Troutman Sanders

JANUARY 17, 2023

million to consumers and pay a $500,000 civil penalty for deceiving consumers with false claims about their services. On January 13, the Federal Reserve Board (Fed) released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Education 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. For more information, click here.

Financial services 52

Financial services Trade 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. Postal Service (the “Post Office”); and. Biden Signs Law Overturning True Lender Rule Cooley LLP. Source: site.

Financial services 40

Financial services Banks Credit Unions Credit Unions 40

Fico Collections

DECEMBER 9, 2021

For banks, credit unions, and other lenders, the sudden shift to digital-only interactions has introduced a variety of internal and external challenges, as well as some opportunities. Financial institutions have a wealth of data that has been mostly untapped, but this will change soon. Creating an AI Structure.

Financial services 52

Financial services Financial Institution Banks Credit Unions 52

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

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

Jimerson Firm

FEBRUARY 18, 2021

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Accordingly, lenders making construction loans or those whose loan will be secured by a mortgage on real property, must be aware of notices of commencement and their requirements under Fla.

Construction 98

Construction Lender Loans Banks 98

Troutman Sanders

JUNE 22, 2021

On June 17, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

AUGUST 24, 2020

Department of the Treasury published a fact sheet on Treasury’s role as lender to the U.S. Postal Service (USPS). 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. For more information, click here. On August 21, 2020, the U.S.

Financial services 52

Financial services Student loans Student Loans Education 52

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. The legislation would benefit banks and credit unions with assets under $15 billion.

Financial services 52

Financial services Financial Institution Foreclosure Banks 52

Consumer Financial Services Law

SEPTEMBER 21, 2016

In prepared remarks to the National Association of Federal Credit Unions, the CFPB provided some hint as to what we can expect with regard to first party debt collection rules. In July, the CFPB released a debt collection proposal regarding traditional third party debt collectors.

Third-party Debt Collectors 40

Third-party Debt Collectors Credit Unions Credit Unions Debt collector 40

Troutman Sanders

MARCH 22, 2023

An Illinois federal district court recently denied a creditor-defendant’s motion for summary judgment in a Fair Credit Reporting Act (FCRA) case brought by a consumer who questioned why his debt was being reported twice — as both a tradeline with the original creditor and as a tradeline with a third-party collection agency.

Judgment 52

Judgment Credit Unions Credit Unions Collection Agencies 52

Collection Industry News

OCTOBER 2, 2023

The Supreme Court is set to hear oral arguments Tuesday in a case with the potential to gut the Consumer Financial Protection Bureau, a watchdog agency created in the wake of the 2008 financial crisis. Community Financial Services Association of America — hinges on the constitutionality of the agency’s funding.

Government 40

Government Credit Unions Credit Unions Trade 40

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.

Student loans 58

Student loans Student Loans Loans Banks 58

Collection Industry News

OCTOBER 17, 2023

There are some exceptions: The Military Lending Act caps interest for active duty servicemembers and dependents at 36% for consumer credit. Federally chartered credit unions have an 18% limit. The financial services industry remains largely opposed to imposing a ceiling. For example, Sen. Bernie Sanders, I-Vt.,

Credit Unions 40

Credit Unions Credit Unions Accrued Interest Credit Card Debt 40

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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Debt collector Education Credit Unions Credit Unions 40

Collection Industry News

MARCH 15, 2021

SACRAMENTO – More than a year into the COVID-19 pandemic, the California Department of Financial Protection and Innovation (DFPI) continues to expand efforts to protect consumers from financial impacts of the lethal virus that has ravaged the state’s economy and killed more than 53,000 Californians.

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Foreclosure Student loans Student Loans Debt collector 40

Collection Industry News

NOVEMBER 2, 2020

In a report summarizing the symposium issued in July, the Bureau pointed out that consumers’ access to “their financial records in electronic form empowers them to better monitor their finances” and “their ability to permission a third party to access those records may enable consumer-friendly innovation in financial services.”

Financial services 40

Financial services Credit Unions Credit Unions Lender 40