Troutman Sanders

FEBRUARY 8, 2022

Troutman Pepper announced today that a nationally recognized consumer financial services group has joined the firm from Ballard Spahr in Atlanta, New York, Philadelphia, and Salt Lake City. The industry-leading group includes partners Christopher J. Willis , Mark J. Furletti , Jeremy T. Rosenblum , Stefanie H. Cover , and Anthony C.

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Troutman Sanders

DECEMBER 12, 2023

The OCC reported that the overall strength of the federal banking system remains sound, and expects banks to remain diligent and adhere to prudent risk management practices across all risk areas. Banks should continue to guard against complacency to ensure they maintain the ability to withstand potential future economic challenges.

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Financial services Banks Collection Agencies Collections Agency 52

Troutman Sanders

OCTOBER 30, 2023

The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. For more information, click here. On October 26, Senator Cynthia M.

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Troutman Sanders

AUGUST 14, 2023

On August 8, the Office of the Comptroller of the Currency (OCC) issued a bulletin to provide banks with guidance regarding the applicability of the legal lending limit to purchased loans. Whether a loan purchased by a bank is attributable to the seller under the legal lending limit regulation depends on specific facts and circumstances.

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Financial services Foreclosure Banks Loans 52

Troutman Sanders

MARCH 4, 2024

On February 29, the Consumer Financial Protection Bureau (CFPB) issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. For more information, click here.

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Troutman Sanders

NOVEMBER 27, 2023

On November 22, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced that the comment period on their long-term debt proposed rule to improve the resolvability of large banks and enhance financial stability, will be extended until January 16, 2024.

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Troutman Sanders

DECEMBER 4, 2023

On December 1, the House of Representatives approved a resolution to repeal a Consumer Financial Protection Bureau (CFPB) rule that mandated banks to gather data on loan applications from women-owned, minority-owned, and small businesses to help lenders identify business development needs and opportunities. on June 5-7, 2024.

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Troutman Sanders

NOVEMBER 7, 2023

monthly from their bank account until the advance was paid off. On November 1, the Consumer Financial Protection Bureau (CFPB) published a blog focused on the financial challenges that servicemembers face. Before making any loan, bank management should identify the purpose of the loan and the source of repayment.

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Financial services Debt collector Loans Foreclosure 52

Troutman Sanders

OCTOBER 24, 2023

It would jumpstart competition by forbidding financial institutions from hoarding a person’s data and by requiring companies to share data at the person’s direction with other companies offering better products. On October 17, the Bank of International Settlements (BIS) issued a guidance proposal titled, “Disclosure of Cryptoasset Exposures.”

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Financial services Creditworthiness Banks Government 52

Troutman Sanders

FEBRUARY 16, 2023

Companies operating these digital platforms appear to shoppers as if they provide objective lender comparisons, but may illegally refer people to only those lenders paying referral fees. On February 8, New York Department of Financial Services (DFS) Superintendent Adrienne A. For more information, click here.

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Financial services Lender Banks Education 52

Troutman Sanders

SEPTEMBER 5, 2023

On August 30, the Federal Reserve Bank of Kansas City published an overview of the Bitcoin ATM (BTM) industry. banking system, to reduce the costs and impacts of large bank resolution, and to support the rapid and orderly resolution of their holding companies. For more information, click here. For more information, click here.

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Financial services Banks Trade Home Insurance 52

Collection Industry News

JULY 27, 2021

House Financial Services Subcommittee on Consumer Protection and Financial Institutions considered proposed legislation to expand access to financial services for underserved communities. Postal Service (the “Post Office”); and. Source: site.

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Financial services Banks Credit Unions Credit Unions 40

Troutman Sanders

DECEMBER 12, 2022

Federal Activities: On December 8, the Office of the Comptroller of Currency (OCC) released its Semiannual Risk Perspective for Fall 2022 , which discusses major risk themes facing the federal banking system. banking system’s exposure to the crypto industry. million investment in Washington-based bank Moonstone Bank.

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Financial services Financial Institution Banks Lender 52

Troutman Sanders

SEPTEMBER 25, 2023

On September 20, the Senate Banking, Housing, and Urban Affairs Committee held a hearing on artificial intelligence (AI) in financial services. In his opening statement, Chair Sherrod Brown (D-OH) alleged that AI could cause significant changes in our financial system. For more information, click here. 1020.210(b).

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Financial services Loans Banks Debt collector 52

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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Financial services Trade Banks Credit Unions 52

Troutman Sanders

MAY 2, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan, as well as provide a framework for how these loans will be treated under the Truth in Lending Act. Senate Committee on Banking held a full committee hearing, titled “Oversight of the Credit Reporting Agencies.” On April 27, the U.S.

Financial services 52

Financial services Trade Consumer Credit Government 52

Troutman Sanders

JULY 25, 2023

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 State Activities Federal Activities: On July 21, the Chairman of the U.S. The FSC will meet on July 26 to markup H.R.

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Financial services Trade Repossession Lender 52

Troutman Sanders

AUGUST 7, 2023

On August 1, the Board of Governors of the Federal Reserve System (the Fed) delivered to Congress its Cybersecurity and Financial System Resilience Report (report). Banks reported that lending standards are currently on the tighter end of the range for all loan categories. For more information, click here.

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Financial services Financial Institution Manufacturing Loans 52

Troutman Sanders

NOVEMBER 21, 2022

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. The CFPB will be accepting comments on its proposal until December 19. For more information, click here. For more information, click here.

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Financial services Banks Lender Trade 52

Troutman Sanders

MAY 31, 2023

On May 26, the European Central Bank published two reports on its market research and prototyping exercise, which were both conducted as part of the investigation phase of the digital euro project. The CFPB alleges that the bank failed to properly manage and respond to customers’ credit card disputes and fraud claims.

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Financial services Financial Institution Banks Trade 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

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

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Financial services Student loans Student Loans Education 52

Jimerson Firm

FEBRUARY 10, 2022

When account owners have an account that reflects a negative balance, the lender is faced with a myriad of options and obligations with regard to the pursuit of that debt. Ocwen Loan Servicing, LLC, 8:14-CV-3214-T-35MAP, 2015 WL 12938920, at *1 (M.D. Charging Off” Uncollectable Debt. 1099-C Issuance. 1.6050P-1(b)(2)(i).

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Jimerson Firm

JUNE 30, 2021

When a borrower defaults on a mortgage, lenders will likely execute their right to foreclose on the property by filing a lawsuit. However, lenders are not always the successful party in the foreclosure and, to the disappointment of the lender, the lawsuit may be dismissed. Bank National Ass’n , 211 So. 2d 1004 (Fla.

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Lender Foreclosure Banks Judgment 96

Troutman Sanders

SEPTEMBER 11, 2023

On September 8, the Financial Crimes Enforcement Network (FinCEN) issued an alert on identifying several red flags that banks and financial institutions should be on the lookout for concerning cryptocurrency investment scams. For more information, click here. For more information, click here. payments system.” in the U.S.

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Financial services Student loans Student Loans Banks 52

Troutman Sanders

JUNE 27, 2023

The IMF reasoned that the approach may not be effective in the long run, and instead, suggested that Latin American and Caribbean countries considering central bank digital currency adoption should focus on addressing the drivers of crypto demand, including citizens’ unmet digital payment needs and the need for improved transparency.

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Financial services Banks Trade Loans 52

FFGN COLLECT NY

MAY 24, 2022

Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. The proposed bill does not currently apply to commercial lenders. Therefore, it will most likely be “business as usual” for commercial lenders and the like.

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Credit Corp

APRIL 2, 2024

When it comes to borrowing money, building up your emergency fund , and performing financial transactions, you have more options than ever before. You can open an account with a traditional bank, set up an online bank account , or choose a neighborhood credit union. Why is a credit union better than a bank for some people?

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True Accord

JULY 27, 2020

Banks, lenders, and other financial players are accelerating their digital transformation roadmaps, shortening years’ worth of development into mere months, in an attempt to service consumers at scale while managing the complexities of our new normal and the limitations of outdated infrastructure.

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Financial services Financial Institution Lender Banks 99

Fico Collections

DECEMBER 20, 2021

The past year was one of transition in the Washington, DC policy arena as a new President, Congress and group of banking agency heads took charge of the financial legislative and regulatory policy agenda. Open Banking Begins to Take Off in the U.S. with New Rules Promulgated by the CFPB. However, 2022 should signal a change.

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Financial services Debt collector Banks Fair Debt Collection 52

Fico Collections

DECEMBER 9, 2021

For banks, credit unions, and other lenders, the sudden shift to digital-only interactions has introduced a variety of internal and external challenges, as well as some opportunities. In fact, the main attrition driver for financial institutions is a poor banking app. Humanizing the Digital Experience.

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Financial services Financial Institution Banks Credit Unions 52

Jimerson Firm

MARCH 10, 2021

Oftentimes, individuals or businesses borrow money from a bank or lender, and unfortunately, are unable to pay the loan payments. In this event, the borrower may try to shift the blame of their inability to pay on the bank or lender, by filing a claim for negligent loan processing or underwriting, and/or breach of fiduciary duty.

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Troutman Sanders

MARCH 28, 2023

Court of Appeals for the Second Circuit held that the Consumer Financial Protection Bureau’s (CFPB) funding structure is constitutional — splitting from the U.S. Court of Appeals for the Fifth Circuit’s decision in Community Financial Services Association of America v. For more information, click here.

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Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

JUNE 22, 2022

In a keynote address at the Consumer Federation of America’s 2022 Consumer Assembly , CFPB Deputy Director Zixta Martinez squarely took aim at “rent-a-bank schemes” in some of the first (if not the first) such comments by a senior CFPB official. Notably, Ms. Additionally, Ms.

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Banks Lender Financial services Loans 52

Jimerson Firm

FEBRUARY 12, 2021

The SBA, through the Office of Credit Risk Management (“OCRM”), monitors and oversees the activities of all its lenders and CDCs to ensure it is effectively following loan program requirements and protecting the integrity of the SBA program. There are ten grounds that may trigger an enforcement action against all SBA lenders and CDCs.

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Jimerson Firm

FEBRUARY 18, 2021

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Accordingly, lenders making construction loans or those whose loan will be secured by a mortgage on real property, must be aware of notices of commencement and their requirements under Fla.

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Jimerson Firm

JUNE 28, 2021

In Florida, a lender initiates a foreclosure by commencing a lawsuit in the county where the property is located. If the lender is successful, the lender will receive a final judgment of foreclosure from the court and the property will be sold at a public auction. If the Lender Was Unsuccessful, Should It Appeal?

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