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

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

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

APRIL 18, 2022

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. Multiple student loan servicers.

Student loans 52

Student loans Student Loans Loans 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.

Financial services 52

Financial services Student loans Student Loans Garnishment 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

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

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

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

JULY 12, 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. On June 30, the CFPB released a blog post regarding trends of commercial reporting on consumer credit.

Financial services 52

Financial services Student loans Student Loans Foreclosure 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

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

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

Troutman Sanders

MARCH 15, 2021

House of Representatives that seeks to amend the Fair Credit Reporting Act to exclude COVID-19-related evictions from consumers’ credit reports. For more information, click here. On March 5, the Nevada Financial Institutions Division (NFID) extended temporary guidance for licensees regarding working from home until May 31.

Financial services 52

Financial services Financial Institution Foreclosure Government 52

Troutman Sanders

JULY 11, 2023

Department of the Treasury (Treasury) launched an inquiry into specialty financial products, such as medical credit cards and installment loans, that consumers can use to pay for medical care. The CFPB further alleged that the defendants made guarantees about lowering consumers’ credit card interest rates.

Financial services 40

Financial services Student loans Student Loans Credit Card Debt 40

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