Collection Industry News

FEBRUARY 22, 2021

On February 11, 2021, the Federal Trade Commission (FTC) announced a $114 million settlement with the owners and operators of an alleged tribal payday lending scheme. Instead, the payday lenders allegedly continued to withdraw funds from consumers’ bank accounts long after their loans had been repaid.

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Troutman Sanders

MAY 2, 2023

CFS Partner Lori Sommerfield brings more than two decades of experience in representing a wide range of banks, financial institutions, and financial services companies in fair lending and responsible banking regulatory compliance. Transcript: CFPB’s Section 1071 Final Rule (Part 1): A General Overview

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Financial Institution Fair Debt Collection Financial services Law Firms 97

Troutman Sanders

AUGUST 15, 2023

The Independent Community Bankers of America, Independent Bankers Association of Texas, and Texas First Bank had filed their own Unopposed Emergency Motion for Leave to Intervene (discussed here ) in the same action on August 4. Supreme Court’s final decision in Community Financial Services Association (CFSA) v. CFPB (discussed here ).

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Troutman Sanders

OCTOBER 27, 2023

In a major victory for small business lenders, yesterday the U.S. In the event the Supreme Court overturns that Fifth Circuit decision, the CFPB would be required by the Texas federal court’s nationwide injunction to extend every small business lender’s compliance date to compensate for the period stayed. CFPB will dissolve if the U.S.

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Troutman Sanders

OCTOBER 29, 2020

On October 27, the Office of the Comptroller of the Currency (OCC) issued its final rule on how to determine when a national bank or federal savings association (referred to collectively as a national bank) is the “true lender” in the context of a partnership between a national bank and a third party.

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Fico Collections

FEBRUARY 16, 2021

It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. As we pass the first anniversary of the pandemic’s outbreak, where does this leave lenders? The UK’s Financial Conduct Authority (FCA) has handed out a £26m fine following poor treatment of more than 1.5 million struggling borrowers.

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Credit Corp

MAY 9, 2023

Every lender will have different DTI requirements, but it’s generally recommended to stay below 36%. Gather Proof of Income Potential lenders want to see you have a reliable source of income, especially if your credit score needs some work. Each lender will offer different loan terms.

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Fico Collections

JUNE 30, 2021

a , the largest commercial bank in Slovakia, has chosen FICO® Decision Optimizer to increase profitability and improve portfolio management for its cash loan portfolio. Using FICO’s advanced AI-powered optimization , the bank will develop data-driven lending strategies to systematically improve results. Slovenská sporite??a

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Credit Corp

DECEMBER 14, 2020

While creditors weren’t looking up someone’s history of debt and payments, many lenders did take risk-mitigation actions. 1960s: Credit reporting bureaus “sponsored” by banks or other financial institutions didn’t share information outside of their networks. The concept of credit reporting may be almost as old.

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Fraser

NOVEMBER 23, 2022

The Federal Trade Commission recently extended the deadline , from December 9, 2022, to June 9, 2023, for compliance with the most stringent requirements of its latest rulemaking, revisions to the Safeguards Rule under the Gramm Leach Bliley Act (“the GLBA”).

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Troutman Sanders

FEBRUARY 24, 2023

On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has issued orders to nine of the largest auto lenders requesting information about their auto lending portfolios. The Bureau indicated it is interested in the potential correlation between delinquency and geography, credit score, and income.

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UK debt collections

DECEMBER 8, 2020

The Financial conduct authority has asked banks, lenders and debt collectors for advice on how to deal with the fall out from emergency Covid-19 loans given out during the pandemic. But it will advise banks and lenders on how to manage repayment of loans linked to the COVID-19 crisis without violating consumer rights.

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True Accord

APRIL 28, 2025

Job gains showed up in health care, social assistance, transportation and warehousing, along with retail trade, which reflected the return of workers from a strike, while federal government employment declined as a result of wide-reaching layoffs. The Federal Reserve (Fed) held rates steady at 4.25-4.50% 4.50% in March.

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Better Credit Blog

MAY 17, 2022

The auto loan industry is quite a diverse one, and loan terms can vary considerably from one lender to another. Many lenders will provide 100% financing, but others may require down payment as high as 20% of the value of the vehicle. Some banks and credit unions will require a minimum credit score of 650 to make an auto loan.

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Fico Collections

MAY 5, 2021

Even before the impact of the pandemic started to bite, banks were being asked to help bridge an estimated US$3.4 trillion SME funding gap in unmet trade finance, with demand for funding of small businesses rapidly becoming an acute challenge. The UN in particular was aware of the challenge. But now it’s likely to be far higher.

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Collection Industry News

OCTOBER 10, 2022

Bank of America (BAC.N) billion, the bank said in a filing Friday, bringing to a close the last of the lender’s major lawsuits stemming from the 2008 mortgage crash. mortgage lender, during the financial crisis. mortgage lender, during the financial crisis. Bank of America stock was up 0.5%

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Credit Corp

OCTOBER 6, 2023

Average Car Loans by Age Group Average Car Loan Term by Credit Score Car Loans by Lender Type 4 Tips to Lower Your Car Payments 2023 Car Loan Statistics Key Findings Knowing the different statistics for monthly car payments can help you have a better idea of where you stand before purchasing a vehicle. 781 to 850 61.6 661 to 780 70.15

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Credit Corp

SEPTEMBER 13, 2023

One reason that lenders look at credit mix is to make sure that you can be responsible with multiple types of credit. Showing that you can handle different types of credit—and multiple credit accounts at once—indicates financial reliability to potential lenders. Lenders charge you interest on the amount you revolve.

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Nexa Collect

JULY 1, 2020

Borrowing money from a bricks-and-mortar bank, an online lender or a peer-to-peer marketplace and then paying it back has become a way of life for most, if not all, Americans. Any fraud alerts from your bank, your credit card company or a credit monitoring company should be taken seriously. When should you worry?

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Collection Industry News

JANUARY 17, 2022

banking regulators withdrew their lawsuit that sought to block the federal government from granting bank charters to FinTech companies. . The Conference of State Bank Supervisors (CSBS), the national trade group of bank regulators, announced Thursday (Jan. offer banking charters ?to Source- site.

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Collection Industry News

JULY 27, 2023

regulators unveiled a sweeping overhaul Thursday that would direct banks to set aside billions more in capital to guard against risk. If fully implemented, the proposal would raise capital requirements for large banks by an aggregate 16% from current levels, with the brunt felt by the largest and most complex firms, regulators said.

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UK debt collections

OCTOBER 2, 2024

Quantuma was appointed by one of the firm’s lenders, Fenchurch Legal, in July. They attended the company’s trading premises and found the site completely cleared of all office equipment and furniture. Immediate efforts were made by the McDermott Smith administrators to freeze its bank accounts.

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UK debt collections

JUNE 22, 2020

In addition, the research reveals that of those firms who have heard back from their lender about a BBLS or CBILS facility, nine out of ten have had their application approved. UK Finance CEO Stephen Jones said “The banking and finance sector has a clear plan to help get businesses through these tough times.”.

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Better Credit Blog

APRIL 1, 2022

When you stop making payments on an auto loan, the lender will take the vehicle back. The bank could send someone to reclaim the vehicle — often without notifying you in advance. Your first option is to start negotiating with your original auto lender. In lending terms, this is called repossession. Negotiate New Payments.

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Collection Industry News

MARCH 11, 2023

March 10 (Reuters) – Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded. at the end of last year, with about $209 billion in assets.

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Collection Industry News

JULY 27, 2021

The industry trade teams challenging the CFPB’s rule that is final Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed a movement for summary judgment. The post Trade Groups File Summary Judgment Motion In Texas Lawsuit Challenging CFPB Loan Rule That Is Payday appeared first on Collection Industry News.

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Collection Industry News

JANUARY 19, 2021

Those were just two of more than 1,800 loans that went to debt collectors and high-interest lenders through the Paycheck Protection Program, according to an analysis by The Washington Post. Twenty-five have been subject to legal enforcement or consumer alerts, many by the CFPB and the Federal Trade Commission.

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Hudson Weir

OCTOBER 18, 2024

For instance, the insolvency practitioner may recommend a Company Voluntary Arrangement (CVA) if the business is able to keep trading while paying back its debts. In summary, when two businesses are involved in an intercompany loan, the lender risks not receiving repayment if the lendee becomes insolvent and ultimately enters liquidation.

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Collection Industry News

OCTOBER 21, 2022

America’s biggest banks are feeling the deterioration of the US economy, and bracing for more bad news. The six largest lenders in the United States (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley) made a combined $29.42 The largest bank in the US reported net income of $9.7

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UK debt collections

JUNE 25, 2020

UK businesses are returning to work this month with some trepidation, according to fintech business lender MarketFinance. This coupled with a very moderate outlook for trading conditions, ‘rent quarter day’ this week and uncertainty about their workforce, no doubt this will put further pressure on businesses.”.

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Fico Collections

FEBRUARY 16, 2022

Even before the impact of the global pandemic started to bite, banks were being asked to help bridge an estimated US$3.4 trillion SME funding gap in unmet trade finance, with demand for funding of small businesses rapidly becoming an acute challenge. Using these analytics allowed the bank to extend up to US$4.8

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FFGN COLLECT NY

MAY 28, 2020

Lenders are not allowed to offer payday loans in-person, by telephone, or over the internet. A recent blog post by the Federal Trade Commission found some payday lenders act dishonestly. The FTC just this week began cracking down on predatory payday lenders. That’s why New York made payday loans illegal.

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Credit Corp

AUGUST 8, 2021

Publicly-Traded REITs. These companies trade on public stock exchanges, which makes them extremely liquid. And you can buy with an extra $100 sitting in your bank account collecting dust, so there’s no financial barrier to entry. A combined strength and weakness of publicly-traded REITs is their dividend yield.

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Collection Industry News

JULY 12, 2022

banks are expected to fall sharply from a year earlier on increased loan loss reserves, as the pandemic recovery gives way to a possible recession. Bank of America Corp, which like its peers has big consumer and business lending franchises, is expected to show a 29% drop in profit when it reports on July 18. Source: site.

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Credit Corp

DECEMBER 3, 2020

There were more than 650,000 instances of reported identity theft in 2019, according to data from the Federal Trade Commission (FTC). This is less of an issue for in-person transactions, as you likely know and trust your local bank branch or credit union representative. Concerned you might not be doing enough to prevent identity theft?

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Troutman Sanders

AUGUST 31, 2023

District Court for the Southern District of Texas issued a preliminary injunction enjoining the CFPB from implementing and enforcing the Final Rule against members of the American Bankers Association, Texas Bankers Association, and a Texas bank.

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Sawin & Shea

JUNE 9, 2021

The FTC (Federal Trade Commission) is an arm of the United States government that enforces consumer protection and antitrust laws. The FDCPA applies only to debt collectors (the third-party collection agencies), not to the original lender. They don’t have carte blanche to do whatever they want.

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