Troutman Sanders

MARCH 11, 2024

On March 7, Axios reported that Senators Cynthia Lummis and Kirsten Gillibrand are working on legislation aimed at regulating stablecoins and providing clarity and protection for investors in this growing sector of the cryptocurrency market. between 2021 and 2022. For more information, click here. For more information, click here.

Financial services 52

Financial services Garnishment Lender Banks 52

Troutman Sanders

AUGUST 25, 2020

Fair Credit Reporting Act (“FCRA”) plaintiffs learned a hard lesson in procedure recently when the Second Circuit Court of Appeals affirmed the dismissal of their claim because they (presumably) failed to follow the notification process required by 15 U.S.C. 1681s-2(b), which foreclosed their private right of action.

Banks 52

Banks 52

Troutman Sanders

OCTOBER 25, 2023

On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking under Section 1033 of the Consumer Financial Protection Act of 2010 (CFPA). The CFPB is currently accepting comments on the proposed rule until December 29, 2023. A right to share data.

Banks 52

Banks Financial Institution Credit Unions Credit Unions 52

Better Credit Blog

MAY 10, 2022

Is there one very best credit card somewhere out there? The credit card industry has seriously evolved in the past couple of decades. They moved well beyond the scope of simply providing revolving lines of credit, and competing with one another over interest rates and credit limits. Travel Rewards Credit Cards.

Auto Insurance 65

Auto Insurance Banks Debt Consolidation Credit Unions 65

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). Under the Consolidated Appropriations Act, the Fed is required to submit to Congress annually for seven years a report focused on cybersecurity.

Financial services 52

Financial services Financial Institution Manufacturing Loans 52

Troutman Sanders

NOVEMBER 21, 2023

On November 17, the International Organization of Securities Commissions finalized its recommendations for crypto regulatory frameworks in a report. The report also recommends that service providers provide market surveillance measures. The report highlights consumer protection issues in medical debt collection.

Financial services 52

Financial services Retail Banks Collections 52

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.

Financial services 52

Financial services Student loans Student Loans Trade 52

Credit Corp

NOVEMBER 21, 2021

While technically there are no specific prohibitions on debt collectors calling on holidays, it may fall into a category that’s not allowed by the Fair Debt Collection Practices Act (FDCPA). The Fair Debt Collection Practices Act doesn’t specify a certain number of times a debt collector can call in a day.

Debt collector 98

Debt collector Fair Debt Collection Creditors Collections 98

Collection Industry News

NOVEMBER 8, 2021

In a report released on November 2, the Consumer Financial Protection Bureau (CFPB) found that credit report disputes more commonly occur among consumers in majority Black and Hispanic neighborhoods than consumers in majority white neighborhoods.

Student loans 40

Student loans Student Loans Retail Loans 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.” For more information, click here.

Financial services 52

Financial services Loans Banks Debt collector 52

Troutman Sanders

MAY 4, 2022

On April 28, the Connecticut House passed Senate Bill 6 , an act concerning personal data privacy and online monitoring (SB 6 or Connecticut Act). The Connecticut Act would apply primarily to “controllers” and “processors.”. The Connecticut Act protects “personal data” and “sensitive data.”. Who Must Comply?

Acquisition 52

Acquisition Financial Institution Government Bankruptcy 52

Troutman Sanders

JANUARY 31, 2023

The proposed rules are limited, at this time, to deposit accounts, credit cards, digital wallets, prepaid cards, and other transaction accounts. The Electronic Privacy Information Center (EPIC)’s letter echoed the need to cull down the categories of required information that could be shared.

Credit Unions 52

Credit Unions Credit Unions Banks Trade 52

Collection Industry News

NOVEMBER 2, 2020

22, seeking comment on 46 questions in nine categories surrounding consumer access to financial information under section 1033 of the 2010 Dodd-Frank Act (15 U.S.C. The categories underscore the broad scope of section 1033 and the impact any rules could have on the consumer financial services industry.

Financial services 40

Financial services Credit Unions Credit Unions Lender 40

Better Credit Blog

JANUARY 5, 2021

Do you have questions about an entry from CBNA Sioux Falls on your credit report? While CBNA Sioux Falls might be an unfamiliar name, it represents Citibank, a national provider of banking services and credit cards. If the name is on your credit report, it’s most likely because you applied for a credit card from the bank.

Loans 52

Loans Banks Repossession Lender 52

Better Credit Blog

JANUARY 5, 2021

Do you have questions about an entry from CBNA Sioux Falls on your credit report? While CBNA Sioux Falls might be an unfamiliar name, it represents Citibank, a national provider of banking services and credit cards. If the name is on your credit report, it’s most likely because you applied for a credit card from the bank.

Loans 52

Loans Banks Repossession Lender 52

Better Credit Blog

JANUARY 14, 2021

Are you concerned about a new entry from CRDT First on your credit report? CRDT First is one of the credit reporting codes that represent the Credit First National Association. They are a major issuer of credit cards and financing for the automotive industry. CRDT First On My Credit Report.

Loans 52

Loans Repossession Foreclosure Bankruptcy 52

Troutman Sanders

DECEMBER 5, 2022

On November 30, the Federal Trade Commission (FTC) announced that it has temporarily shut down a credit card debt relief program and its affiliated companies that allegedly took millions from consumers by falsely promising to eliminate or substantially reduce their credit card debt. OCC Acting Comptroller Michael J.

Financial services 52

Financial services Credit Card Debt Retail Banks 52

Burr Forman

JUNE 10, 2021

The CPRA – or the California Privacy Rights and Enforcement Act of 2020 – amends certain provisions of the CCPA (California Consumer Privacy Act) that went into effect on January 1, 2020. The CPRA narrows the definition of what qualifies as a business while expanding consumers’ privacy rights. It goes into effect as of January 1, 2023.

Collections 52

Collections 52

True Accord

MARCH 31, 2022

The four key trends we’re studying are: resumed foreclosure activity, extensive medical bills, the end of child tax credits and historically high inflation. For one, the consumer credit market is looking strong with signs of expansion, specifically, originations for credit cards and personal loans are increasing. million U.S.

Lender 58

Lender Personal loans Foreclosure Loans 58

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. The bill additionally leaves room for assets that don’t fit neatly into either category. For more information, click here. On April 29, U.S.

Financial services 52

Financial services Trade Consumer Credit Government 52

National Service Bureau

APRIL 15, 2015

There were 5,452 improper disclosures reported in 2014. Of these, 1,346 related to credit card collections and 1,057 had to do with healthcare collections. Credit card collections again led the way with 1,660 complaints. Payday loan collections was the second worst category with 879 complaints. 2,906 complaints in 2014.

Collection Agencies 40

Collection Agencies Collections Agency Collections Credit Card Collections 40

Troutman Sanders

JUNE 25, 2021

Accordingly, the vast majority of the absent class members who could not prove that allegedly inaccurate credit reports were disseminated to any third party did not have standing to assert a claim under the Fair Credit Reporting Act (FCRA). Background. The suit alleged two types of claims under the FCRA.

Legal Rights 59

Legal Rights 59

Troutman Sanders

SEPTEMBER 9, 2021

This July, the Uniform Law Commission (ULC) approved a final draft of the Uniform Personal Data Protection Act (UPDPA). For example, Virginia’s Consumer Data Protection Act applies to entities that “ control or process personal data of at least 100,000 consumers.”

Retrieval 52

Retrieval Government Collections 52

Collection Industry News

FEBRUARY 21, 2022

Although it seems self-evident that the uniqueness of a particular person can be more readily confirmed when many pieces of identifying information about them are considered, consumer reporting agencies (CRAs) like Equifax, Experian, TransUnion and background screening companies have been slow to come to this conclusion. 11 minute read.

Trade 40

Trade Law Firms Construction Government 40

Troutman Sanders

MARCH 8, 2021

Representative Madeleine Dean reintroduced the Fair Debt Collection Practices for Servicemembers Act. The bill also requires the Government Accountability Office to report the act’s impact on military readiness and national security, including the extent covered members with security clearances would be impacted by uncollected debt.

Financial services 52

Financial services Retail Foreclosure Financial Institution 52

FDCPA Defense

MAY 6, 2014

The CFPB does not want debt collectors to tell consumers that paying their debts might help them to improve their credit score. Nor does the CFPB want collectors to encourage consumers to pay by informing them that their failure to do so might harm their credit. Not really. See 15 U.S.C. §§ 1681s-2(a)(7)(A)(i), 1681s-2(a)(7)(C)(ii).

Creditworthiness 40

Creditworthiness Debtor Debt collector Consumer Credit 40