Collections Credit Unions Creditors Financial Institution 
Jimerson Firm
FEBRUARY 10, 2022
The first consideration that lenders (banks and credit unions alike) often face is when, and if, to conclude that the account owner does not intend to, or is not able to, clear the negative balance or loan deficiency. Charging Off” Uncollectable Debt. 1.6050P-1(b)(2)(i). 1.6050P-1(b)(2)(iii).
Troutman Sanders
SEPTEMBER 5, 2023
On August 18, the American Financial Services Association, Consumer Bankers Association, CRE Finance Council, Equipment Leasing and Finance Association, Mortgage Bankers Association, National Association of Federally-Insured Credit Unions, Truck Renting and Leasing Association, and the U.S.
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Troutman Sanders
JULY 5, 2023
In September 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule with more than 900 pages of supplementary material. For financial institutions that originated at least 2,500 covered credit transactions in 2022 and 2023, the compliance date is October 1, 2024.
Debt Collection Answers
MAY 18, 2023
Dealing with debt collection agencies can be unpleasant, and CCS Offices are no different. It’s common for debt collectors to purchase and sell debts, resulting in the possibility of multiple collection accounts from the same debt appearing on your credit report. Who are CCS Offices?
Sawin & Shea
FEBRUARY 28, 2024
You can discharge an unsecured loan whether it’s current, delinquent, or in default, even if the original lender sold it to a collection agency or debt buyer. No-credit-check lending, such as payday and title loans, often comes with unreasonable fees and annual percentage rates (APR). Unsecured loans don’t have collateral.
Fico Collections
JULY 19, 2021
Using a pooled model in addition to bureau scores can help creditors make more precise, value-based decisions at the origination stage. A pooled model is a scoring model built on “pools” of historical data from many financial institutions. What Is a Pooled Model? Pooled models can be licensed as “off-the-shelf” and quickly used.
Troutman Sanders
JANUARY 6, 2023
According to the CFPB, “[w]hile the nature of overdraft services, including how accounts can be overdrawn and how financial institutions determine whether to advance funds to pay the overdrawn amount, has significantly changed since 1969, the special rules [contained in Regulation Z] remain largely unchanged.”
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