Troutman Sanders

MARCH 13, 2024

CRS’s report shows that in fiscal year 2023, credit reporting ranked as the most common product category about which consumers complained, comprising 80.5% of all complaints. These three types of complaints alone made up 80.3% of all complaints received by the CFPB during fiscal year 2023.

Collections 52

Collections 52

Public Citizen

MAY 31, 2022

Technology and Regulation 36 (2022), Special Issue: Should Data Drive Private Law? A Digital Arms Race?, Consumer-empowering technologies may help counter algorithmic price discrimination.

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Collection Industry News

JUNE 20, 2022

The California Office of Administrative Law (OAL) has approved the California Department of Financial Protection and Innovation’s (DFPI) final regulations , which require providers of commercial financing, including nonbank lenders, to provide commercial borrowers with cost-of-credit disclosures similar to those provided to consumer customers.

Government 40

Government Loans Banks Lender 40

Troutman Sanders

DECEMBER 4, 2023

The DFAL and Senate Bill 401, signed into law by Governor Gavin Newsom on October 13, 2023, are set to regulate virtual currency activities within California, effective July 1, 2025. If interested in attending the Virtual Informal Listening Session, stakeholders must email regulations@dfpi.ca.gov.

Credit Unions 52

Credit Unions Credit Unions Banks Trade 52

Burr Forman

SEPTEMBER 2, 2020

The regulations require USCIS to issue an EAD if the application is granted. In fact, courts reviewing similar claims have determined that the absence of a timeline in a statute or regulation means that the court retains jurisdiction to decide whether the delay was unreasonable.”.

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Nexa Collect

SEPTEMBER 28, 2020

The table below shows some examples of each of these categories. It may inadvertently identify contributors and key players in all of these categories. Opportunities and threats are macro-factors because they depend on the external environment: favorable conditions in the marketplace (opportunities) or unfavorable conditions (threats).

Acquisition 130

Acquisition Banks Loans 130

Burr Forman

JANUARY 27, 2021

Final CPRA regulations are to be adopted by July 1, 2022. Initially, the Attorney General of California will be responsible for creating regulations under the CPRA, but the Agency will take over the rulemaking responsibilities by July 1, 2021. Most of the CPRA’s provisions are not operative until January 1, 2023.

Collections 52

Collections 52

Nexa Collect

AUGUST 17, 2020

The test is 75 questions long and focuses on several broad topic categories, including: Ethical practices. Compliance regulations. Recertification is required every two years, earned by passing a recertification exam. Patient-centric revenue cycle best practices. Revenue cycle KPMs. Best practices for patient financial communications.

Healthcare 130

Healthcare Collections 130

Troutman Sanders

MARCH 8, 2021

The guidance was issued prior to the implementation of new regulations capping the number of permitted calls under the TCPA. But industry members quickly identified a problem — the proposed regulations seem to have a major drafting error. But the proposed regulation itself (47 C.F.R.

Trade 59

Trade 59

Fico Collections

OCTOBER 17, 2022

India and Australia, for instance, have adopted a government-regulated approach. In contrast, other countries, including the Philippines and Hong Kong, have taken a less regulated approach, with regulators setting the ground rules but the industry and financial institutions are defining the APIs and implementing the framework.

Banks 52

Banks Financial Institution Financial services Government 52

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. Brown’s letter requests the U.S. For more information, click here.

Financial services 52

Financial services Credit Card Debt Retail Banks 52

Troutman Sanders

JUNE 21, 2022

Dollar-Backed Stablecoins ,” establishing a first-of-its-kind state standards for USD-backed stablecoins issued by entities subject to regulation by the NYDFS. Stablecoin reserves must be held in specific asset categories, including government money-market funds and deposit accounts at U.S.

Financial services 59

Financial services Collateral Government 59

Troutman Sanders

JANUARY 23, 2024

The debt relief is broken down into the following categories: $1.7 Recently, 19 state AGs submitted a comment letter supporting the CFPB’s proposed rule that would expand the agency’s supervisory authority to regulate nonbank fintech firms that offer digital payment services. For more information, click here.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

Qualco

JULY 13, 2021

The new regulation primarily relieves debtors who are trying to settle their debts quickly, and consequently imposes increased fees for the debt collection industry. Because, while the law means a considerable cost saving for debtors, debt collection companies have to reckon with noticeable losses of income in carrying out their activities.

Debtor 52

Debtor Debt collector Collection Companies Collection Agencies 52

On Guard

NOVEMBER 17, 2023

If your organisation falls into the latter category, don’t fret! Overcome challenges posed by varying regulations, business etiquette, language barriers and currency differences, ensuring both smooth operations and reduced costs. Coping with competition : As markets grow and globalise, competition intensifies.

Credit Management 40

Credit Management Trade 40

Payment Savvy

NOVEMBER 18, 2020

Bad credit and a lack of assets are also reasons to fall into the category. Other factors placing an enterprise into the high-risk category include: Offshore headquarters. To conclude, one can’t avoid the high-risk business classification if they fall into the defined categories. High-dollar transactions.

Banks 52

Banks Collection Agencies Collections Agency Loans 52

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

Burr Forman

DECEMBER 1, 2021

Newly-Published DOL Regulations Resurrect the 80/20 Rule. Although the Department of Labor (“DOL”) previously promulgated proposed FLSA regulations for tipped employees in December 2020, their enactment was repeatedly delayed until the proposed regulations were eventually abandoned. This is known as the “tip credit” rule.

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Troutman Sanders

MARCH 1, 2023

The Illinois bill would impose disclosure requirements on broad categories of commercial financing, including closed-end commercial financing, open-end commercial financing, sales-based commercial financing, factoring transactions, and “other forms” of commercial financing.

Collateral 52

Collateral Banks 52

Fraser

OCTOBER 27, 2022

The facts that provide this evidence fall into three categories – Behavioral Control, Financial Control, and Relationship of the Parties.” The attorneys at Fraser Trebilcock Davis & Dunlap, PC will continue to monitor these developments and stand ready to guide clients in their compliance with any new regulation.

Acquisition 75

Acquisition 75

Troutman Sanders

NOVEMBER 21, 2023

The CFPB’s rule amends an appendix for Regulation V, which implements the FCRA. The CFPB is amending Appendix O to Regulation V, which implements the FCRA, to establish the maximum allowable charge for disclosures by a consumer reporting agency to a consumer for 2024. For more information, click here. for 2024.

Financial services 52

Financial services Retail Banks Collections 52

True Accord

JULY 13, 2023

Debt increases showed up across almost all categories, with larger balances for mortgages , home equity lines of credit, auto loans, student loans , retail cards and other consumer loans. Compliance built into the code can help prevent costly mistakes especially with the complex patchwork of regulations. 9%) to $17.05

Financial Institution 66

Financial Institution Student loans Student Loans Loans 66

Troutman Sanders

APRIL 12, 2022

Retail investors often trade stablecoins, a category of digital assets that can be pegged to the U.S. According to Yellen, “Wherever possible, regulation should be ‘tech neutral.'” will also have to work closely with its international partners to effectuate consistent regulations across jurisdictions. Technological Neutrality.

Banks 52

Banks Retail Trade Lender 52

Troutman Sanders

OCTOBER 21, 2022

According to the FTC, fees it is considering regulating fall into the following categories: Unnecessary charges for worthless, free, or fake products or services. As we discussed here , in June 2022, the FTC released a proposed Motor Vehicle Dealers Trade Regulation Rule. The deadline for comments expired on September 12.

Trade 52

Trade Loans Collections 52

Troutman Sanders

NOVEMBER 30, 2020

The current bill alleviates concerns raised that the prior bill was overbroad by explicitly excluding certain categories of devices, such as personal computers. Troutman Pepper will provide updates on future movements regarding the Internet of Things Cybersecurity Improvement Act and other related statutes and regulations.

Government 52

Government Trade 52

Troutman Sanders

OCTOBER 28, 2021

The TILA Examination Procedures have been revised and updated to reflect four final rules that amend the qualified mortgage (QM) provisions of Regulation Z. The updates reflect changes to the definition of a General QM loan and the addition of a new category of QM, Seasoned QM loans.

Loans 52

Loans Credit Unions Credit Unions Consumer Credit 52

Collection Industry News

MARCH 14, 2022

But there is one area that seems to raise red flags, and it may require regulation to address it: behavioral nudges. This is an area where the SEC is not alone and other regulators around the globe are also worried. Read More: AI in Financial Services in 2022: US, EU and UK Regulation .

Banks 40

Banks Trade Financial services Loans 40

Troutman Sanders

OCTOBER 25, 2023

Covered persons include entities providing asset accounts subject to the Electronic Funds Transfer Act, credit cards subject to the Truth in Lending Act, and related payment facilitation products and services “from a Regulation E account or Regulation Z credit card.”

Banks 52

Banks Financial Institution Credit Unions Credit Unions 52

True Accord

AUGUST 15, 2023

Several key factors play into whether an email gets tagged in spam or junk or filtered into “social” or “promotion” categories. For Regulation F compliance when delivering disclosures electronically, debt collectors are required to monitor for deliverability.

Debt collector 74

Debt collector 74

Fico Collections

SEPTEMBER 9, 2021

In the United States, a customer must opt-in to this service for debit and ATM card transactions (required by the 2010 update to Regulation E) and a flat fee is applied per the terms and conditions of the program offered by the bank. In 2014, the Bureau moved to recategorize overdraft on prepaid cards as a “credit feature” under regulation Z.

Banks 52

Banks Collections 52

Collection Industry News

MARCH 28, 2022

As of the end of 2021, the DFPI had three pending regulation packages pursuant to the CCFPL: 1) complaint procedures, 2) commercial financing UDAAP, and 3) phase one registration categories. In 2021, the DFPI issued four invitations for comments to solicit stakeholder feedback on various aspects of implementation of the CCFPL.

Debt collector 40

Debt collector Education Credit Unions Credit Unions 40

Fico Collections

OCTOBER 4, 2021

One of the early beneficiaries of this technology is Home Credit & Finance Bank in Russia , which has just been named a finalist in the Banking Tech 2021 Awards , in the Best Use of AI category. By using AI-powered optimization from FICO, Home Credit was able to: Increase revenue by 24%. Increase the average loan by 5%.

Loans 52

Loans Banks Trade Financial services 52

Fico Collections

MAY 13, 2021

The new rules divide AI systems into different categories of risk (based on the impact of an error in the AI system) and impose restrictions and requirements based on that risk. The majority of AI systems (including AI-enabled video games or spam filters on your computer) fall into the low-risk category, requiring very little oversight.

Manufacturing 52

Manufacturing Retail Government Banks 52

Burr Forman

FEBRUARY 1, 2021

From regulations designed to significantly alter the H-1B program to travel and visa bans, the immigration landscape has changed at a fast and furious pace over the last four years. Halting H-1B “Sunset” Regulations. Many legal practitioners expect more of the same during the Biden administration.

Retail 52

Retail 52

Troutman Sanders

DECEMBER 21, 2021

The 20 questions included with the order are broken down into the following categories: Description of Products. It’s safe to say BNPL is firmly within the view of both regulators and legislators. Data collection, behavioral targeting, and data monetization practices of BNPL providers. However, the order goes more in-depth.

Loans 52

Loans Financial services Collections 52

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.

Financial services 52

Financial services Financial Institution Government Banks 52

Qualco

SEPTEMBER 12, 2023

Throughout the lending process, several factors, such as market conditions, location, maintenance, supply and demand dynamics, regulations, and economic conditions, significantly influence the value of real estate collateral. These characteristics include technical, economic, and urban information, among others.

Collateral 102

Collateral Collections Financial Institution Loans 102