Troutman Sanders

MAY 9, 2023

On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

JULY 12, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. These borrowers will receive 100% loan discharges, resulting in approximately $55.6 Federal Activities: On July 9, the U.S.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

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.

Financial services 52

Financial services Student loans Student Loans Education 52

Credit Corp

DECEMBER 14, 2020

Why does the credit repair industry exist? As long as data is being collected for credit reports, there’s room for mistakes. They could be the difference in someone qualifying for different credit lines or not. So credit repair, consumer credit and credit bureaus—they’re all tied together.

Financial Institution 105

Financial Institution Lender Consumer Credit Creditors 105

Troutman Sanders

JUNE 21, 2022

On June 15, the Consumer Financial Protection Bureau (CFPB) issued an update about its December 2021 market monitoring inquiry into Buy Now, Pay Later (BNPL) — a short-term, no-interest consumer credit product that has become nearly ubiquitous at the point of purchase online and, increasingly, in brick-and-mortar stores.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

NOVEMBER 8, 2022

On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of student loan payment reinstatement. The CFPB found that student loan borrowers are increasingly likely to struggle once their monthly student loan payments are reinstated. On October 31, the U.S.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

Credit Corp

FEBRUARY 9, 2024

Key Takeaways: Credit utilization makes up 30% of your credit score. Having good credit can help you secure better loans. How Debt Relief Programs Affect Credit Your credit utilization rate makes up 30% (roughly one-third) of your overall credit score. Each debt relief option has its pros and cons.

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Credit Counselor Debt Consolidation Debt settlement Bankruptcy 52

Collection Industry News

FEBRUARY 22, 2021

TransUnion ( NYSE: TRU ) confirmed that consumer credit activity keeps rising from the COVID-19 pandemic lows, but some areas like automobile loans (subprime) performance have lagged. Matt Komos , VP of Research and Consulting at TransUnion, stated: “On the surface, the consumer credit market is performing quite well.

Personal loans 40

Personal loans Consumer Credit Loans Lender 40

Fico Collections

AUGUST 29, 2022

As the independent standard in credit scoring, FICO® Scores are the leading credit scores used extensively across the lending ecosystem ranging from originations, underwriting and account management to collections and asset-backed securitization. Ethan has a B.S. in management science/operations research from UC San Diego.

Credit Bureau 98

Credit Bureau Government Lender Loans 98

Troutman Sanders

APRIL 15, 2022

The Consumer Financial Protection Bureau (CFPB) will investigate credit reporting companies and debt collectors that violate patients’ and families’ rights and hold violators accountable. The Small Business Administration also has committed to ensuring credit access and a vested interest in accurate credit reporting and underwriting.

Consumer Credit 52

Consumer Credit Creditworthiness Debt collector Education 52

Troutman Sanders

DECEMBER 7, 2021

The research notes that, despite a drop in fees collected, many of the fee practices persisted during the COVID-19 pandemic. On November 30, Regulation F of the Fair Debt Collection Practices Act became effective. The CFPB published a guide to help consumers understand the new regulation. For more information, click here.

Financial services 52

Financial services Debt collector Consumer Credit Credit Card Debt 52

Troutman Sanders

JUNE 14, 2023

On June 8, the CFPB acted against a medical debt collector for numerous debt collection and credit reporting violations. In at least thousands of cases, the debt collector continued to attempt to collect on a debt that was not substantiated after a consumer disputed the validity of the debt. collectively, “Coinbase”).

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Manufacturing Debt Management Debtor 52

Troutman Sanders

AUGUST 16, 2022

Federal Activities: On August 12, VantageScore announced that it completed an extensive analysis on how recent changes have impacted consumer credit score models to how medical collection accounts are reported, including changes brought by the COVID-19 pandemic. State Activities. For more information, click here.

Financial services 52

Financial services Loans Student loans Student Loans 52

Credit Corp

SEPTEMBER 7, 2020

It gathers credit reports from the three major credit bureaus and analyzes anonymous consumer data to generate a scoring model specific to each bureau. VantageScore, on the other hand, uses a combined set of consumer credit files, also obtained from the three major credit bureaus, to come up with a single formula.

Credit Bureau 115

Credit Bureau Lender Loans Creditworthiness 115

Troutman Sanders

APRIL 18, 2022

Federal Activities: On April 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report titled, “ Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends.” Pre-pandemic payment assistance on student loans. Pre-pandemic payment assistance on student loans.

Financial services 52

Financial services Student loans Student Loans Loans 52

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.

Debt collector 40

Debt collector Education Credit Unions Credit Unions 40

Fico Collections

JANUARY 5, 2023

The data reflected in the UltraFICO® Score may improve an individual’s already-existing FICO® Score, but it also can provide credit scores to many individuals who are “unbanked” or “under-banked,” or those who have not had consistent or sufficient access to mainstream financial products, loans or services.

Financial Institution 52

Financial Institution Financial services Lender Banks 52

Collection Industry News

JUNE 19, 2023

Today, the CFPB released its Fair Lending Annual Report to Congress , describing our fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022.

Financial services 40

Financial services Financial Institution Government Education 40

Troutman Sanders

AUGUST 1, 2023

An amendment in the NDAA to update the Fair Debt Collection Practices for Servicemembers Act passed in the Senate by a vote of 95-2. Examiners found that debt collectors continued collection attempts for work-related medical debt after receiving sufficient information to render the debt uncollectible under state worker’s compensation law.

Financial services 52

Financial services Financial Institution Debt collector Fair Debt Collection 52

Troutman Sanders

OCTOBER 30, 2023

On October 25, the CFPB released its biennial report to Congress on the consumer credit card market. The report found that in 2022 credit card companies charged consumers more than $105 billion in interest and more than $25 billion in fees. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Trade Banks 52

Troutman Sanders

AUGUST 31, 2020

Federal Activities: During the week of August 24, 2020, the Consumer Financial Protection Bureau (CFPB) updated pages relating to student loans and its guidance on protecting credit during COVID-19. Consumers are reminded not to click any links, delete the messages, and call friends who may have shared the message.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Credit Corp

JUNE 3, 2020

They provide a service to you and then bill you, similar to a credit extension. The company, creditor or collection agency has legal ways to pursue payment. The judgment creditor can then use that court judgment to try to collect money from you. The Consumer Credit Protection Act caps these types of garnishments.

Judgment 98

Judgment Garnishment Creditors Law Firms 98

Troutman Sanders

MARCH 15, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. House of Representatives that seeks to amend the Fair Credit Reporting Act to exclude COVID-19-related evictions from consumers’ credit reports.

Financial services 52

Financial services Financial Institution Foreclosure Government 52

Fico Collections

JULY 15, 2022

Credit when it's offered responsibly is a social good. For many, it creates an opportunity to improve their life circumstances; to get an education, to buy a car to get to work, or to own a home. Through myFICO we also offer score simulators, which provides another level of educational information. Plus, in many U.S.

Lender 52

Lender Education Acquisition Financial Institution 52

Credit Corp

MAY 30, 2023

The Consumer Credit Protection Act caps these types of garnishments. Law enforcement may seize things like valuable collections or jewelry to be sold at auction. The judgment creditor can then use that court judgment to try to collect money from you. Some states limit collection efforts to five to seven years.

Judgment 98

Judgment Garnishment Creditors Law Firms 98

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.

Financial services 52

Financial services Credit Unions Credit Unions Third-party Debt Collectors 52

Titan Consulting

MAY 10, 2020

Fico XD helps young adults, immigrants, and those with past credit challenges that resulted in closing all credit accounts. In the last 30 years, the Fair Isaac and Company, better known as FICO, changed the way the lenders evaluate consumer applications. Final Thoughts. How will FICO XD help me?

Retrieval 52

Retrieval Lender Debt Consolidation Loans 52

Troutman Sanders

NOVEMBER 24, 2020

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. For more information, click here.

Financial services 52

Financial services Foreclosure Banks Loans 52

Troutman Sanders

MARCH 1, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The 2020 review found that credit risk for large, syndicated loans has increased over the last year.

Financial services 52

Financial services Foreclosure Financial Institution Government 52

Collection Industry News

AUGUST 30, 2021

of Americans had medical debt in collections as of June 2020, according to a study from the Journal of the American Medical Association (JAMA), which analyzed consumer credit reports between January 2009 and June 2020. We ended up refinancing our mortgage to combine our credit card debt that was significantly over $10,000.

Third-party Debt Collectors 52

Third-party Debt Collectors Credit Card Debt Collections Government 52