True Accord

JUNE 6, 2023

Where data has its own intrinsic value and where data breaches and cyberattacks are a risk for every business, the Safeguards Rule under the Gramm-Leach-Bliley Act (GLBA) provides financial institutions, including those in the accounts receivable management industry, with guidance on how to safeguard customer information.

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Financial Institution Credit Unions Credit Unions Accounts Receivables Management 72

The Kaplan Group

NOVEMBER 7, 2023

Qualifications for Women-Owned Business Loans/Grants Numerous loan programs and grant opportunities are accessible to women entrepreneurs, each characterized by its own set of requirements and criteria. Loans also adhere to specific guidelines that may not be influenced by whether you are a woman.

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Loans Lender Banks Collateral 52

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.

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Financial Institution Credit Unions Credit Unions Lender 52

The Kaplan Group

MAY 3, 2022

Jump To A Section: Qualifications for Veteran Business Loans/Grants Different Types of Loans Available For Veterans How To Apply to Business Loans Veteran Business Loans FAQ More Business Credit and Loan Resources For Veterans. Qualifications for Veteran Business Loans/Grants.

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Loans Lender Credit Unions Credit Unions 52

Troutman Sanders

OCTOBER 25, 2023

On October 24, the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) finally issued their long-awaited final rule modernizing how they assess lenders’ compliance under the Community Reinvestment Act (CRA).

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Banks Lender Credit Unions Credit Unions 52

Payment Savvy

MAY 16, 2023

The backbone of these developments is none other than America’s Automated Clearing House (ACH) which facilitates seamless electronic transactions between banks and financial institutions within its network. Instant ACH transfers have gained prominence as they cater to the increasing demand for expedited financial transactions.

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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.

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Credit Unions Credit Unions Student loans Student Loans 40

Troutman Sanders

JANUARY 23, 2024

billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes to income-driven repayment (IDR) forgiveness and public service loan forgiveness (PSLF) made by the administration. On January 19, the Biden-Harris administration announced the approval of $4.9 For more information, click here.

Financial services 52

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Troutman Sanders

JUNE 21, 2022

On June 16, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on 2021 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,338 U.S. financial institutions. million in loan relief.” For more information, click here.

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Collection Industry News

OCTOBER 11, 2021

The proposal would require banks, credit unions and other financial companies to monitor deposits and withdrawals in accounts that have balances above $600 at any time during the year. The Treasury also noted banks and other financial providers already have access to this information and already report interest income above $10.

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Banks Credit Unions Credit Unions Financial Institution 40

Troutman Sanders

JANUARY 30, 2024

billion in civil monetary penalties since 2013, with $281 million collected in settlements in 2023 alone. The FSB aims to enhance the resilience of nonbank financial intermediation (NBFI) and implement the Key Attributes of Effective Resolution Regimes for Financial Institutions across all sectors.

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Financial services Financial Institution Banks Credit Unions 52

Collection Industry News

JULY 27, 2021

House Financial Services Subcommittee on Consumer Protection and Financial Institutions considered proposed legislation to expand access to financial services for underserved communities. Source: site. Postal Service (the “Post Office”); and. already has an “ongoing relationship of trust” with underbanked communities.

Financial services 40

Financial services Banks Credit Unions Credit Unions 40

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. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

OCTOBER 25, 2023

The proposed Personal Financial Data Rights Rule would require depository and nondepository entities to make available to consumers and authorized third parties certain data relating to consumers’ accounts, establish obligations for third parties accessing a consumer’s data, and provide basic standards for data access. A right to share data.

Banks 52

Banks Financial Institution Credit Unions Credit Unions 52

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. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52

Fico Collections

JULY 19, 2021

A pooled model is a scoring model built on “pools” of historical data from many financial institutions. This makes them an ideal solution for banks and credit unions that don’t have enough data to create their own custom models but still want the flexibility to grow their portfolios responsibly. What Are the Options?

Lender 52

Lender Credit Unions Credit Unions Financial Institution 52

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.

Financial services 52

Financial services Financial Institution Student loans 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

MARCH 28, 2022

Federal Activities: On March 24, the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2021 became available on the Federal Financial Institutions Examination Council’s HMDA platform for approximately 4,316 HMDA filers. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Credit Unions Credit Unions 52

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. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Third-party Debt Collectors 52

Collection Industry News

FEBRUARY 21, 2022

In the RFI, the CFPB states that it has grown “increasingly concerned that consumer finance has become part of [the] ‘fee economy,’” where “exploitative junk fees” charged by banks and other financial institutions far exceed the marginal cost of the service they purport to cover.

Financial Institution 40

Financial Institution Credit Unions Credit Unions Banks 40

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.

Financial services 52

Financial services Student loans Student Loans Education 52

Troutman Sanders

MARCH 14, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. government.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

MARCH 6, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. government.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

MARCH 22, 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. Current provisions in federal law will allow federal borrowers to seek cancellation if their institution engaged in certain misconduct.

Financial services 52

Financial services Garnishment Student loans Student Loans 52

Credit Corp

JUNE 1, 2023

When you use one of the payment apps to loan a friend money or split the dinner bill, you’re using ACH direct payments. When you make an ACH direct payment, you’ll see the money debited from your bank account, and the receiver will see a credit in theirs. Can ACH Transfers Hurt My Credit Score? How much Do ACH Transfers Cost?

Banks 98

Banks Government Financial Institution Credit Unions 98

Troutman Sanders

OCTOBER 26, 2020

On October 23, the Federal Reserve and Financial Crimes Enforcement Network (FinCEN) invited comment on a proposed rule change, requiring financial institutions to keep more records on hand related to smaller-value international fund transfers. For more information, click here.

Financial services 52

Financial services Financial Institution Foreclosure Banks 52

Troutman Sanders

OCTOBER 27, 2022

While not explicitly an open banking or open finance rule, the rule will move us closer to it, by obligating financial institutions to share consumer data upon consumer request, empowering people to break up with banks that provide bad service, and unleashing more market competition.

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Banks Financial Institution Credit Unions Credit Unions 52

Troutman Sanders

JUNE 22, 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. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). For more information, click here.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Debt RR

AUGUST 3, 2020

Business debt, whether from small business loans, corporate credit cards, or federal and state taxes, can be a challenge to manage. Bank account garnishment is a collection procedure that is authorized by a court. This debt can include anything from credit cards to past due balances on office space. Student loans.

Garnishment 40

Garnishment Banks Student loans Student Loans 40

Fico Collections

FEBRUARY 5, 2021

The report – Americans’ Shadow Financial Lives: The Mobile Apps Banks Don’t Know They Use – found that U.S. financial services customers are increasingly engaged in behaviors and relationships that are deeply meaningful and are not on the radar screens of their incumbent providers. Let’s start with an example.

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Banks Startups Credit Unions Credit Unions 52

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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Fico Collections

NOVEMBER 20, 2020

According to research from Equifax, the 2008 recession had an unexpected and interesting effect on credit unions. While market volume was down across the board in auto loan and bank card originations: Credit unions increased their market share by about 15% in auto loan origination.

Credit Unions 52

Credit Unions Credit Unions Banks Acquisition 52

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. For more information, click here. On September 15, U.S.

Financial services 52

Financial services Trade Banks Credit Unions 52

Fico Collections

AUGUST 18, 2021

Now, let’s explore another example to see how pooled models can improve bad capture rates across home equity, installment, and revolving credit lines. Bad Capture Credit Union: BEFORE. This credit union wanted to increase their approval rates but not at the expense of increasing their overall risk.

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