Collections Consumer Credit Credit Unions Student Loans 
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. For more information, click here. For more information, click here. For more information, click here.
Troutman Sanders
DECEMBER 21, 2021
Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.
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Troutman Sanders
JUNE 21, 2022
Covered institutions include banks, savings associations, credit unions, and mortgage companies. As the most comprehensive publicly available information on mortgage market activity, HMDA data is used by industry, consumer groups, regulators, and others to assess potential fair lending risks and for other purposes.
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.
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. Require discharge of private student loans due to total and permanent disability.
Credit Corp
JUNE 8, 2023
In other words, about how personal credit works and how credit scores work still confuses people. How Are Credit Scores Created? When you borrow money, whether through a revolving account, like credit cards , or an installment account, like an auto loan or student loan , the information is gathered by the credit bureaus.
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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