Troutman Sanders

OCTOBER 4, 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. In reviewing the market for potential consumer harm, the report presents the latest research on consumer card use, cost, and availability.

Financial services 52

Financial services Financial Institution Foreclosure Student loans 52

Troutman Sanders

APRIL 4, 2022

On March 30, the Consumer Financial Protection Bureau (CFPB) sanctioned Edfinancial for deceiving student loan borrowers about their eligibility for Public Service Loan Forgiveness, and the steps they could have taken to obtain loan cancellation. All three affect debt collection in D.C.;

Financial services 52

Financial services Loans Banks Student loans 52

Troutman Sanders

NOVEMBER 2, 2020

In particular, the minimum loan size for three Main Street facilities available to for-profit and nonprofit borrowers was reduced from $250,000 to $100,000, and the fees were adjusted to encourage the provision of these smaller loans. The legislation would benefit banks and credit unions with assets under $15 billion.

Financial services 52

Financial services Financial Institution Loans Credit Unions 52

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.

Financial services 52

Financial services Credit Unions Credit Unions Third-party Debt Collectors 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. On November 16, the U.S.

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

Troutman Sanders

JANUARY 11, 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 PPP will open to all participating lenders shortly thereafter. For more information, click here. To read the full story, click here.

Financial services 52

Financial services Foreclosure Collection Agencies Collections Agency 52

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?

Student loans 95

Student loans Student Loans Credit Card Debt Loans 95

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.

Lender 40

Lender Foreclosure Collections Debt collector 40

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

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

True Accord

MARCH 31, 2022

Add these all together and the financial outlook for consumers, especially those in debt, is scary. For one, the consumer credit market is looking strong with signs of expansion, specifically, originations for credit cards and personal loans are increasing. But there are silver linings, as well.

Lender 58

Lender Personal loans Foreclosure Loans 58

Fico Collections

JUNE 23, 2023

A more predictive credit score means more predictable cash flows which are, in turn, more attractive to investors for all types of securitized assets (e.g., mortgages, auto loans, credit cards, etc.) offering continuity and stability for lenders, investors, and consumers.

Lender 52

Lender Consumer Credit Financial services Government 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

Troutman Sanders

JANUARY 19, 2022

A recent settlement between the Federal Trade Commission (FTC) and a lead generator provides new insight into the FTC’s enforcement of sensitive personal data collection and sales under the Fair Credit Reporting Act (FCRA) and the agency’s Section 5(a) authority.

Trade 52

Trade Loans Financial services Consumer Credit 52

Troutman Sanders

MARCH 11, 2024

The blog post posited that closing costs significantly impact a borrower’s financial commitment and, potentially, monthly payments and identified a “noticeable increase” in closing costs, with median total loan expenses on home purchase loans increasing by 21.8% between 2021 and 2022. For more information, click here.

Financial services 52

Financial services Garnishment Lender Banks 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

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.

Foreclosure 40

Foreclosure Student loans Student Loans Debt collector 40

Better Credit Blog

DECEMBER 30, 2020

Wondering why DFS/Webbank showed up on your credit report? Short for Dell Financial Services/Webbank, the entry is probably on your report because you applied for a Dell Preferred Account. Most of the time, a hard inquiry from a lender or service provider is nothing to panic over. DFS/Webbank On My Credit Report.

Lender 52

Lender Financial services Loans Repossession 52

Troutman Sanders

JANUARY 30, 2023

On January 26, the Securities and Exchange Commission (SEC) rejected Cboe BZX Exchange’s (BZX) request to list and trade Ark 21Shares, the proposed spot-Bitcoin exchange traded fund (ETF) managed by asset managers ARK Investment Management and 21Shares (collectively hereinafter, the “trust). For more information, click here.

Financial services 52

Financial services Foreclosure Banks Trade 52

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.

Financial services 52

Financial services Financial Institution Debt collector Fair Debt Collection 52

Fico Collections

AUGUST 10, 2022

The mortgage market affordability test was introduced in the aftermath of the 2008 global financial crisis. Triggered in part by the US housing market collapse and an unprecedented number of loan defaults, the crisis uncovered a shocking level of unrestrained lending and excessive risk taking. Increasingly Complex Lending Challenges.

Lender 52

Lender Banks Loans Acquisition 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.

Lender 59

Lender Loans Consumer Credit Credit Card Debt 59

Collection Industry News

SEPTEMBER 21, 2021

Using the CFPB’s Making Ends Meet survey and consumer credit data, CFPB researchers found that financial conditions faced by renters and homeowners were divergent before the pandemic. During the pandemic, renters’ financial conditions, on average, appeared to improve as much as or more than those of homeowners.

Credit Card Debt 40

Credit Card Debt Government Financial services Consumer Credit 40

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

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

Better Credit Blog

APRIL 5, 2022

A collection account will lower your credit score and can generally stay on your credit report for up to seven years. Often, a collection entry will even keep you from getting a mortgage or securing an auto loan, which is why it’s important to do all you can to remove collections from your credit report quickly.

Collections 98

Collections Collection Agencies Collections Agency Original Creditor 98

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

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

Fico Collections

JULY 15, 2022

Credit when it's offered responsibly is a social good. The lending and financial services industry can provide that social good, as long as it's done in a way that is both responsible and fair. Expanding access to credit around the world. How can we improve financial inclusion?

Lender 52

Lender Education Acquisition Financial Institution 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

Consumer Financial Services Law

JUNE 11, 2016

The 2015 report attempted to make a case that few consumers ever bring individual actions against financial service institutions and that class actions provide a more effective means to challenge and deter prohibited financial service practices. Proposed 12 CFR 1040.3 Implications of the Rule.

Judgment 40

Judgment Financial services Retail Debt Management 40

Fico Collections

MARCH 8, 2021

Over the past several years, we’ve helped lenders develop on-ramps to mainstream credit using alternative data for those seeking financial inclusion. Our research finds that alternative data sources that demonstrate a consumer’s ability to manage their finances are predictive of consumer credit risk.

Lender 52

Lender Credit Bureau Acquisition Financial services 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 million in relief.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

True Accord

JULY 5, 2022

While the markets are pricing these into forecasts , consumers will feel them more acutely in a number of ways. And opening a new credit card line may prove difficult – many lenders are or will be changing their strategies to stave off the looming threat of…. Missed payments on certain loans are already on the rise.

Lender 52

Lender Debt collector Loans Personal loans 52

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 CFPB has been vocal about medical debt and consumers’ credit reports recently too. The CFPB alleges that the U.S.

Consumer Credit 52

Consumer Credit Creditworthiness Debt collector Education 52

Fico Collections

JANUARY 26, 2022

In 2021, the financial services world continued to grapple with the uncertainty brought on by year two of the COVID-19 pandemic. FICO® Score At 716, Indicating Improvement In Consumer Credit Behaviors Despite Pandemic. It serves as a broad-based, independent standard measure of credit risk. Average U.S.

Credit Bureau 52

Credit Bureau Lender Credit Card Debt Consumer Credit 52