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.

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Account Recovery

JULY 27, 2022

Appeals Court Upholds Ruling for Bank in Call Center Compensation Case appeared first on AccountsRecovery.net.

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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. The RFI notes that financial institutions have been and are exploring AI-based applications for a variety of purposes.

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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.

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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.

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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.

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Troutman Sanders

NOVEMBER 3, 2021

On October 27, the Federal Trade Commission (FTC) announced a final rule (Final Rule), amending the Standards for Safeguarding Customer Information (Safeguards Rule) under the Gramm-Leach-Bliley Act (GLBA) as it applies to covered financial institutions. Expanded Definition of “Financial Institution”.

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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?

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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.

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Consumer Finance

AUGUST 10, 2021

The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, today issued guidance that provides financial institutions with examples of effective authentication and access risk management principles and practices for customers, employees, and third parties accessing digital banking services and information systems.

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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.

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Troutman Sanders

AUGUST 16, 2021

The guidance focuses on the following key practices in developing and maintaining an effective authentication program: Conducting a risk assessment for access and authentication to digital banking and information systems, which might include inventories of information systems, digital banking systems, customers, and transactions.

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Troutman Sanders

MAY 5, 2022

One area the CFPB identified as a consumer harm is when financial institutions charge a consumer overdraft fees because the institutions failed to lift the initial automatic holds on the amounts of mobile check deposits after an additional suspicious deposit hold was placed on the account. Prepaid Accounts.

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Troutman Sanders

OCTOBER 25, 2023

In the latest episode of Payments Pros , hosts Keith Barnett and Carlin McCrory are joined by Jean Gonnell and Agustin Rodriguez, co-leaders of Troutman Pepper’s Cannabis practice, to discuss the legal complexities that financial institutions face when dealing with the cannabis industry.

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Credit Corp

APRIL 2, 2024

You can open an account with a traditional bank, set up an online bank account , or choose a neighborhood credit union. Best of all, you can have accounts with multiple institutions, maximizing convenience. As you’re reviewing your options, you may see some claims that credit unions are better than banks.

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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.

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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.

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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.

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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 […]

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Troutman Sanders

JANUARY 10, 2023

In this episode of The Crypto Exchange , Troutman Pepper attorney Carlin McCrory welcomes Disputes, Compliance and Investigations Managing Director Terri Sands from Stout to discuss the risks and regulatory scrutiny that financial institutions and fintechs face as to fraud and the Bank Secrecy Act (BSA).

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Fico Collections

MARCH 23, 2021

With the impact of COVID-19, banks and financial institutions are forced to accelerate the development and deployment of their digital capabilities as access to remote channels moved from choice to necessity. With that, the speed of continuous adoption is being seen not as an exception but rather the habit.

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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. The report reviewed agreements and data covering the over 1.2

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Troutman Sanders

JANUARY 18, 2024

Transcript: Redefining Banking: A Conversation on the CFPB’s Proposed 1033 Rule (PDF) Jordan highlights the importance of data portability in banking, comparing it the telecommunications industry’s phone number portability. He suggests that the rule will increase competition, forcing banks to offer better services to retain customers.

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Troutman Sanders

OCTOBER 13, 2023

On October 11, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion regarding § 1034(c) of the Consumer Financial Protection Act (CFPA), which requires large banks and credit unions to comply in a timely manner with consumer requests for information concerning their accounts.

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Troutman Sanders

OCTOBER 19, 2023

Elder abuse and financial exploitation of the elderly are increasing problems in our society, and financial institutions are right in the thick of it. Chris, Mary, and Dave discuss trends in elder fraud litigation, offering insights on the common themes and defenses that financial institutions have in these cases.

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Collection Industry News

MAY 9, 2022

One area the CFPB identified as a consumer harm is when financial institutions charge a consumer overdraft fees because the institutions failed to lift the initial automatic holds on the amounts of mobile check deposits after an additional suspicious deposit hold was placed on the account. Prepaid Accounts.

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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.

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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.

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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.

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Troutman Sanders

JULY 20, 2023

There are 35 early adopter banks and credit unions, with the idea being that FedNow will eventually be adopted by the majority of banks and credit unions in the U.S. Financial institutions will provide their customers with access to the instant payments through new features on their mobile apps and banking websites.

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Payment Savvy

MARCH 22, 2023

What Is the SWIFT Banking System? SWIFT stands for Society for Worldwide Interbank Financial Telecommunication and was first introduced 40 years ago. SWIFT is also a global financial messaging network that is used by 11,000 financial institutions to make over 30 million transactions daily.

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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.

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Account Recovery

OCTOBER 30, 2023

The Federal Trade Commission on Friday announced it has amended the Safeguards Rule that will require non-bank financial institutions to report data breaches to the agency.

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Troutman Sanders

JULY 28, 2023

Legislative Bill 92 expands the scope of the licensing requirement to “any person that is not a financial institution who, at or after the time a [covered] loan is made by a financial institution, markets, owns in whole or in part, holds, acquires, services, or otherwise participates in such loan.”

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Nerd Wallet

MAY 23, 2022

According to the Federal Reserve’s 2021 Small Business Credit Survey, banks remain the most common source of credit for small businesses — compared with options such as online lenders, community development financial institutions or credit unions. Randa Kriss writes for NerdWallet. Email: rkriss@nerdwallet.com.

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Consumer Finance

OCTOBER 12, 2022

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

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