Nerd Wallet

DECEMBER 2, 2022

A Google search for “online loan” returns a list of low-interest personal loans alongside no-credit-check loans with high interest rates. The latter might not be available in many states if it weren’t for the “rent-a-bank” business model. Annie Millerbernd writes for NerdWallet. Email: amillerbernd@nerdwallet.com.

Banks 83

Banks Loans Personal loans 83

Nerd Wallet

DECEMBER 9, 2022

The article Another Big Bank Gets Into Small-Dollar Loans originally appeared on NerdWallet. Cara Smith writes for NerdWallet. Email: cara.smith@nerdwallet.com. Twitter: @[link].

Banks 76

Banks Loans Personal loans 76

Nerd Wallet

OCTOBER 26, 2021

Citizens Bank is no longer originating personal loans, though it still services its existing loans, according to a company spokesperson. Previously, Citizens Bank offered personal loans ranging from $5,000 to $50,000 for borrowers with good credit. Jackie Veling writes for NerdWallet. Email: jveling@nerdwallet.com.

Personal loans 86

Personal loans Banks Loans 86

Account Recovery

JANUARY 6, 2021

A group of eight state attorneys general filed suit yesterday in federal court in New York to block a rule that was issued by the Office of the Comptroller of the Currency that aimed to close a gap in the process of banks selling loans to third parties, such as debt buyers, arguing that the … The post States Sue Bank Regulator to Overturn ‘True (..)

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Lender Banks Loans Debt Buying 246

Troutman Sanders

FEBRUARY 6, 2024

Recently, Lead Bank and its loan servicer Hyphen, LLC, an online lending platform operating Helix Financial, filed a motion to dismiss a purported class action alleging violations of the Georgia Installment Loan Act (GILA) and Georgia racketeering law arising out of a consumer installment or “payday loan.”

Banks 52

Banks Loans Lender Government 52

Account Recovery

AUGUST 23, 2021

The Chief Executive of one of the nation’s largest student loan servicing companies is being accused of lying in testimony before Congress, as the companies winds down its operations servicing student loans on behalf of the federal government.

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Student loans Student Loans Loans Education 246

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. As you’re reviewing your options, you may see some claims that credit unions are better than banks. Why is a credit union better than a bank for some people? Auto loans. Personal loans.

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Credit Unions Credit Unions Banks Personal loans 59

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.

Banks 67

Banks Loans Credit Unions Credit Unions 67

Troutman Sanders

NOVEMBER 22, 2023

SB 146 would treat all payments incident to the loan as interest, even if voluntary, and would adopt both predominant economic interest and totality of the circumstance tests for true lender purposes. These “bank model” provisions of SB 146 are all vulnerable to a preemption challenge under federal banking laws.

Banks 52

Banks Loans Lender 52

Troutman Sanders

MARCH 11, 2024

On March 8, Washington State’s legislature passed a significant amendment ( SB 6025 ) to the Consumer Loan Act (CLA) targeting bank model lending. Provides that a consumer finance loan made in violation of the bill is void and uncollectible. SB 6025 is an updated version of a prior bill, discussed here.

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Banks Lender Loans Judgment 52

Nerd Wallet

JUNE 17, 2021

Banks offer personal loans typically ranging from $1,000 to $100,000. These loans have low interest rates and can come with perks for existing customers. Though not all banks offer personal loans, those that do are a smart first stop for borrowers. Jackie Veling writes for NerdWallet. Email: jveling@nerdwallet.com.

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Banks Loans Personal loans 83

Nerd Wallet

OCTOBER 19, 2020

Bank student loans are no longer available. Bank loans or take out new student loans from other banks, as well as credit unions and online lenders. When shopping for any private student loan, compare multiple lenders’ offers to ensure you get the lowest interest rate possible. The article U.S.

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Student loans Student Loans Banks Loans 77

Credit Corp

JULY 18, 2021

Depending on your contract, a bank or dealership could revoke your loan even after you’ve signed a contract. Whether or not a bank can revoke an auto loan depends on the contract you have with them. Why would a loan be denied after you signed? Can You Be Denied a Car Loan After Purchase? How to avoid it.

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Banks Loans Lender Lawyers 98

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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Banks Financial Institution Loans 230

Troutman Sanders

JULY 28, 2023

On June 6, Nebraska Governor Jim Pillen signed into law Legislative Bill 92 , which, among many other subjects, amends the Nebraska Installment Loan Act (the NILA). Nebraska joins Connecticut (discussed here ) and Minnesota (discussed here ) in recently passing amendments to licensed lender laws to increase regulation of bank partners.

Loans 52

Loans Banks Financial Institution Lender 52

Troutman Sanders

MARCH 31, 2023

On March 23, SB 1033 , An Act Concerning Various Revisions to the Banking Statutes, was given a favorable report by the Legislative Commissioners’ Office and sent to the Connecticut Senate. SB 1033 is sponsored by the House Banking Committee and, if passed, would take effect on October 1, 2023. Vehicle Installment Contracts.

Banks 98

Banks Retail Loans Lender 98

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.

Banks 98

Banks Loans Lender Financial services 98

Troutman Sanders

DECEMBER 21, 2023

On December 5, HB 1874 was filed, which would amend the Washington Consumer Loan Act (CLA) to adopt both predominant economic interest and totality of the circumstance tests to determine the “true lender” of a loan under the CLA. A consumer finance loan made in violation of HB 1874 is void and uncollectible.

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Loans Banks Lender Collections 52

Consumer Finance

NOVEMBER 30, 2022

Today, the Consumer Financial Protection Bureau (CFPB) took action against Loan Doctor to resolve the CFPB’s claims that the company and its founder, Edgar Radjabli, broke the law by deceiving consumers into thinking they were depositing funds into a guaranteed return savings product within a commercial bank.

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Banks Loans 102

UK debt collections

JULY 22, 2021

The UK’s leading High Street banks are strengthening their Debt Collection teams ahead of the emergency covid loan defaults. The UK’s four largest banks are said to have hired over 750 new Debt Collection staff to their debt recovery units in a major challenge facing them.

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Collection Agent Banks Loans Collections 81

Consumer Finance

MARCH 7, 2023

Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending.

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Loans Banks 128

Account Recovery

OCTOBER 28, 2020

The Office of the Comptroller of the Currency has issued a final rule that will close a gap in the process of banks selling loans to third parties, such as debt buyers, which could help facilitate more portfolio sales. The rule will go into effect 60 days after it is published in the Federal Register.

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Lender Loans Banks 221

Account Recovery

SEPTEMBER 18, 2023

Judge Denies Defendant’s MSJ in FDCPA Case, Rules Bank Levy Confers Standing CFPB to Seek Public Input on New Arbitration Rule Following Petition from Consumer Groups Examining the Impact that Restarting Student Loan Payments Will have on the Economy Compliance Digest – September 18 WORTH NOTHING: Chefs reveal their favorite after-school snacks for (..)

Student loans 147

Student loans Student Loans Banks Loans 147

Nerd Wallet

FEBRUARY 10, 2021

Banks are best for small-business loans if your company has been around more than a year and doesn’t need cash fast. Banks approve only about 13% of business loan applications, according to the latest data from the Biz2Credit Small. Approvals can take months and are far from a sure thing — even with good credit.

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Banks Loans 62

Troutman Sanders

SEPTEMBER 28, 2023

As discussed here , on June 29, Connecticut Governor Ned Lamont signed SB 1033, An Act Concerning Various Revisions to the Banking Statutes, into law. Earlier this month, the Connecticut Department of Banking issued guidance to help companies comply with the new law.

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Loans Banks Lender 52

Account Recovery

DECEMBER 23, 2020

The Consumer Financial Protection Bureau yesterday issued a consent order against a student loan servicing company for violating a prior consent order in which it was accused of mis-stating minimum amounts due on billing statements and engaging in illegal debt collection practices.

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Student loans Student Loans Loans Banks 182

Troutman Sanders

DECEMBER 20, 2023

A group of non-profit consumer advocacy organizations, the Conference of State Bank Supervisors, and the American Association of Residential Mortgage Regulators filed two separate briefs asking the U.S. The case arose out of the plaintiffs’ home mortgage loans with the defendant. On September 15, 2022, the U.S. On October 13, the U.S.

Banks 59

Banks Government Loans Lawyers 59

Nexa Collect

JUNE 27, 2023

Recovering unpaid student loans is a systematic process. Just like mortgage recoveries, the steps can vary depending on the jurisdiction and the terms of the loan. Offset Tax Refunds and Government Benefits : For federal student loans in the U.S., This can affect the borrower’s credit score.

Student loans 100

Student loans Student Loans Loans Garnishment 100

Troutman Sanders

DECEMBER 7, 2023

Yesterday, the Office of the Comptroller of the Currency (OCC) issued guidance to banks on managing the risks associated with “buy now, pay later” (BNPL) lending. Specifically, the bulletin addresses BNPL loans that are payable in four or fewer installments and carry no finance charges.

Banks 52

Banks Lender Loans Collections 52

Credit Corp

JANUARY 24, 2024

You need decent credit to take out a loan, but you can’t build good credit if you don’t have a credit card , a loan, or another type of credit history in the first place. If you’re ready to build your credit, you could take out a credit builder loan. What Is a Credit Builder Loan? How Do Credit Builder Loans Work?

Loans 52

Loans Credit Unions Credit Unions Personal loans 52

Troutman Sanders

JANUARY 12, 2024

The Act would amend the Maryland Commercial Law to add an article containing both predominant economic interest and totality of the circumstance tests to determine the “true lender” of a loan. First, if the person directly or indirectly holds, acquires, or maintains the predominant economic interest in the loan or extension of credit.

Banks 52

Banks Lender Loans 52

Sawin & Shea

FEBRUARY 28, 2024

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method suits your financial situation.

Personal loans 52

Personal loans Bankruptcy Chapter 13 bankruptcy Loans 52

Credit Corp

DECEMBER 22, 2023

Has a friend or family member asked you for a loan? The trick is to know how to loan money the right way. Before you agree to loan any money to a friend or family member, think about how reliable they are. Secondly, you might want to ask them what they need the money for and why they can’t take out a personal loan.

Loans 98

Loans Personal loans Lender Banks 98

Credit Corp

JUNE 12, 2023

A personal loan is money borrowed from a lender that can be used for almost any purpose, from debt consolidation to home improvement projects. Most people don’t have $5,000+ sitting in their bank accounts—that’s where personal loans come in. What Is a Personal Loan? Why Would I Need a Personal Loan?

Personal loans 97

Personal loans Loans Lender Debt Consolidation 97

Nerd Wallet

SEPTEMBER 6, 2022

When you borrow money from a lender, whether it’s a personal friend or a bank, you’ll need to know the total cost of paying back the loan. A loan calculator uses basic information to estimate your installment payments and give you an idea of how much interest you’d pay over the life of the loan.

Loans 76

Loans Lender Banks 76

Troutman Sanders

JULY 13, 2023

On June 29, Connecticut Governor Ned Lamont signed SB 1033 , An Act Concerning Various Revisions to the Banking Statutes, into law. Notable changes from the legislation introduced in February include: GAP Waivers.

Banks 52

Banks Secured debt Loans Lender 52