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. Department of Education. The CFPB has released a report to Congress on college banking and credit card agreements. Key Takeaways.

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Better Credit Blog

MAY 17, 2022

Good debt usually are the kinds of credit taken in ways that will improve our lives. Examples include using a mortgage to purchase a home or investment property, or a student loan to get a college education. At the top of the list of bad debt is credit cards. Prepare Your Credit Before Applying.

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Credit Corp

APRIL 26, 2021

While online lending has become increasingly popular, more people are going to banks than any other type of lender–regardless of gender or age. That is, unless your credit score is too low to qualify. of Americans with personal loans borrowed from a bank. and credit unions came in last at 26.5%. Looking Forward.

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Troutman Sanders

APRIL 6, 2021

Five federal banking regulatory agencies are gathering information and comments on financial institutions’ use of artificial intelligence (AI), including machine learning. In October 2020, Mastercard introduced an AI-powered suite of tools that allows banks to assess cyber risk and prevent potential breaches.

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Credit Corp

AUGUST 4, 2020

Yet higher education can be expensive, seemingly putting that dream out of reach for many students and families. Grants, scholarships and government programs can all be used to aid your pursuit of higher education. Student Loans and Rising Education Costs. Attending college or university is a dream for a ton of people.

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Credit Corp

MARCH 30, 2023

The investing information provided is for educational purposes only. You can sign up for a high-yield savings account through many banks and credit unions, and some accounts can earn you anywhere from three to four percent annually. We recommend consulting a financial professional before investing.

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Troutman Sanders

SEPTEMBER 12, 2022

According to the CA DFPI, when the Student Loan Servicing Act first became effective in 2017, student loans contained traditional student loans, defined in the proposed rules as federal student loans, and private student loans offered by traditional lenders, such as banks and credit unions.

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Credit Corp

AUGUST 23, 2021

You might also talk to your bank or credit union about available loans that would be looked upon more favorably. Recently opened bank revolving trades. Revolving trades refers to revolving credit accounts. OpenSky® Secured Visa® Credit Card. on Capital Bank's secure website. Card Details.

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Credit Corp

SEPTEMBER 16, 2020

Only become an authorized user if you are both committed to practicing smart credit-building habits. Credit Builder Loans. Credit builder loans aren’t widely publicized, but they are a great way to build credit without a credit card. OpenSky® Secured Visa® Credit Card. on Capital Bank's secure website.

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Student loans Student Loans Personal loans Loans 105

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. The law will take effect on January 1, 2024.

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Fico Collections

JUNE 15, 2021

World Elder Abuse Awareness Day is officially June 15th and it’s an ideal time to educate oneself on how to protect elders from becoming victims of financial abuse. In this post, I’ll explain why and how they fall victim as well as provide tips for financial caregivers and banks to combat this rapidly growing form of financial abuse.

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Credit Corp

DECEMBER 14, 2020

And her bank wouldn’t give her and her husband Larry a loan to buy a replacement home. Community Development Financial Institutions, which include banks, credit unions, loan and venture funds, are making second-chance loans where others may fear to tread. “We But the roof was falling in. Flexible loan amounts.

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Credit Corp

SEPTEMBER 27, 2021

Many students can’t afford post-secondary education without financial help. StudentLoanHero suggests some of the best student loan lenders to date: College Ave Sallie Mae Earnest Ascent SoFi Citizens Bank. Conversely, private student loans are non-federal loans offered by banks, credit unions, and other financial institutions.

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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.

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Troutman Sanders

OCTOBER 18, 2022

million student checking and credit card accounts that are governed by partnerships between institutions of higher education and financial services providers, and it highlighted market trends and possible risks. We will continue to work with the Department of Education to help students find the best possible products.”.

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Collection Industry News

SEPTEMBER 19, 2022

According to the regulator, when the state began regulating student loan servicers in 2017 with the enactment of the Student Loan Servicing Act, student loans were comprised of federal and private student loans, most commonly made by banks and credit unions using traditional loan forms such as promissory notes and loan agreements.

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Credit Corp

JUNE 12, 2023

Most people don’t have $5,000+ sitting in their bank accounts—that’s where personal loans come in. A personal loan is money borrowed from a bank, credit union, or other financial institution that can be used for virtually any personal expense. In some cases, you may qualify for a loan with no credit at all.

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Credit Corp

JULY 31, 2024

But what sets these digital lenders apart from traditional banks and credit unions? Unlike traditional brick-and-mortar banks, digital lenders often boast streamlined application processes, competitive interest rates, and innovative features designed to appeal to tech-savvy consumers.

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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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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.

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Collection Industry News

NOVEMBER 22, 2023

The rule proposed today would ensure that these nonbank financial companies – specifically those larger companies handling more than 5 million transactions per year – adhere to the same rules as large banks, credit unions, and other financial institutions already supervised by the CFPB.

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Better Credit Blog

APRIL 1, 2022

LightStream is fast becoming a go-to option for personal loans of all types, especially for borrowers with an excellent credit history who need a large loan amount. A subsidiary of SunTrust Bank (now known as Truist), LightStream brings the stability of traditional banking to online lending. Loan Purpose Can Make a Difference.

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Personal loans Loans Lender Student loans 65

Collection Industry News

DECEMBER 28, 2020

Banks, savings associations, and credit unions are not subject to HMDA for a calendar year if their assets as of December 31, of the prior calendar year did not exceed an asset threshold. The asset threshold is subject to annual adjustment based on inflation.

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Better Credit Blog

JUNE 1, 2022

Neither a marketplace nor a loan provider, LendKey is a student loan servicer, one that partners with banks and local credit unions to provide low-interest loans. Instead of working with the bank that is funding your loan, you communicate with and make payments to LendKey. Learn More about LendKey.

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Troutman Sanders

JANUARY 9, 2024

On December 29, 2023, the Office of Comptroller of Currency (OCC), jointly with the Federal Reserve, the FDIC, and the National Credit Union Administration, published a final rule amending the Uniform Rules of Practice and Procedure in 12 C.F.R. On December 27, 2023, the FTC filed suit against Grand Canyon Education, Inc., (GCE)

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Credit Corp

FEBRUARY 21, 2023

Average interest rates for new credit card offers Lending Tree analyzed the terms and conditions of 200 credit cards from upwards of 50 different credit card companies, banks and credit unions. To begin managing your credit and your debt, sign up for a free credit report card and check out ExtraCredit.

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Better Credit Blog

JUNE 1, 2022

This time can also be stressful, though, as obtaining a college education is pricey. If you’re looking for a loan to help fund your education, you have plenty of options. government, whereas private loans are offered by banks, credit unions, and other financial institutions, some of which focus solely on providing student loans.

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Better Credit Blog

DECEMBER 6, 2021

“Some grant programs can be used in combination with agency programs, as well as some banks in-house programs.” I generally recommend that folks contact a national lender, a local mortgage broker, and a local credit union, then compare the information and find the right professional for you.”

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Troutman Sanders

SEPTEMBER 18, 2023

On September 15, the Financial Crimes Enforcement Network (FinCEN) assessed a $15 million civil money penalty against Bancrédito International Bank and Trust Corporation (Bancrédito) for willful violations of the Bank Secrecy Act and its implementing regulations. commercial banks and savings associations of $13.7

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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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Better Credit Blog

MAY 11, 2022

This affiliation also means you can get in-person support at bank locations, making the provider one of the best private student loan refinance options. Through this company, married couples can consolidate their student loans with interest rates based on which partner has the better credit score or income.

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Collection Industry News

AUGUST 3, 2021

The percent of survey respondents who applied directly through a bank or credit union decreased from 2018 to 2019 (from 54 to 49 for home purchase mortgages and 67 to 61 for refinances). More recent client satisfaction data: A J.D.

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True Accord

JANUARY 10, 2024

The Consumer Financial Protection Bureau (CFPB) has had its hands full overseeing actors across sectors–from regional and large banks to auto and online lenders to mortgage and credit agencies–in an ongoing effort to protect consumers in an ever-growing landscape of financial product offerings. the lowest reading since April 2021.

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Student loans Student Loans Loans Banks 59

Better Credit Blog

AUGUST 3, 2021

Having a bad credit score can make it difficult to get a loan. “A bad credit score is somewhat of an indicator of your short, medium, and long-term ability to repay the loan, which is how banks make money.” Offers online financial education resources. Works with lenders who accept credit scores as low as 600.

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Loans Lender Collateral Education 52

Better Credit Blog

AUGUST 3, 2021

Having a bad credit score can make it difficult to get a loan. “A bad credit score is somewhat of an indicator of your short, medium, and long-term ability to repay the loan, which is how banks make money.” Offers online financial education resources. Works with lenders who accept credit scores as low as 600.

Loans 52

Loans Lender Collateral Education 52

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. On March 16, the FTC reminded consumers they are eligible to acquire free weekly credit reports until April 20, 2022. On March 18, the U.S.

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Collection Industry News

FEBRUARY 21, 2022

In the RFI, the CFPB states that it has grown “increasingly concerned that consumer finance has become part of [the] ‘fee economy,’” where “exploitative junk fees” charged by banks and other financial institutions far exceed the marginal cost of the service they purport to cover.

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