Troutman Sanders

APRIL 5, 2023

On January 4, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General (NY AG) filed a joint complaint in the U.S. District Court for the Southern District of New York against Credit Acceptance Corporation (Credit Acceptance), a major subprime indirect auto finance company.

Trade 52

Trade Consumer Credit Financial services Government 52

Troutman Sanders

MARCH 11, 2024

toward the plaintiff’s litigation expenses and will publish a new Federal Register notice for proposed information collection. On February 29, the Federal Housing Finance Agency (FHFA) announced updates to the implementation of new credit score requirements for single-family loans acquired by Fannie Mae and Freddie Mac.

Financial services 52

Financial services Garnishment Lender Banks 52

Collection Industry News

JUNE 13, 2022

Since Rohit Chopra’s confirmation as director of the Consumer Financial Protection Bureau in 2021, he has aggressively moved the CFPB back to the policy positions formerly employed during the Obama administration. The enforcement of federal consumer laws is partially shared between federal agencies such as the CFPB and state AGs.

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Retail Manufacturing Trade Financial services 40

Troutman Sanders

SEPTEMBER 25, 2023

The proposed rulemaking could redefine “data brokers” and “data aggregators,” and extend FCRA regulation to businesses that do not currently meet the FCRA’s definition of “consumer reporting agency.” On September 19, the CFPB issued guidance regarding the legal requirements that creditors must follow when using AI and complex models.

Financial services 52

Financial services Loans Banks Debt collector 52

Qualco

NOVEMBER 7, 2023

Complicating matters further, many cases can be time-consuming to resolve, particularly in countries with intricate and sluggish legal systems. Judicial proceedings typically demand substantial resources, including full-time employees, court fees, and other related expenses. forclusion in France).

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Financial Institution Debtor Loans Collateral 90

True Accord

FEBRUARY 3, 2022

With digital lending via neobanks and fintechs on the rise, consumers have more options than ever for obtaining loans. These can be separated into two main categories, portfolio metrics and operational metrics. . This is even more important if a lender takes consumer deposits to fund any of their lending.

Lender 52

Lender Collections Collection Companies Loans 52

Troutman Sanders

JUNE 25, 2021

The named plaintiff, Sergio Ramirez, alleged TransUnion transmitted his consumer report with the OFAC alert attached to a car dealership when Ramirez attempted to finance a car purchase. He alleged he suffered actual injury in the form of denied credit, embarrassment in front of his family, and a resulting vacation cancellation.

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Legal Rights 59