Collection Industry News

NOVEMBER 22, 2023

The rule proposed today would ensure that these nonbank financial companies – specifically those larger companies handling more than 5 million transactions per year – adhere to the same rules as large banks, credit unions, and other financial institutions already supervised by the CFPB. Read today’s Notice of Proposed Rulemaking.

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Troutman Sanders

OCTOBER 16, 2023

On October 11, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion concerning consumers’ requests for information regarding their accounts with large banks and credit unions. On October 11, the CFPB published its analysis regarding the nonsufficient fund (NSF) fee practices of a number of banks and credit unions.

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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.

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Collection Industry News

DECEMBER 28, 2020

Banks, savings associations, and credit unions are not subject to HMDA for a calendar year if their assets as of December 31, of the prior calendar year did not exceed an asset threshold. The asset threshold for calendar year 2020 HMDA data collection and reporting was $47 million.

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True Accord

JANUARY 10, 2024

If you’re a creditor or collector working with financially distressed borrowers, considering consumer situations against the economic landscape and accommodating their financial needs and preferences when collecting is critical to your success. of consumers have a 3rd party collection account on their credit report.

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Credit Corp

AUGUST 23, 2021

Adverse Action Notices and Credit Score Reason Codes. Under the Fair Credit Reporting Act , anyone who uses information from your credit report to deny you credit or services has to tell you in writing. You might also talk to your bank or credit union about available loans that would be looked upon more favorably.

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Troutman Sanders

SEPTEMBER 18, 2023

The FTC sent Notices of Penalty Offenses that warn recipients they could incur civil penalties of up to $50,120 per violation if they misuse personal data in ways that run counter to the original purpose for which this information was collected. On September 14, the CFPB released a report on Tuition Payment Plans in Higher Education.

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Collection Industry News

MAY 22, 2024

This includes banks, credit unions, nonprofit organizations, state agencies, colleges and online entities. It’s important to note that you’ll need a qualified co-signer if you have limited credit history, as undergraduates often do.

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Better Credit Blog

AUGUST 31, 2020

ConServe is a debt collection agency that may contact you regarding unpaid debts. They are notoriously difficult to work with, and their presence on your credit report can mean trouble for your score in the long run. This means that you could be denied credit cards, mortgages, and other financial loans down the road.

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Collection Industry News

AUGUST 3, 2021

The data collected in this survey will provide us with a fuller picture of borrowers’ experiences and will improve the lending process for future borrowers.”. The post CFPB/FHFA Poll Examines Pre-Pandemic Borrow Experience appeared first on Collection Industry News. More recent client satisfaction data: A J.D.

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The Kaplan Group

MAY 3, 2022

Some online lenders can give you a pre-approval decision quickly, however, which will then give you time to collect additional documentation to complete your request. Credit union. Veteran’s credit unions price their loans competitively to give veterans and active-duty families a way to save, earn, and borrow.

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Fico Collections

JUNE 15, 2021

World Elder Abuse Awareness Day is officially June 15th and it’s an ideal time to educate oneself on how to protect elders from becoming victims of financial abuse. It’s June, a special month for honoring loved ones, especially parents and grandparents by raising Elder Abuse Awareness.

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Collection Industry News

FEBRUARY 21, 2022

In order to do so, the CFPB seeks input from the public regarding their bank fees, credit union fees, prepaid or credit card account fees, mortgage fees, loan fees, or fees for payment transfers. The post CFPB Issues Request For Information Regarding Junk Fees appeared first on Collection Industry News.

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Credit Corp

OCTOBER 6, 2023

Despite the national average of Americans having over $9,000 in credit card debt per household, only 14% say they’re “very worried” about their debt. 67% of respondents said they have less than $2,000 in debt, which may indicate that only a concentrated number of people have high amounts of credit card debt.

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Troutman Sanders

MARCH 22, 2021

Additionally, to facilitate the disbursement of Child Tax Credit advance payments during 2021, the American Rescue Plan requires the IRS to establish an online portal for taxpayers to update relevant data for mid-year payment adjustments ( e.g., the birth of a child during 2021). For more information, click here. On March 18, the U.S.

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Better Credit Blog

MAY 11, 2022

Even with the recent White House announcement that the pause on student loan repayment, interest, and collections will extend until May 1, 2022, millions of people struggle with the amount of debt they owe from attending college. If you’re reading this, chances are that’s you. Our Partner Get Started Best for Medical Students: SoFi.

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Collection Industry News

NOVEMBER 2, 2020

While the subject matter appears to be concerned with developing technologies and services (like FinTech and RegTech), any rule would also impact how consumer data is collected and used by the mature consumer financial services industry. That industry is broader than one may think. What Information Can a Consumer Access?

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Credit Corp

FEBRUARY 21, 2023

Despite the national average of Americans having $9,000 in credit card debt per household, only 14 percent say they’re “very worried” about their debt. 67 percent of respondents said they have less than $2,000 in debt, which may indicate the national average means that a concentrated number of people have high amounts of credit card debt.

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Collection Industry News

JULY 6, 2021

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFPB has the authority to supervise large banks, thrifts, credit unions with assets over $10 billion, and certain nonbanks for compliance with Federal consumer financial law. Show your support today by clicking here and becoming a patron.

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Troutman Sanders

MAY 31, 2022

The CA EO is founded on two notable objectives: (1) federal and state regulatory harmony and (2) consumer education and scholastic exposure. Conversely, the CA EO affords the DFPI approximately one year to develop guidance for California state-chartered banks and credit unions that offer crypto asset-related financial products and services.

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Troutman Sanders

JUNE 21, 2022

Covered institutions include banks, savings associations, credit unions, and mortgage companies. Department of Education announced it would discharge all remaining federal student loans for students who attended any college run by Corinthian Colleges. financial institutions. For more information, click here. On June 13, the U.S.

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Troutman Sanders

DECEMBER 28, 2023

32, which would have repealed the CFPB’s small business data collection rule known as Small Business Lending Under the Equal Credit Opportunity Act (Regulation B). The new deadline is February 7, 2024. For more information, click here. On December 19, President Biden vetoed bill S. For more information, click here.

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Troutman Sanders

OCTOBER 9, 2023

The FTC alleged that the defendants pretended to be affiliated with the Department of Education, charged illegal junk fees, and offered students loan forgiveness promises that were not fulfilled. The administration is also pursuing alternative paths to provide debt relief under the Higher Education Act. 364 et seq.

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Troutman Sanders

JUNE 14, 2023

On June 8, the board of governors for the Federal Reserve (the Fed), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and the OCC requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions.

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Troutman Sanders

JANUARY 23, 2024

On January 11, the Biden-Harris administration announced that next month it will start providing forgiveness after as few as 10 years of payments for borrowers on the Saving on a Valuable Education (SAVE) Plan who originally took out $12,000 or less for college. To help as many borrowers as possible benefit from this action, the U.S.

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Troutman Sanders

AUGUST 28, 2023

Department of Education (DOE), used deceptive loan forgiveness promises, and falsely claimed they were offering relief under the “Biden Loan Forgiveness” plan to lure students and collect millions in illegal upfront fees. The FTC charged that the defendants pretended to be affiliated with the U.S. For more information, click here.

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The Kaplan Group

NOVEMBER 7, 2023

National Association of Women Business Owners This dues-collecting organization represents women in all industries through chapter groups across the U.S. The National Association of Women Business Owners (NAWBO) works to educate and empower female entrepreneurs, as well as affect positive change for women business owners.

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Troutman Sanders

JANUARY 17, 2023

The case marks the first time that the FTC has collected civil penalties against a company that received the “notice of penalty offenses” for money-making opportunities sent in October 2022 and the first civil penalties for violations of the Restore Online Shoppers’ Confidence Act. For more information, click here.

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Troutman Sanders

JANUARY 9, 2024

CICA Collection Agency, a First Circuit case in which the CFPB has filed an amicus brief. In that case, after an individual filed for bankruptcy, a debt collector sent the consumer a collection letter that said the consumer could be sued if they did not pay the debt — a process the CFPB believes is against the law.

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Troutman Sanders

JUNE 22, 2021

Covered institutions include banks, savings associations, credit unions, and mortgage companies. Department of Education announced the approval of 18,000 borrower defense to repayment (borrower defense) claims for individuals who attended ITT Technical Institute. Preferred Collection and Management Services, Inc.

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Collection Industry News

SEPTEMBER 13, 2024

That would disproportionately impact younger, lower-income and less-educated borrowers, who tend to have lower credit scores. These types of borrowers are more likely to rely on credit cards to pay for goods or services in dire situations when they don’t have the funds readily available.

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Troutman Sanders

AUGUST 24, 2020

Secretary of Education Betsy DeVos implemented President Donald Trump’s memorandum extending relief on federally held student loans to borrowers through the end of the year. On August 14, 2020, New York Attorney General Letitia James extended a moratorium on collecting certain debts that are owed to the State of New York.

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