Collection Industry News

AUGUST 17, 2023

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. percentage points respectively. trillion in Q2 2023.

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Credit Card Debt Student loans Student Loans Foreclosure 40

Troutman Sanders

JUNE 21, 2022

On June 8, the New York State Department of Financial Services (NYDFS) issued new “ Guidance on the Issuance of U.S. Harris believes this new guidance “creates clear criteria for virtual currency companies looking to issue USD-backed stablecoins in New York.”. Kirsten Gillibrand (D-NY) and Sen.

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Financial services Collateral Government 59

Collection Industry News

MARCH 27, 2024

NEW YORK/ALEXANDRIA, VA – April 2, 2024 – New bankruptcy filings during the first calendar quarter of 2024 (Jan. major filing categories, according to data provided by Epiq Bankruptcy, the leading provider of U.S. New bankruptcy filings in March 2024 also registered year-over-year increases across all U.S.

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Bankruptcy Law Firms Collections 40

Troutman Sanders

DECEMBER 19, 2023

For example, the whitepaper discusses how the quality of a stablecoin issuer’s reserve asset composition, and its ability to meet redemption requests, will determine whether a particular stablecoin meets the conditions to be included in the Group 1b category and be subjected to existing bank capital requirements. On December 12, the U.S.

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Collection Industry News

JULY 18, 2022

Fitch Ratings-New York-15 July 2022: Borrowers continue to work with their servicers post-forbearance to avoid loan default, according to Fitch Ratings’ 1Q22 U.S. The sole metric showing stress is in the foreclosure category, which rose marginally to 2% from 1% and to 3% from 2% for bank and non-bank servicers, respectively.

Foreclosure 40

Foreclosure Loans Banks Bankruptcy 40

Troutman Sanders

MARCH 15, 2023

In the past, the FDIC only provided up to $250,000 per insured depositor, per institution, and per ownership category. The FDIC was also appointed receiver of Signature Bank, which was closed on March 12, 2023, by the New York Department of Financial Services.

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Banks Credit Unions Credit Unions Collateral 52

Collection Industry News

JUNE 20, 2022

The DFPI’s final regulations address seven categories of commercial financing transactions: Closed-End Transactions. All Other Transactions (a catchall for transactions that don’t fit in the six specific categories above). Notably, other states, including New York, Utah, and Virginia, are currently considering similar rules.

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Troutman Sanders

JANUARY 23, 2023

Specifically, FinCEn is issuing a final rule, requiring certain entities to file with FinCEN reports that identify two categories of individuals: the beneficial owners of the entity and individuals who have filed an application with specified governmental authorities to create the entity or register it to do business. and Nexo Capital, Inc.

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Financial services Financial Institution Government Banks 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

Credit Corp

JULY 16, 2021

Growth is fueled by investments in new properties. Since 2012, the REIT invested more than $10 billion into new assets by either purchasing entire REITs or through single-asset/portfolio purchases. New York Community Bank (NYCB). Portfolio occupancy was 98.3%. For 2021 the company now expects AFFO between $4.87

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Troutman Sanders

DECEMBER 5, 2022

Notably, Romero advocated for a two-tiered approach to reducing consumer harm in the crypto markets: Redefining the definition of a “retail investor” to include two categories of retail customers: (1) household retail; and (2) professional and high net worth individuals. On November 23, New York Gov. Kathy Hochul signed S.6522A/A.7363A

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Financial services Credit Card Debt Retail Banks 52

Katabat

JANUARY 5, 2022

Bloomberg estimates that that more than 20% of the Russell 3000 fit into the zombie category, while also noting: “The average credit rating of companies has been declining, according to Moody’s—an early warning that some of them could run into problems with paying what they owe if debt service costs rise.”. of after-tax income.

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Credit Management Government Banks Collections 52

Katabat

JANUARY 5, 2022

Bloomberg estimates that that more than 20% of the Russell 3000 fit into the zombie category, while also noting: “The average credit rating of companies has been declining, according to Moody’s—an early warning that some of them could run into problems with paying what they owe if debt service costs rise.”. of after-tax income.

Credit Management 52

Credit Management Government Banks Collections 52

Katabat

JANUARY 5, 2022

Bloomberg estimates that that more than 20% of the Russell 3000 fit into the zombie category, while also noting: “The average credit rating of companies has been declining, according to Moody’s—an early warning that some of them could run into problems with paying what they owe if debt service costs rise.”. of after-tax income.

Credit Management 52

Credit Management Government Banks Collections 52

Katabat

JANUARY 5, 2022

Bloomberg estimates that that more than 20% of the Russell 3000 fit into the zombie category, while also noting: “The average credit rating of companies has been declining, according to Moody’s—an early warning that some of them could run into problems with paying what they owe if debt service costs rise.” of after-tax income.

Credit Management 52

Credit Management Government Banks Collections 52

Troutman Sanders

NOVEMBER 21, 2023

On November 16, the Justice Department, in close coordination with the Department of Education, announced a successful first year of the new process for handling cases in which individuals seek to discharge their federal student loans in bankruptcy. Chopra stressed his belief that there is a need for careful board oversight.

Financial services 52

Financial services Retail Banks Collections 52

True Accord

JULY 13, 2023

Several states have actively been considering and passing new legislation requiring additional policies, controls, and practices not only in the data security space but also for data privacy and data breaches. According to Experian’s June Ascend Market Insights report, new account originations were up 3.5% 9%) to $17.05

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Financial Institution Student loans Student Loans Loans 66

Troutman Sanders

SEPTEMBER 25, 2023

The CFPB’s plan could also impose stricter rules for obtaining consumer consent, and increase compliance requirements and risks for both new and existing members of the FCRA-regulated consumer data ecosystem. For more information, click here. For more information, click here. million to protect students’ online data.

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Financial services Loans Banks Debt collector 52

Collection Industry News

APRIL 13, 2023

New YorkCNN — Bed Bath & Beyond, the store for seemingly everything in your home during the 1990s and 2000s, filed for bankruptcy on Sunday. Bed Bath & Beyond had been a crown jewel of the era of so-called “category killers” — chains that dominated a category of retail, such as Toys “R” Us, Circuit City and Sports Authority.

Bankruptcy 40

Bankruptcy Retail Manufacturing Loans 40

True Accord

MARCH 5, 2024

Bottom line: households took on more debt at the end of last year and we’re seeing loans increasingly going bad, according to data from the Federal Reserve Bank of New York , leading to a shift in consumer spending for 2024. Today’s consumer is using more and different financial products,” shares Ravanesi.

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Consumer Credit Student loans Student Loans Collections 86

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.

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Trade Consumer Credit Financial services Government 52

Collection Industry News

AUGUST 30, 2021

It was the second-highest consumer debt category, behind only mortgages. Jerrold Nadler, a Democrat from New York, introduced the Student Borrower Bankruptcy Relief Act of 2019. John Katko, a Republican from New York, introduced the Discharge Student Loans in Bankruptcy Act of 2019. Both failed to pass, however.

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Student loans Student Loans Bankruptcy Loans 40

Troutman Sanders

JANUARY 23, 2024

The debt relief is broken down into the following categories: $1.7 The new rules aim to close regulatory loopholes and ensure illicit money from criminal activities and terrorism cannot be laundered through Europe’s financial system. For more information, click here. For more information, click here. For more information, click here.

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Financial services Credit Unions Credit Unions Financial Institution 52

Fico Collections

APRIL 29, 2022

Some of the changes are related to new digital payments methods like P2P apps, tap-to-pay, and cryptocurrency, which are all growing options in retail environments. I would also apply “take it easy” to putting new apps on phones and scanning QR codes, which scammers are increasingly using to perpetrate fraud. Donate where you work. .

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Retail Banks Financial Institution Trade 52

ABI

JANUARY 13, 2022

2] Soon after graduating from college, he filed a voluntary petition for relief under Chapter 7 of the Bankruptcy Code with the United States Bankruptcy Court for the Eastern District of New York. [3] 11] The drafters created three distinct sections in § 523(a)(8) that mention specific categories of debt. [12] Winn, 542 U.S.

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Education Loans Student loans Student Loans 40

Better Credit Blog

NOVEMBER 12, 2021

According to Experian’s report, State of the Automotive Finance Market, Q2 2020 , all potential borrowers belong to one of the categories below. Whether you’re buying a new or used car, you’ll be thinking about car insurance –. New credit applications you’ve made. The Minimum Credit Score for Buying A Car. Credit Score Range.

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Loans Lender Credit Unions Credit Unions 52

Credit Corp

APRIL 11, 2021

Living in an urban center can be great if you enjoy the hustle and bustle of the city or want to be close to action and new possibilities. In contrast, a monthly Unlimited Ride MetroCard in New York City is only $127 a month—or just over $1,500 annually. 6 Advantages of Living in the City. Social Possibilities & Networking.

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Collection Industry News

AUGUST 9, 2021

Centers for Disease Control and Prevention (CDC) issued a new order (the “Order”) that prohibits evictions in parts of the country experiencing “substantial transmission” of the COVID-19 virus. Michael Machado, a Law Clerk in our New York office, contributed to the writing of this alert. Source: site.

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Foreclosure Government Judgment Lender 40

Troutman Sanders

AUGUST 7, 2023

These new Standard Operating Procedures (SOPs) will include updated origination policies and procedures, lender participation requirements, and 7(a) loan servicing and liquidation requirements. On July 31, New York District Judge Jed S. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Manufacturing Loans 52

Troutman Sanders

OCTOBER 4, 2022

State Activities: On September 30, Massachusetts Attorney General Maura Healy joined 10 other attorneys general in a letter, supporting the three major credit card companies’ adoption of a new merchant category code for the sale of firearms and ammunition. For more information, click here. For more information, click here.

Financial services 52

Financial services Trade Retail Banks 52

Troutman Sanders

MAY 2, 2023

The bill additionally leaves room for assets that don’t fit neatly into either category. On April 26, the CFPB, noting a rise in credit card delinquencies, released a new blog post analyzing civil judgments, the final recourse for creditors to collect on unsecured debt. For more information, click here. In April 2023, the U.S.

Financial services 52

Financial services Trade Consumer Credit Government 52

Fico Collections

DECEMBER 12, 2022

In 2022, FICO was granted 11 new U.S. FICO placed first in six categories including Artificial Intelligence Applications, Financial Crime – Enterprise Fraud and Retail Credit Analytics and Innovation – AI and Decision Management Platform, and we placed first in Innovation for the sixth year in a row! software patents. FICO Admin.

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Retail Banks 52

Troutman Sanders

AUGUST 17, 2020

The revised pricing reduces the interest rate spread on tax-exempt notes for each credit rating category by 50 basis points, and reduces the amount by which the interest rate for taxable notes is adjusted relative to tax-exempt notes. ” The division is likely going to handle many of the new health privacy developments posed by COVID-19.

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Financial services Student loans Student Loans Debt collector 52

Payment Savvy

AUGUST 11, 2020

The best ways to segment your audience is by using these four categories; geographic, psychographic, demographic, and behavioral. For example, you may start by saying your target audience location is in the United States then narrow it down to New York. Analyze Your Competition.

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Startups Banks 52

Troutman Sanders

FEBRUARY 16, 2021

On February 4, the New York Department of Financial Services (DFS) released the Cyber Insurance Risk Framework (Framework), which is considered the first guidance by a U.S. regulator on cyber insurance. Manage and Eliminate Exposure to Silent Cyber Risk.

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Financial services Education Government 52

Collection Industry News

MARCH 19, 2024

Bottom line: households took on more debt at the end of last year and we’re seeing loans increasingly going bad, according to data from the Federal Reserve Bank of New York, leading to a shift in consumer spending for 2024. Today’s consumer is using more and different financial products,” shares Ravanesi.

Consumer Credit 40

Consumer Credit Student loans Student Loans Collections 40

Troutman Sanders

MARCH 8, 2021

On March 2, the Department of the Treasury announced that it opened the application process for the Emergency Capital Investment Program, a new initiative supporting access to capital in communities that have struggled the most during the COVID-19 crisis. On March 3, New Jersey Governor Phil Murphy signed Executive Order No.

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