Troutman Sanders

MARCH 14, 2023

Buy Now, Pay Later borrowers also are more likely to use high-interest financial services, such as payday loans, pawn loans, and bank account overdrafts. On March 2, the Federal Trade Commission (FTC) issued a proposed order, banning online counseling service BetterHelp, Inc. For more information, click here.

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Troutman Sanders

MARCH 6, 2023

Buy Now, Pay Later borrowers also are more likely to use high-interest financial services, such as payday loans, pawn loans, and bank account overdrafts. On March 2, the Federal Trade Commission (FTC) issued a proposed order, banning online counseling service BetterHelp, Inc. For more information, click here.

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Financial services Student loans Student Loans Loans 52

Troutman Sanders

MAY 23, 2023

On May 18, the House Financial Services Committee Subcommittee on Digital Assets, Financial Technology, and Inclusion hosted a hearing, titled “‘Stable’ in ‘Stablecoins’: How Legislation Will Help Stablecoins Achieve Their Promise.” For more information, click here. For more information, click here.

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Financial services Banks Debtor Education 52

Troutman Sanders

FEBRUARY 27, 2023

Section 604 of the Financial Services Regulatory Relief Act of 2006 requires that the agencies review information collected in the Call Reports to reduce or eliminate any requirement to file certain information or schedules if the continued collection of such information or schedules is no longer necessary or appropriate.

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Troutman Sanders

OCTOBER 4, 2021

On September 22, the Internal Revenue Service announced that it awarded new contracts to three private sector collection agencies to collect overdue tax debts. Beginning September 23, taxpayers with unpaid tax bills may be contacted by one of the following three agencies: CBE Group, Inc., Coast Professional, Inc.,

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Troutman Sanders

JULY 7, 2021

On June 30, the Federal Financial Institutions Examination Council (FFIEC) issued a new booklet in the FFIEC Information Technology Examination Handbook series, titled, “Architecture, Infrastructure, and Operations.” The law does not impact most third-party collection agencies, but it does impact some creditors and debt buyers.

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Troutman Sanders

MAY 9, 2023

The first of its kind, the strategy examines the phenomenon of financial institutions de-risking and its causes, and it identifies those greatest impacted. Department of the Treasury issued the 2023 De-Risking Strategy, as mandated by Congress in the Anti-Money Laundering Act of 2020. For more information, click here.

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Troutman Sanders

JUNE 28, 2021

The extension serves as an operational accommodation, allowing additional processing time for banks, community development financial institutions, and other financial institutions to pledge any Small Business Administration-approved Paycheck Protection Program (PPP) loans to the facility through the PPP program’s June 30 expiration date.

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Troutman Sanders

FEBRUARY 22, 2021

On February 18, the Federal Reserve Board announced a final rule intended to reduce risk and increase efficiency in the financial system by applying netting protections to a broader range of financial institutions. Currently, the act only applies to persons who service student loans. For more information, click here.

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Troutman Sanders

FEBRUARY 7, 2022

State Activities: On February 3, the Nevada Financial Institutions Division issued a notice of transition to all Nevada collection agency licensees, stating that “all current collection agency and manager licensees and registrants will be able to begin their required transition to NMLS” on April 1.

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Troutman Sanders

OCTOBER 19, 2021

These FAQs are a Compliance Aid designed to help collection agencies comply with Reg F, which goes into effect on November 30, 2021. State Activities: On October 26, the Maryland Office of the Commissioner of Financial Regulation will host a free online information session for Maryland consumer debt collection agencies.

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Troutman Sanders

SEPTEMBER 7, 2021

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest COVID-19 driven events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. Privacy and Cybersecurity Activities. Federal Activities: On September 1, the U.S.

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Troutman Sanders

MARCH 15, 2021

Under the program, Treasury will purchase preferred stock or subordinated debt from qualifying minority depository institutions and community development financial institutions, with the corresponding dividend or interest rate based on the institution meeting lending targets. For more information, click here.

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Troutman Sanders

MAY 17, 2021

On May 13, the Nevada Financial Institutions Division (NFID) extended its temporary guidance allowing employees of licensed collection agencies to work from home through July 31. 248, which limits a collection agency’s ability to collect on medical debt. For more information, click here.

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Troutman Sanders

SEPTEMBER 29, 2020

On September 18, the Nevada Financial Institutions Division granted an extension allowing employees of licensed collection agencies to work from home through at least the end of 2020 so long as employees follow data security and other protocols. The order is now in effect until October 17, 2020.

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Troutman Sanders

MARCH 22, 2021

The Bureau is concerned that some of those desperately needed funds will not reach consumers, and will instead be intercepted by financial institutions or debt collectors to cover overdraft fees, past-due debts, or other liabilities. According to the FOMC, inflation continues to run below 2%. For more information, click here.

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Troutman Sanders

MARCH 1, 2021

Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year 2021 funding round for the CDFI Rapid Response Program today. billion to community development financial institutions to help their communities respond to the economic hardships created by the COVID-19 pandemic.

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Troutman Sanders

JANUARY 11, 2021

To promote access to capital, initially, only community financial institutions can make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. For more information, click here.

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Troutman Sanders

SEPTEMBER 21, 2020

State Activities: On September 18, 2020, the Nevada Department of Business and Industry Financial Institutions Division granted an extension allowing employees of licensed collection agencies to work from home through December 31, 2020 so long as the agencies establish and maintain proper security protocols.

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Financial services Banks Government Acquisition 52

Consumer Financial Services Law

MARCH 30, 2020

In a related move, the Department of Insurance invoked statutory powers which require collection agencies and others licensed and regulated by the Department of Insurance to offer their customers the option to defer debt payments. The Order additionally only allows certain specified essential businesses to remain physically open.

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PDC Flow

OCTOBER 12, 2021

To help agencies prepare, PDCflow and financial services attorneys Joann Needleman and Leslie Bender of Clark Hill Law, recently put on a one-hour webinar, “ Regulation F Implementation Challenges: Ask the Regulatory and Compliance Experts ,” addressing the concerns and implementation struggles submitted by webinar attendees.

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Nexa Collect

NOVEMBER 1, 2021

Contrary to this, decentralized distributed systems are trustless systems that do not rely on the parties; they depend on protocols that manage financial services. Blockchain restructured the financial system in a decentralized way. The decentralized finance market DeFi has touched the peak of 89 billion dollars as of May 2021.

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Debt RR

OCTOBER 13, 2019

When it comes to debt collection and unpaid invoices, there are many ways a business can collect what is owed to them. Businesses can attempt to collect debt internally, putting a lot of time and resources into establishing processes and procedures, or they can use a debt collection agency that already has these processes in place.

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Fico Collections

SEPTEMBER 19, 2022

Banks and financial institutions have always sought to gain a realistic awareness of their customers’ wants, needs, likes, and dislikes. By knowing these preferences, they can shape personal financial products and services to the emerging reality of consumers’ needs. . See all Posts. chevron_left Blog Home.

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CICM

JULY 17, 2023

TCN 2023 Consumer Survey Reveals Nearly Three-Quarters of Consumers Will Abandon a Brand After Just One Bad Customer Service Experience UK, London/Midlands, Bucharest, Romania and St. In technology, we trust : Customers are learning to trust technology more when it comes to resolving customer service issues.

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True Accord

JULY 13, 2020

Now more than ever, it’s clear that the collections industry needs to catch up with other financial services and provide modern solutions for the consumers it services. Consumers expect a personalized experience from their financial services, and debt collection should be no different.

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Fico Collections

JANUARY 26, 2022

While Government will likely take a hand in directing the pace of some collection activities, others will be determined by the debt holder. Collection agencies will likely be busier than ever as more debt holders assign debts to agencies. Agencies will face challenges when consumers owe from many different sources.

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Collection Industry News

JANUARY 19, 2021

In addition, The Post found dozens of cases in which companies did not list themselves as debt-collection agencies despite having public websites advertising such services. Consider, for example, National Credit Adjusters, a Kansas firm that provides debt-collection services. It received $1.5 Andrew Harnik/AP).

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