Troutman Sanders

NOVEMBER 15, 2022

Director Chopra discussed potential resolutions on the hypothetical failure of three categories of systemically important financial institutions: (1) domestic systemically important financial institutions; (2) nonbank systemically important financial institutions; and (3) global systemically important banks. For more information, click here.

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Troutman Sanders

MARCH 28, 2023

On March 23, the Federal Trade Commission (FTC) issued a notice of proposed rulemaking with the stated goal to make it easier for consumers to cancel recurring subscriptions and memberships. On March 22, the SEC issued a Wells Notice to Nasdaq-traded cryptocurrency exchange Coinbase, Inc. For more information, click here.

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Credit Corp

OCTOBER 6, 2023

of consumer debt, but auto loans are the third largest portion at 9.2% The two largest amounts of debt come from mortgages and student loans. How Much Do Americans Borrow for Car Loans? Credit score New vehicle loans (in months) New leased vehicles (in months) Used vehicle loans (in months) Overall average 70.5

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Better Credit Blog

MAY 17, 2022

Examples include using a mortgage to purchase a home or investment property, or a student loan to get a college education. Down payment requirements should always be investigated before applying for a loan, particularly if you don’t have a vehicle to trade in for the down payment. The Subprime Auto Loan Trap.

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Credit Corp

JUNE 1, 2021

Debit cards can help avoid overspending, as you cannot spend more than you have in your bank account. Monthly expenses might include student loan payments, car payments, and credit card payments. Pay Student Loan Debt. Even in bankruptcy, student loan debt cannot get discharged; it must get paid.

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Troutman Sanders

JANUARY 9, 2024

On January 4, the Federal Trade Commission (FTC) and the State of Connecticut announced they are filing suit against an auto dealer for several of its business practices. The bill would forgive student loan debt dating back more than 20 years for current Medicare and Social Security Disability Insurance participants and future enrollees.

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Financial services Student Loans Student loans Debt collector 52

Troutman Sanders

OCTOBER 16, 2023

On October 11, the Federal Trade Commission (FTC) announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. On October 11, the CFPB published its analysis regarding the nonsufficient fund (NSF) fee practices of a number of banks and credit unions.

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Collection Industry News

SEPTEMBER 27, 2022

BUSINESS WIRE)–An annual survey from Discover ® Student Loans revealed that 58% of parents with college-bound students didn’t plan on applying for federal aid, but now have changed their minds. Parents bear a lot of the stress of paying for college, but so do students. Sheetal Shah, September 22, 2022. RIVERWOODS, Ill.–(BUSINESS

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Credit Corp

JUNE 17, 2021

Include the maximum amount you can afford for rent, and take utility bills, student loan payments and other regular expenses into account. Forgetting About Student Loans. Most student loans give borrowers a six-month grace period after graduation—but eventually, you’ll need to start making payments.

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Student Loans Student loans Loans Trade 59

Troutman Sanders

JUNE 21, 2023

Currently, only Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are available for trade on EDX. On June 16, while delivering remarks on “Tokenization and AI in Banking: How Risk and Compliance Can Facilitate Responsible Innovation” at an American Bankers Association event,” Comptroller of the Office of U.S. On June 15, BlackRock, Inc.,

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Troutman Sanders

DECEMBER 20, 2022

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) filed an amicus brief in the Eleventh Circuit in support of a plaintiff-appellant who filed a Section 1681s-2(b) claim against a furnisher for failing to conduct a reasonable investigation under the Fair Credit Reporting Act.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

OCTOBER 22, 2021

The Consumer Bankers Association (CBA), a trade group of retail financial institutions, recently sent a letter to the Consumer Financial Protection Bureau (CFPB) director, requesting increased supervision of financial technology companies (fintechs). Second, it argued that a lack of supervision puts consumers at risk.

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Troutman Sanders

FEBRUARY 21, 2023

She spoke about the Federal Reserve’s role in supervising cybersecurity in the banking industry, including community banks: “Community banks have been the target of cyber and ransomware attacks, and they frequently name cybersecurity as one of the top risks facing the banking industry. For more information, click here.

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Katabat

OCTOBER 6, 2021

Chopra appears to be well prepared for the post, having served as a Commissioner on the Federal Trade Commission, and before that serving as the CFPB’s Assistant Director and separately as the CFPB’s Student Loan Ombudsman.

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Katabat

OCTOBER 6, 2021

Chopra appears to be well prepared for the post, having served as a Commissioner on the Federal Trade Commission, and before that serving as the CFPB’s Assistant Director and separately as the CFPB’s Student Loan Ombudsman.

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Student Loans Student loans Loans Government 52

Collection Industry News

JUNE 29, 2024

It involves qualifying and applying for a revolving credit line through a lender, usually a bank or other financial institution. 3 Snapshot of American Credit Card Debt The Federal Reserve Bank of New York issues regular reports on the status of household debt across the United States. Student loan debt decreased by $6 billion to $1.60

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Troutman Sanders

FEBRUARY 21, 2024

The report alleges that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. On February 15, the CFPB published a blog recounting its action against a student loan debt relief business and a debt-settlement company. On February 8, the U.S.

Financial services 52

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Troutman Sanders

OCTOBER 19, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge.

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Troutman Sanders

MARCH 22, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge.

Financial services 52

Financial services Garnishment Student loans Student Loans 52

Credit Corp

JUNE 1, 2023

There are many kinds of debts that can be sent to collections, including: Credit card payments Student loans Medical bills Rent payments Utility payments Auto loans Personal loans Tax debt The time it takes the original creditor to transfer your debt to collections varies. This is done with a pay for delete letter.

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Troutman Sanders

AUGUST 24, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge.

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Financial services Student loans Student Loans Foreclosure 52

Debt Guru

JANUARY 27, 2021

A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. Unsecured debts, such as credit cards, store cards and personal loans, can be part of your DMP. Student loans aren’t covered, either.

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Hudson Weir

FEBRUARY 28, 2023

Secured creditors include leasing companies and banks. Usually, a bank will only lend if the borrower puts their signature on a document allocating security to the arrears. Fixed debt significantly reduces the bank’s risk, as it understands it can just take ownership of the asset, should an insolvency event occur.

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Troutman Sanders

OCTOBER 30, 2023

District Court for the Southern District of Texas granted motions filed by three groups of trade association intervenors to extend the court’s existing injunction against the CFPB’s enforcement of its final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule) to cover all small business lenders nationwide.

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Financial services Financial Institution Trade Banks 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 Trade 52

Better Credit Blog

JANUARY 20, 2022

In keeping with Federal Trade Commission rules , Freedom Debt Relief doesn’t charge upfront fees. In 2010, the company helped to establish Federal Trade Commission rules to ban abusive debt settlement practices and protect consumers. Negotiate with your creditors to reach settlements and reduce your total debt. Ads by Money.

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Troutman Sanders

SEPTEMBER 27, 2022

September 22, the Commodity Futures Trading Commission (CFTC) entered an order, simultaneously filing and settling charges against Ooki DAO and its co-founders Tom Bean and Kyle Kistner. Safra Bank to produce information about U.S. PSLF incentivizes public service work by forgiving a portion of borrowers’ federal student loan debt.

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Financial services Loans Trade Student loans 52

Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. On November 8, while at the Central Bank of Ireland, Federal Reserve Governor Lisa D.

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Troutman Sanders

MAY 23, 2023

Notably, Chairman McHenry’s proposal would preserve the current dual banking system model and delegate “supervisory, examination, and enforcement authority” of “state qualified stablecoin payment issuers” to “state payment stablecoin regulators.” administrative penalty for operating as an unlicensed student loan servicer.

Financial services 52

Financial services Banks Debtor Education 52

Troutman Sanders

DECEMBER 21, 2021

On December 16, the Federal Reserve Board and the Federal Deposit Insurance Corporation announced the 2022 updated asset-size thresholds used to define “small bank” and “intermediate small bank” under their Community Reinvestment Act regulations. For more information, click here. For more information, click here.

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Better Credit Blog

APRIL 1, 2022

A good credit score allows you to get better rates on car or mortgage loans just to name a few. If you fall into hard times, the inability to pay off your credit card bills or student loans can result in your debts being transferred to a debt collection agency. Debt Validation.

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Credit Corp

APRIL 9, 2024

Dividends, bank interest, and other forms of passive income don’t count as earned income. You paid the expenses for an eligible student enrolled at any college, trade school, university, or other educational institution that meets the requirements to participate in a federal student aid program.

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Student loans Student Loans Education Loans 52

Troutman Sanders

MARCH 21, 2023

The bulletin details recent findings by CFPB examiners that certain loan servicers illegally returned loans to collections after bankruptcy courts discharged the loans. For more information, click here. On March 15, the Federal Reserve announced that the FedNow Service will start operating in July.

Financial services 52

Financial services Banks Third-party Debt Collectors Judgment 52

Troutman Sanders

OCTOBER 17, 2022

On October 13, the CFPB published a report on terms and fees associated with banking products marketed in partnership with colleges to students. On October 11, the CFPB issued its 27th edition of Supervisory Highlights , which included findings on examinations of student loan servicers. For more information, click here.

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Better Credit Blog

APRIL 3, 2022

Debt buyers like Portfolio Recovery Associates, LLC, buy hundreds of accounts at a time from credit card companies like CapitalOne and Discover and from student loan servicers and lenders. Don’t give a debt collection agency your bank account numbers.). If so, you can get the debt removed from your credit report.

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Troutman Sanders

APRIL 25, 2022

On April 15, the CFPB released its annual Fair Debt Collection Practices Act (FDCPA) report, which summarizes the CFPB’s activities to administer the FDCPA and also includes activities conducted by the Federal Trade Commission (FTC) relating to debt collection. The CFPB indicates many rural communities are “banking deserts.” “For

Financial services 52

Financial services Student loans Student Loans Education 52

Better Credit Blog

MAY 27, 2022

Home equity loans allow you to borrow funds against the existing equity on your property. Homeowners use these loans to fund home renovations, student loans, and high-value purchases or consolidate high-interest debt. Get Started Best for Discounts: PNC Bank. 3.99% to 11.99% Starts at 3.80% 3.0%

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