Troutman Sanders

MARCH 2, 2021

2020 was a transformative year for the consumer financial services world. We hope you find this helpful as you navigate the evolving consumer financial services landscape. Access full report here.

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FFGN COLLECT NY

JANUARY 10, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike.

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Garnishment Collections Debt collector Student loans 52

Troutman Sanders

MAY 31, 2022

On May 26, the CFPB issued a blog post regarding credit reporting disputes and requirements that furnishers must satisfy when handling a dispute. SF 2922 contains a work-from-home provision, allowing collection agency staff to continue working remotely. For more information, click here. For more information, click here.

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Collection Industry News

MARCH 17, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike.

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Troutman Sanders

DECEMBER 7, 2021

The CFPB also found that while small institutions with overdraft programs charged lower fees on average, consumer outcomes were similar to those found at larger banks. The research notes that, despite a drop in fees collected, many of the fee practices persisted during the COVID-19 pandemic. For more information, click here.

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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.

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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. Department of Education’s decision to terminate its federal student loan contracts with private collection agencies. For more information, click here.

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Troutman Sanders

MAY 9, 2023

On May 4, Colorado Governor Jared Polis signed SB93 into law. HB1443 will go into effect on November 1.

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Troutman Sanders

JANUARY 11, 2022

The defendants will be permanently banned from the merchant cash advance and debt collection industries, and they must pay $675,000 to settle FTC charges that they used deceptive and illegal means to seize assets from small businesses, nonprofits, and religious organizations. For more information, click here.

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FFGN COLLECT NY

JANUARY 6, 2023

The New York legislature passed many new laws in 2022, some of which directly affect New York debt collection. We reported on many of these laws including: Cutting the statute of limitations in half to collect medical and consumer debt from six years to three years. Interested in learning more about debt collection in New York?

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Troutman Sanders

JANUARY 5, 2022

On December 29, 2021, the California Court of Appeals upheld a lower court ruling, prohibiting a company from collecting on $38 million of unpaid debt as consumers were not provided statutory notice of the risks of cosigning a consumer credit contract. For more information, click here.

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Troutman Sanders

APRIL 4, 2022

On March 29, New York Attorney General Letitia James sent letters to the largest credit card companies and major debt collectors operating in New York, warning those companies of new state regulations that prevent them from suing consumers for old debts. All three affect debt collection in D.C.;

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Troutman Sanders

NOVEMBER 2, 2020

On October 25, the administrator of Colorado’s Uniform Consumer Credit Code issued an order extending the requirements of sections (4) and (5) of SB-211 and restricting the use of extraordinary collection activities to collect debt or satisfy judgments in Colorado until February 1, 2021.

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Troutman Sanders

NOVEMBER 24, 2020

Among those directives, the service of a garnishment summons, wage deduction summons, or a citation to discover assets on a consumer debtor or consumer garnishee are suspended through December 12. For more information, click here. Click here to read more.

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Troutman Sanders

OCTOBER 10, 2023

The Connecticut Banking Commissioner (Commissioner), acting through the Consumer Credit Division of the Department of Banking (the Division), conducted an investigation into the Law Offices of David M. The firm allegedly collected about $81,000 of that amount. The firm had 14 days to request a hearing, but failed to do so.

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Troutman Sanders

MARCH 1, 2021

Senator Chris Van Hollen re-introduced a bill that will prohibit health care providers and their agents from engaging in “extraordinary collection actions” until the COVID-19 pandemic is over or 18 months after enacting the law. For more information, click here. For more information, click here.

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Troutman Sanders

NOVEMBER 4, 2020

Finally, we will revisit the status of COVID-19-inspired state efforts to directly regulate credit reporting, and the impact on credit reporting of pandemic-inspired state regulation of debt collection. CFPB Policy Statements on Credit Reporting. Key topics to be discussed: The “CARES” Act. Amendment to the FCRA.

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Financial services Consumer Credit Bankruptcy Collections 52

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. The article also shares tips with employers to better protect worker privacy, such as by providing them with more accurate notifications and clarification of data collection rules.

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Troutman Sanders

APRIL 27, 2023

The trio examine why this is a big deal in consumer litigation, whether courts consistently apply recent Supreme Court decisions with one another, and what considerations and implications defendants should consider when deciding whether or not to remove a case from state to federal court.

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Fico Collections

JUNE 16, 2022

Meeting Debt Collection Challenges Amid a Squeeze on Income. In order to deal with the rising cost of living and other challenges, anyone managing collections portfolios and effective debt recovery strategies needs these capabilities. As with most walks of life it also applies to effective debt collection. by Bruce Curry.

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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.

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Financial services Consumer Credit Financial Institution Government 52

Troutman Sanders

OCTOBER 26, 2020

which along with the Fair Debt Collection Practices Act, Telephone Consumer Protection Act, Section 5 of the Federal Trade Commission Act, and the Truth in Lending Act, forms the foundation of federal consumer rights law in the United States. . § 1681, et seq.), and throughout the world.

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Fair Debt Collection Financial services Consumer Credit Trade 52

CSA

DECEMBER 14, 2022

Government launches consultation on reform of Consumer Credit Act. HM Treasury has issued a consultation seeking stakeholder views on reform of the Consumer Credit Act 1974 (CCA). HM Treasury has issued a consultation seeking stakeholder views on reform of the Consumer Credit Act 1974 (CCA).

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Financial services Consumer Credit Government Banks 52

Troutman Sanders

MARCH 7, 2022

On March 1, the Consumer Financial Protection Bureau (CFPB) released its “ Medical Debt Burden in the United States ” report, which questions whether consumer credit reports should include unpaid medical billing data. totaling $88 billion in medical bills in 2021. Work with other federal agencies, including the U.S.

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CSA

JULY 16, 2020

Credit Services Association (CSA), the voice of the UK debt collection and purchase industry, has appointed Chris Leslie as chief executive with effect from 1 August 2020. Having been closely involved in financial services policy over recent years, I? Credit is a crucial utility in today?s

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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. 2547 was sponsored by House Financial Services Committee Chairwoman Rep. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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Consumer Financial Services Law

FEBRUARY 10, 2020

The Report, which covers April through September of 2019, is mandated by Dodd-Frank and was released in conjunction with Director Kraninger’s testimony to the House Financial Services Committee. Credit Reporting is a Focus of the Bureau. Debt Collection Rule – Mum is the Word. Here are a few of our key take-aways.

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Fico Collections

MARCH 23, 2023

Highlights Average total sales per card down 8 percent compared to December 2022 at £755 Percentage of credit card accounts with two missed payments 13.6 percent higher than December 2022 Average balance on credit card accounts with two missed payments was 1.9 percent Average balances across all accounts dropped by 0.6

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Troutman Sanders

MARCH 11, 2024

District Court for the Western District of Texas, also stipulated that the DOE would destroy any information already collected and will follow notice-and-comment procedures for future data collection. toward the plaintiff’s litigation expenses and will publish a new Federal Register notice for proposed information collection.

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Fico Collections

JUNE 23, 2023

Flexibility to create tailored credit offerings With FICO® Score 10 T’s greater performance precision, lenders and investors have the flexibility to create tailored credit offerings. The updated model reflects the evolving credit landscape and credit behavior to help better inform a higher level of consumer credit risk prediction.

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Fico Collections

FEBRUARY 22, 2023

With average consumer total spend at its highest and late payments rising significantly month-on-month and year-on-year, financial institutions will be particularly concerned as the focus on Consumer Duty heightens.

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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.

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Financial services Financial Institution Government Education 40

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.

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Collection Industry News

JANUARY 24, 2022

Each and every one of those consumers chose to open a credit card account because of the safety, convenience and significant benefits that come with today’s credit cards,” said an American Bankers Association spokesperson after the blog post was published.

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True Accord

APRIL 5, 2023

With uncertainties about how the end of various pandemic-era benefits will impact consumers, it’s more important than ever for creditors and collectors to implement strategies that consider consumer situations and preferences when attempting to collect. What’s Impacting Consumers and the Industry?

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Troutman Sanders

AUGUST 1, 2023

On July 27, the Financial Innovation and Technology for the 21st Century Act passed the House Committee on Agriculture. The bill previously passed the House Committee on Financial Services on July 26. Per the report, examiners found multiple instances of unfair or abusive acts or practices by servicers.

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Collection Industry News

JANUARY 19, 2021

The Taskforce, comprised of five members, was established in January 2020 and was charged with examining the consumer financial services environment and developing recommendations for improvement. Volume I of the report outlined the history and present landscape of a wide variety of consumer protection laws presently in place.

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