid.

Student loans 52

Student loans Student Loans Garnishment Banks 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.

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Financial services Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

AUGUST 1, 2023

Dream First Bank, National Association, has agreed to assume all the deposits of Heartland and almost all of Heartland’s failed bank assets. Dream First Bank, National Association, has agreed to assume all the deposits of Heartland and almost all of Heartland’s failed bank assets. For more information, click here.

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Financial services Financial Institution Debt collector Fair Debt Collection 52

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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Foreclosure Student loans Student Loans Debt collector 40

Troutman Sanders

OCTOBER 30, 2023

The court’s ruling follows a period of mounting pressure on the Texas federal court and the CFPB by banks and financial institution trade associations advocating for the nationwide extension of a July 31 injunction, which enjoined the CFPB from implementing and enforcing the Final Rule against the plaintiffs and their members.

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Troutman Sanders

OCTOBER 17, 2022

This letter follows Chairman Clyburn’s May 2022 letters to the NCRAs, requesting information on the companies’ efforts to respond to and resolve credit reporting inaccuracies raised by consumers during the pandemic. For more information, click here. For more information, click here. For more information, click here. 1701 , et seq.).

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Financial services Banks Student loans Student Loans 52

Debt Guru

JANUARY 27, 2021

A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. Unsecured debts, such as credit cards, store cards and personal loans, can be part of your DMP.

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Debt Management Unsecured Debt Debt Consolidation Creditors 52

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.

Financial services 52

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

True Accord

JULY 5, 2022

1.75% with the central bank expected to deliver more 50+ basis point rate hikes this year. While the markets are pricing these into forecasts , consumers will feel them more acutely in a number of ways. After another rate hike in June, the federal interest rate sits at 1.5-1.75%

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Lender Debt collector Loans Personal loans 52

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. The Department has also begun licensing debt collectors. For more information about the DFPI, visit their website at [link].

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Debt collector Education Credit Unions Credit Unions 40

Troutman Sanders

AUGUST 16, 2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. The lawmakers also asked for details regarding the extent to which banks currently engage in crypto-related activities.

Financial services 52

Financial services Loans Student loans Student Loans 52

Troutman Sanders

OCTOBER 4, 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. In reviewing the market for potential consumer harm, the report presents the latest research on consumer card use, cost, and availability.

Financial services 52

Financial services Financial Institution Foreclosure Student loans 52

Troutman Sanders

APRIL 4, 2022

On March 30, the Consumer Financial Protection Bureau (CFPB) sanctioned Edfinancial for deceiving student loan borrowers about their eligibility for Public Service Loan Forgiveness, and the steps they could have taken to obtain loan cancellation. For more information, click here. For more information, click here.

Financial services 52

Financial services Loans Banks Student loans 52

Credit Corp

JUNE 3, 2020

This includes opening a credit card account, getting a line of credit from your bank and obtaining financing for a big purchase. A consumer law attorney can help you understand your state’s laws on judgment collections. That means judgment creditors can seek debt payment from more than your wages and bank accounts.

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True Accord

MARCH 31, 2022

The four key trends we’re studying are: resumed foreclosure activity, extensive medical bills, the end of child tax credits and historically high inflation. Add these all together and the financial outlook for consumers, especially those in debt, is scary. But there are silver linings, as well.

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Lender Personal loans Foreclosure Loans 58

Better Credit Blog

MAY 12, 2022

It’s still possible you could see a judgment pulling down your credit score. When you owe money to a credit card company, public utility, or bank, or any other creditor, you could be sued in civil court. Just like with consumer credit, debt from a civil judgment must be validated under the Fair Credit Reporting Act.

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Judgment Creditors Debt collector Collection Agencies 71

Troutman Sanders

AUGUST 31, 2020

Federal Activities: During the week of August 24, 2020, the Consumer Financial Protection Bureau (CFPB) updated pages relating to student loans and its guidance on protecting credit during COVID-19. ” Additionally, the CFPB recently released additional resources for Spanish speakers, which can be viewed here.

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Financial services Foreclosure Student loans Student Loans 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.

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Lender Foreclosure Collections Debt collector 40

Troutman Sanders

MARCH 15, 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 FTC reminds consumers that the government will never ask them to pay anything upfront in any form to obtain stimulus money.

Financial services 52

Financial services Financial Institution Foreclosure Government 52

Credit Corp

MAY 30, 2023

That means judgment creditors can seek debt payment from more than your wages and bank accounts. The Consumer Credit Protection Act caps these types of garnishments. If you’re retired, unemployed, or self-employed, your bank account may be garnished instead. These terms are laid out in the final judgment. Property liens.

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Better Credit Blog

JANUARY 20, 2022

Nelson, aged 27, took out a private student loan of $10,000 to cover unforeseen college costs after using up his federal loan. You can use several methods: Consumer credit counseling. One way to do this would be to take out a bank loan to pay off all the debts and shift the debt amount to the bank.

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