Account Recovery

MAY 14, 2021

A day after it was reported that more consumers are paying off their credit balances than at any point this century, a number of financial institutions are planning on sharing data to help consumers without credit scores gain access to credit cards and other types of loans, according to a published report.

Banks 230

Banks Financial Institution Loans 230

Account Recovery

SEPTEMBER 18, 2024

As financial institutions continue to seek effective ways to communicate with consumers, text messaging (SMS) is emerging as a powerful tool to boost engagement, according to a published report. Financial institutions are increasingly using it as a way to build trust and create personalized consumer experiences.

Financial Institution 130

Financial Institution Credit Unions Credit Unions Collections Agency 130

Account Recovery

FEBRUARY 6, 2025

Getting to Know Bridget Thede of Simplicated Debt Buyer Files Motion for Sanctions in FCRA Case, Accuses Plaintiff of Doctoring Bank Statements Indiana Senate Committee Considers Bill to Reform Medical Debt Collection FCC Proposes $4.5M

Banks 130

Banks Financial Institution Collections 130

Account Recovery

NOVEMBER 13, 2024

Why it matters: The CFPB’s report draws attention to how existing federal privacy protections, primarily governed by the Gramm-Leach-Bliley Act (GLBA) and the Fair Credit Reporting Act (FCRA), have limitations in safeguarding consumer financial data.

Financial Institution 130

Financial Institution Government Banks Collections 130

Account Recovery

NOVEMBER 1, 2024

Adding insult to injury, the Consumer Financial Protection Bureau yesterday fined one of the nation’s largest credit unions $1.5 million because the rollout of a new banking platform back in 2022 did not go according to plan and left some customers unable to access their accounts or perform certain functions online.

Credit Unions 130

Credit Unions Credit Unions Financial Institution Banks 130

Account Recovery

MAY 16, 2025

The rapid adoption of generative AI in banking is driving significant changes in how financial institutions engage with customers and optimize their operations. KPMG’s 2025 Banking Survey reveals that nearly half of U.S.

Banks 130

Banks Financial Institution 130

Account Recovery

MAY 5, 2022

The Consumer Financial Protection Bureau yesterday announced an enforcement action against Bank of America, in which the nation’s second-largest financial institution will pay a fine of $10 million after it was accused of unlawfully garnishing $592,000 from its customers’ bank accounts.

Garnishment 246

Garnishment Financial Institution Banks 246

Account Recovery

APRIL 17, 2025

The Bureaus new emphasis on tangible consumer harm, while deprioritizing areas such as medical debt and digital payments, signals a shift in enforcement priorities that may influence the regulatory landscape for many companies in the credit and collection industry.

Credit Unions 130

Credit Unions Credit Unions Financial Institution Collections Agency 130

Account Recovery

AUGUST 27, 2024

Bank, a leading financial services provider, has announced the completion of its acquisition of Salucro Healthcare Solutions LLC, a Tempe, Arizona-based company specializing in healthcare financial technology. Bank reflects a growing trend of financial institutions investing in specialized healthcare fintech.

Healthcare 130

Healthcare Banks Acquisition Financial Institution 130

Account Recovery

FEBRUARY 14, 2023

The president and chief executive of the American Bankers Association yesterday pushed back against the Consumer Financial Protection Bureau and its attempts to “bully” banks and financial institutions into eliminating “perfectly legal or legitimate” fees.

Banks 130

Banks Financial Institution 130

Account Recovery

APRIL 18, 2024

The Attorney General of New York yesterday announced that a financial institution will pay $700,000 in fines and penalties for illegally freezing customer accounts and sending debt collectors tens of thousands of dollars that should have been protected or exempt from garnishment.

Debt collector 130

Debt collector Banks Garnishment Financial Institution 130

Consumer Finance

OCTOBER 12, 2022

Some financial institutions and colleges may be steering students to more expensive financial products.

Financial Institution 144

Financial Institution Banks 144

Consumer Finance

JANUARY 23, 2024

The Consumer Financial Protection Bureau proposed to block financial institutions from one potential source of new junk fee revenue – fees on instantaneously declined transactions.

Financial Institution 140

Financial Institution Banks Financial services 140

Account Recovery

APRIL 7, 2021

CHICAGO — April 6 — CMS Services, a leading provider of compliance management services to the Accounts Receivable Management industry, is excited to announce the launch of its Bank Terms & Conditions portal, providing copies of the terms and conditions issued by hundreds of credit grantors and financial institutions nationwide from (..)

Creditors 195

Creditors Accounts Receivables Management Financial Institution Banks 195

True Accord

JULY 13, 2023

With tumult in the banking industry in Q2 and inflation and economic stressors persisting, the financial outlook for American consumers remains uncertain. The amendments lay out a more prescriptive recipe for the safeguards financial institutions must have in place around collecting, storing and transmitting consumer information.

Financial Institution 96

Financial Institution Student loans Student Loans Loans 96

Consumer Finance

JANUARY 16, 2024

The CFPB today proposed a rule to rein in excessive overdraft fees charged by the nation’s biggest financial institutions.

Financial Institution 145

Financial Institution Banks Financial services 145

Account Recovery

DECEMBER 19, 2023

Turner introduced a bill in the House of Representatives that would require financial institutions give customers the option to receive paper statements and prohibit financial institutions from […] Mike Turner [R-Ohio] is trying to preserve that opportunity for you. Last week, Rep.

Financial Institution 130

Financial Institution Banks 130

Nerd Wallet

DECEMBER 9, 2020

Many financial institutions offer deposit accounts with college students in mind. When looking for a new banking service as a college student, seek out accounts (whether or not they cater specifically to students) that have the following: no or easily avoided monthly fees, solid overdraft policies, good.

Banks 90

Banks Financial Institution Credit Unions Credit Unions 90

Account Recovery

JUNE 13, 2022

The Court of Appeals for the Ninth Circuit has affirmed a lower court’s ruling that an individual’s text messages sent to a financial institution constitute providing expressed consent to be contacted on a mobile phone via an automated telephone dialing system under the Telephone Consumer Protection Act, but that the lower court abused (..)

Financial Institution 243

Financial Institution Banks 243

Nerd Wallet

NOVEMBER 16, 2021

Do you like your bank? According to a new NerdWallet survey, just over half of American banking consumers (53%) say they’re very satisfied with their current primary bank — defined as the bank that they use most often — while others feel only somewhat satisfied (30%) or unsatisfied (17%) with this financial institution.

Banks 94

Banks Financial Institution Credit Unions Credit Unions 94

Payment Savvy

AUGUST 3, 2023

A Bank Identification Number (BIN) is the first four or six numbers found on any debit or credit card. Essentially, this set of digits specifies the financial institution that issued a payment card. It serves the specific purpose of identifying the type of the issuing institution. What Are BINs?

Banks 98

Banks Financial Institution Retrieval Healthcare 98

Consumer Finance

JUNE 5, 2023

The Consumer Financial Protection Bureau (CFPB) today released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions.

Banks 114

Banks Financial Institution Financial services 114

Troutman Sanders

OCTOBER 4, 2023

Join Troutman Pepper Partner Chris Willis and fellow Partner Matthew Orso as they discuss the Bank Secrecy Act, anti-money laundering, and countering the financing of terrorism rules, as they pertain to financial institutions defined by FinCEN.

Financial Institution 52

Financial Institution Banks 52

Account Recovery

SEPTEMBER 30, 2024

But, as economic challenges mount, consumers are increasingly seeking financial advice from various sources, according to a published report. Many are turning to both traditional financial institutions and newer, technology-driven solutions like AI and social media. Learn more.

Financial Institution 130

Financial Institution Banks 130

Account Recovery

OCTOBER 12, 2023

The Consumer Financial Protection Bureau yesterday released guidance reminding financial institutions that they are not allowed to charge consumers for “basic information” about their accounts. A copy of the advisory opinion is […]

Financial Institution 147

Financial Institution Banks 147

Nerd Wallet

SEPTEMBER 24, 2021

A bank is a financial institution with a license to hold and lend money. The article What Is a Bank? NerdWallet does not offer advisory or brokerage services, nor does it recommend specific investments, including stocks, securities or cryptocurrencies. Spencer Tierney writes for NerdWallet. Twitter: @SpencerNerd.

Banks 78

Banks Financial Institution Personal loans Education 78

True Accord

JANUARY 21, 2025

In addition to specific actions targeting offenders in the consumer financial services industry, the CFPB announced myriad other topics of interest to close out 2024 with a sharp focus on protecting consumers and their data.

Student loans 104

Student loans Student Loans Credit Card Debt Financial Institution 104

Account Recovery

DECEMBER 16, 2024

She contended that the defendant, a financial institution, failed to properly investigate unauthorized transactions, continued billing during disputes, and reported inaccurate information to credit agencies without providing an option to “opt out.”

Fair Debt Collection 130

Fair Debt Collection Financial Institution Creditors Loans 130

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.

Collections 147

Collections Financial Institution Banks Loans 147

Account Recovery

JUNE 20, 2024

Artificial intelligence (AI) chatbots are transforming the banking sector, offering significant cost savings, improved efficiency, and enhanced customer satisfaction, according to a published report. These digital assistants are set to revolutionize customer service and internal operations within financial institutions.

Financial services 130

Financial services Financial Institution Banks 130

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.

Banks 98

Banks Financial Institution Financial services Government 98

Troutman Sanders

JULY 19, 2022

The law currently provides that the banks that own the cash apps are only required to reimburse transactions not authorized by the customer — meaning if a customer is tricked into transferring money to a scammer, but authorizes the transaction, the banks are not responsible for those transactions.

Banks 98

Banks Financial Institution 98

Consumer Finance

MARCH 16, 2021

On March 17, 2021, Consumer Financial Protection Bureau Acting Director Dave Uejio issued a statement regarding consumers’ access to Economic Impact Payment funds distributed through the American Rescue Plan.

Financial Institution 97

Financial Institution Debt collector Banks 97

Nexa Collect

NOVEMBER 26, 2022

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. This means all collection agencies must secure consumer data nearly the same way as banks. The GLBA covers any institutions that provide financial services, including : Handling loans. Providing financial advising.

Collections Agency 130

Collections Agency Collection Agencies Financial Institution Collections 130

Account Recovery

FEBRUARY 14, 2024

There is yet another new startup in the industry that is using the power of artificial intelligence to help collect debts — Cambio, which is backed by Y Combinator, is leveraging AI to offer innovative solutions for both consumers and financial institutions.

Startups 130

Startups Financial Institution Banks Collections 130

Account Recovery

JANUARY 5, 2024

A trade group representing non-bank financial institutions that provide sales-based financing to businesses has filed a lawsuit against the Consumer Financial Protection Bureau claiming it has overstepped its authority by issuing a rule regulating how lenders must collect and submit data related to small business lending activities.

Financial Institution 130

Financial Institution Trade Lender Banks 130