Troutman Sanders

OCTOBER 30, 2023

The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. financial institutions. For more information, click here.

Financial services 52

Financial services Financial Institution Trade Banks 52

Troutman Sanders

JUNE 14, 2023

The proposed guidanceadvises on policies that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the original appraisal. For more information, click here.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Debt Collection Answers

FEBRUARY 21, 2024

A Pre-Screen Firm Offer of Credit, often referred to as pre-approved credit, is a marketing strategy employed by creditors to identify potential customers for their financial products. This process involves a preliminary screening of consumer credit reports to determine if individuals meet specific criteria set by the lender.

Debt Consolidation 40

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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. Delinquencies on other credit products since the start of the pandemic. New third-party collections during the pandemic. Multiple student loan servicers.

Student loans 52

Student loans Student Loans Loans Financial Institution 52

Troutman Sanders

AUGUST 1, 2023

On July 27, the Senate passed its version of the National Defense Authorization Act (NDAA) bill, which includes a provision that tightens oversight over financial institutions engaged in crypto trading and takes aim at crypto mixers and “anonymity-enhancing” crypto assets. The amendment, led by U.S. For more information, click here.

Financial services 52

Financial services Financial Institution Debt collector Fair Debt Collection 52

Troutman Sanders

OCTOBER 4, 2021

Federal Activities: On September 29, the Consumer Financial Protection Bureau (CFPB) released its fifth biennial report to Congress on the consumer credit card market, finding that the market’s growth over the last few years reversed course in 2020. Privacy and Cybersecurity Activities. For more information, click here.

Financial services 52

Financial services Financial Institution Foreclosure Student loans 52

Troutman Sanders

JANUARY 26, 2023

On January 20, 2023, California Attorney General Rob Bonta submitted a letter to the CFPB agreeing with its preliminary determination that California’s Commercial Financing Disclosures Law (CFDL) is not preempted by TILA because the CFDL only applies to commercial financing and not to consumer credit transactions within the scope of TILA.

Financial services 52

Financial services Consumer Credit Financial Institution Government 52

Troutman Sanders

NOVEMBER 8, 2022

These include modernizing Treasury’s IT systems with an elevated cybersecurity threat focus, as well as ramping up partnerships with the financial and regulatory sectors. On October 31, the Financial Crimes Enforcement Network (FinCEN) informed U.S. On October 31, the Financial Crimes Enforcement Network (FinCEN) informed U.S.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

Troutman Sanders

JANUARY 25, 2023

Specifically, the Panel is required to collect advice and recommendations from small entities or their representatives … that are likely to be subject to the regulation that the CFPB is considering proposing.” When set appropriately, late fees encourage consumers to pay on time and develop good financial management habits.

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

Fico Collections

FEBRUARY 7, 2023

Saxon Shirley Fri, 05/20/2022 - 06:06 by FICO expand_less Back To Top Tue, 02/07/2023 - 19:10 As the independent standard in credit scoring, FICO® Scores are the leading credit scores used extensively across the lending ecosystem. million previously “unscorable” consumer files. Read the full post 3. Read the full post 4.

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Fico Collections

JANUARY 5, 2023

What’s more, unlike some fintech initiatives that assess risk based on cash flow data alone, the UltraFICO® Score presents the best of both worlds, combining cash flow data with traditional data from consumers’ credit files, along with the odds-to-score ratio that lenders understand. In her role, Ms.

Financial Institution 52

Financial Institution Financial services Lender Banks 52

Troutman Sanders

AUGUST 9, 2022

In letters dated August 1, the American Bankers Association , Consumer Bankers Association, Credit Union National Association, and National Association of Federally?Insured Insured Credit Unions (Associations), as well as the Bank Policy Institute , expressed their collective displeasure with the idea.

Banks 52

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Troutman Sanders

MARCH 21, 2022

In the course of examining banks’ and other companies’ compliance with consumer protection rules, the CFPB will scrutinize discriminatory conduct that violates the federal prohibition against unfair practices. The bill further “establishes debt collection protections during a public health emergency declared by the Mayor.”

Financial services 52

Financial services Financial Institution Manufacturing Debt collector 52

Troutman Sanders

JANUARY 20, 2023

Thus, those who make, procure, or advertise EWA products are not required to be licensed as a “consumer lender” by Arizona’s Department of Insurance and Financial Institutions. The AG’s findings apply to EWA providers working with an employer as well as those working directly with an employee.

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Lender Loans Financial Institution Consumer Credit 52

Fico Collections

MARCH 21, 2023

Notably, this poll took place before the recent liquidity challenges faced by several financial institutions. But they view their own companies’ financial outlook more positively. 14% said the financial outlook for their company was very strong, and another 50% assessed the outlook as strong. In her role, Ms.

Financial Institution 52

Financial Institution Financial services Lender Consumer Credit 52

Troutman Sanders

NOVEMBER 13, 2023

On November 6, the Bank of England, Financial Conduct Authority, and Prudential Regulation Authority issued guidance explaining how current and proposed regulatory regimes governing “e-money, stablecoins, and tokenised bank deposits” will interact, indicating that applicable financial institutions will be subject to dual or triple regulation.

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Financial services Manufacturing Debt Management Debtor 52

Troutman Sanders

NOVEMBER 2, 2020

It requires federal regulators to exclude PPP loans from asset-size calculations for the purpose of determining capital ratios, deposit insurance premiums, and other asset thresholds at those financial institutions. For more information, click here. For more information, click here. For more information, click here.

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Financial services Financial Institution Loans Credit Unions 52

Collection Industry News

JUNE 19, 2023

The CFPB also released several reports shining a light on factors that may influence fair access to credit, including how medical debt affects tens of millions of consumers’ credit profiles, how people in under-resourced rural areas struggle to access financial services, and the challenges faced by justice-involved individuals and families.

Financial services 40

Financial services Financial Institution Government Education 40

Collection Industry News

JULY 6, 2021

The new agenda lists two items as in the “final rule stage”: Debt collection. Due in part to the “societal disruption” caused by the COVID-19 pandemic, in April 2021, the CFPB issued a notice of proposed rulemaking (NPRM) that would extend by 60 days the effective date of Part I and Part II of its final debt collection rule.

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Foreclosure Financial Institution Consumer Credit Collections 40

Troutman Sanders

MAY 2, 2023

Senate Committee on Banking held a full committee hearing, titled “Oversight of the Credit Reporting Agencies.” Chairman Sherrod Brown (D-OH) described consumer credit reports as “riddled with errors.” Brown argued that medical debt “correlates with illness,” not with credit risk. On April 27, the U.S.

Financial services 52

Financial services Trade Consumer Credit Government 52

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.

Financial services 52

Financial services Financial Institution Foreclosure Government 52

Fico Collections

JUNE 2, 2023

Can Arkali Can Arkali joined FICO in 2002 where he developed and delivered credit risk models for leading financial institutions.

Credit Bureau 52

Credit Bureau Lender Financial Institution Consumer Credit 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

OCTOBER 16, 2023

On October 11, the CFPB published its analysis regarding the nonsufficient fund (NSF) fee practices of a number of banks and credit unions. NSF fees are distinct from overdraft fees, which financial institutions charge when they pay, rather than decline, a payment when the account lacks sufficient funds.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

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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Financial services Foreclosure Financial Institution Government 52

Better Credit Blog

DECEMBER 18, 2020

While you may have applied for a loan from a popular lender or bank, their name isn’t necessarily the one that will appear on your credit report. Instead, banks, lenders, and other financial institutions turn to consumer credit reporting companies like CBCInnovis to vet applicants. Debt in collections.

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Fico Collections

JUNE 16, 2022

In turn, Financial institutions are raising interest rates on consumer debt including the 30-year fixed mortgage, up from 3.22% in January 2022 to 5.30% as of May 12th. Leanne Marshall is a Senior Strategy Consultant with FICO Advisors for North American Credit Risk Lifecycle Practice.

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Fico Collections

JULY 15, 2022

are part of this program, where FICO Scores used by financial institutions are shared with consumers for free. Through that program, and many other ways for the consumers to access their FICO® Score, we offer reason codes and educational material to provide insight to the consumer on their score.

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Lender Education Acquisition Financial Institution 52

Fico Collections

JANUARY 15, 2021

The COVID-19 pandemic cast a huge shadow on the financial services worldwide. The FICO Blog posts last year reflected that – we wrote about everything from the impact on collections, proactive lender communications with consumers, issues with fraud, and of course, how FICO® Scores were impacted.

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Lender Loans Consumer Credit Credit Card Debt 59

Troutman Sanders

OCTOBER 24, 2023

The proposed Personal Financial Data Rights rule activates a dormant provision of law enacted by Congress more than a decade ago. It would jumpstart competition by forbidding financial institutions from hoarding a person’s data and by requiring companies to share data at the person’s direction with other companies offering better products.

Financial services 52

Financial services Creditworthiness Banks Government 52

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.

Financial services 52

Financial services Student loans Student Loans 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

Collection Industry News

JANUARY 25, 2023

UK Credit Card Borrowing Soars to Highest Monthly Level Since 2004 Credit card borrowing in the UK soared in November to its highest monthly level since 2004 amid mounting pressure on households from the cost of living crisis. Regulators Warn Banks over Cryptocurrency Risks U.S.

Banks 40

Banks Credit Card Debt Creditworthiness Financial Institution 40

Troutman Sanders

JANUARY 11, 2021

In its report, the Taskforce makes approximately 100 recommendations to the CFPB, Congress, and state and federal regulators to strengthen consumer protection. 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.

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Financial services Foreclosure Collection Agencies Collections Agency 52

Consumer Financial Services Law

JANUARY 14, 2017

Surprisingly, the violations identified by the CFPB have very little if anything to do with credit reporting. Instead, the orders are focused on the CRAs’ marketing of credit related reporting services. According to the Consent Orders, the CRAs marketed and sold consumers credit scores and credit related products.

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Lender Creditworthiness Financial Institution Education 40

Fico Collections

FEBRUARY 16, 2021

The UK’s Financial Conduct Authority (FCA) has handed out a £26m fine following poor treatment of more than 1.5 It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. But those needing to collect from customers will also be facing significant regulatory scrutiny.

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Lender Collections Loans Acquisition 52

Fico Collections

JULY 9, 2021

Today’s prescreening solutions are very manual in nature, typically involving a list processing agreement with a credit bureau. The solution integrates Equifax Consumer Credit Information and FICO risk decision management technology with marketing campaign automation and execution. Learn more about PrescreenCentral.

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