Collection Industry News

MAY 18, 2021

Despite objections from CUNA and NAFCU, the House of Representatives passed the Comprehensive Debt Collection Improvement Act on Thursday. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans. Source: site. The bill, H.R. Maxine Waters (D-Calif.),

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Collection Industry News

OCTOBER 17, 2023

There are some exceptions: The Military Lending Act caps interest for active duty servicemembers and dependents at 36% for consumer credit. Federally chartered credit unions have an 18% limit. Eight trade groups representing lenders such as banks and credit unions wrote a letter to Sen. For example, Sen.

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Collection Industry News

APRIL 10, 2023

The revamped survey will mean that dominant credit card issuers will be more transparent by requiring them to publish average interest rates based on credit score ranges. Small banks and credit unions will also now have a chance to have their prices displayed next to those of the largest ones.

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Credit Corp

JUNE 8, 2023

The bureaus collect and store your credit information in your credit file for future reference. The bureaus collect and store your credit information in your credit file for future reference. Meaning, your behaviors can be reviewed in the future by others to determine your risk level.

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Troutman Sanders

OCTOBER 16, 2023

On October 11, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion concerning consumers’ requests for information regarding their accounts with large banks and credit unions. million, allegedly collecting about $81,000 of that amount. For more information, click here.

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Collection Industry News

MARCH 28, 2022

The DFPI investigations resulted in 49 public enforcement actions, $975,000 in restitution to consumers, $547,500 in penalties, and included several “first of its kind” actions for the DFPI in debt collection, student debt relief, earned wage access, and private post-secondary education financing. Regulatory Activities.

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Troutman Sanders

JANUARY 17, 2023

million to consumers and pay a $500,000 civil penalty for deceiving consumers with false claims about their services. That information will be posted in a registry and open to the public, including to other consumer financial protection enforcers. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Education 52

Troutman Sanders

JUNE 14, 2023

On June 8, the board of governors for the Federal Reserve (the Fed), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and the OCC requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions.

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Collection Industry News

JANUARY 25, 2021

The insured creditor and its affiliates do not maintain an escrow account for consumer credit transactions secured by real property or a dwelling, other than: Escrow accounts established after consummation as an accommodation to distressed consumers to assist such consumers in avoiding default or foreclosure, or.

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Collection Industry News

MARCH 15, 2021

The DFPI is aggressively exercising its new authority to regulate a large group of newly covered financial services, including debt collectors, credit reporting and credit repair agencies, debt relief agencies and others. Consumers can reach the DFPI at (866) 275-2677 or Ask.DFPI@dfpi.ca.gov.

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Fico Collections

JULY 9, 2021

For credit unions and smaller banks in North America, the challenge of how to compete with their bigger counterparts is a constant and pressing matter. Today’s prescreening solutions are very manual in nature, typically involving a list processing agreement with a credit bureau.

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Nexa Collect

JULY 1, 2020

Experian reports that the lowest FICO credit score is 300, but no one really stays at such a low score once some financial history has been established. If you’re not in the habit of checking your credit score every month, you can hire a credit monitoring company to do the tracking for you. And that’s encouraging to think about.

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Troutman Sanders

NOVEMBER 2, 2020

The legislation would benefit banks and credit unions with assets under $15 billion. On October 23, lawmakers in the House of Representatives introduced a bill to exclude Paycheck Protection Program (PPP) loans from regulators’ calculations of the asset size of smaller banks. For more information, click here.

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Financial services Financial Institution Loans Credit Unions 52

Credit Corp

OCTOBER 6, 2023

Despite the national average of Americans having over $9,000 in credit card debt per household, only 14% say they’re “very worried” about their debt. 67% of respondents said they have less than $2,000 in debt, which may indicate that only a concentrated number of people have high amounts of credit card debt.

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Credit Corp

FEBRUARY 21, 2023

Despite the national average of Americans having $9,000 in credit card debt per household, only 14 percent say they’re “very worried” about their debt. 67 percent of respondents said they have less than $2,000 in debt, which may indicate the national average means that a concentrated number of people have high amounts of credit card debt.

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Credit Card Debt Debt Consolidation Credit Unions Credit Unions 98

Fico Collections

JULY 9, 2021

For credit unions and smaller banks in North America, the challenge of how to compete with their bigger counterparts is a constant and pressing matter. Today’s prescreening solutions are very manual in nature, typically involving a list processing agreement with a credit bureau.

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