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. As a result, a loan that is charged off is written off and deemed a loss of principal and interest.

Lender 98

Lender Credit Unions Credit Unions Collections 98

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 6, 2024

House Bill (HB) 4456 would create a new chapter to the Massachusetts Code explicitly stating that EWA services offered under the new chapter are not loans or other form of credit or debt, and voluntary tips or gratuities are not interest or finance charges. The bill is pending before the Joint Financial Services Committee.

Credit Unions 52

Credit Unions Credit Unions Banks Debt collector 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. As of March 18, the department intends to issue full loan discharges for borrowers with approved borrower defense claims.

Financial services 52

Financial services Garnishment Student loans Student Loans 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

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).

Banks 52

Banks Lender Credit Unions Credit Unions 52

Troutman Sanders

JULY 13, 2023

Like Nevada, discussed here , the law specifies that EWA products are not loans or money transmissions under Missouri law. Notably, the law does not apply to FDIC-insured banks or savings and loan associations, credit unions, or any person authorized to make loans or extensions of credit.

Credit Unions 52

Credit Unions Credit Unions Debt collector Loans 52

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. million borrowers missed their student loan payment —that’s 40% of loan holders.

Student loans 58

Student loans Student Loans Loans Banks 58

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

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

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. The Emergence of Shadow Financial Lives.

Banks 52

Banks Startups Credit Unions Credit Unions 52

Troutman Sanders

OCTOBER 25, 2023

Notably, the proposed rule only provides for narrow exceptions, such as community banks and credit unions that have no digital interface with their customers. The CFPB plans to issue supplemental rulemakings with respect to other consumer financial products and services, such as mortgage, automobile, and student loans.

Banks 52

Banks Financial Institution Credit Unions Credit Unions 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

Payment Savvy

MAY 16, 2023

Payment Processors These entities act as intermediaries between financial institutions, handling the technical aspects of transmitting transaction data and managing the flow of funds. They also help banks and credit unions navigate the complexities of the instant ACH transfer process.

Financial Institution 94

Financial Institution Banks Credit Unions Credit Unions 94

Troutman Sanders

DECEMBER 19, 2023

The complaint alleged that Ryan and others conspired to defraud First NBC Bank through a variety of schemes, including by disguising the true financial status of certain borrowers and their troubled loans, concealing the true financial condition of the bank from the board of directors, auditors, and examiners.

Financial services 52

Financial services Banks Debt collector Government 52

Jimerson Firm

FEBRUARY 18, 2021

2] This result can be potentially disastrous to a mortgage lender that may lose the value of a first priority mortgage lien as security for the loan, and potentially have the mortgage subject to being foreclosed in a construction lien foreclosure lawsuit. & Loan Ass’n , 533 So. 2d 948, 950 (Fla. 713.132(4). Proper Payments.

Construction 98

Construction Lender Loans Banks 98

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

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

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

JANUARY 30, 2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: Federal Activities State Activities Federal Activities: On January 29, Acting Comptroller of the Office of the Comptroller of Currency (OCC) Michael J.

Financial services 52

Financial services Financial Institution Banks Credit Unions 52

Troutman Sanders

DECEMBER 28, 2023

On December 20, the Consumer Financial Protection Bureau (CFPB) and the Justice Department sued Colony Ridge, for allegedly operating an illegal land sales scheme and targeting Hispanic borrowers with false statements and predatory loans. For more information, click here. On December 20, Fannie Mae issued SVC-2023-06.

Financial services 52

Financial services Credit Unions Credit Unions Banks 52

Jimerson Firm

JANUARY 16, 2023

The Florida Consumer Collection Practices Act (FCCPA) and the Fair Debt Collection Practices Act (FDCPA) are two pro-consumer statutes. Accredited Collection Agency Inc. , No. Collection Services, Inc. Businesses should be aware of each statute and how to defend against such claims. See, e.g., Lane v.

Garnishment 52

Garnishment Foreclosure Banks Consumer Collections 52

Troutman Sanders

OCTOBER 27, 2022

The ability for financial companies to find new ways to underwrite and score with less bias. Lending could move back to real-world data about someone’s ability to pay back a loan and this could eliminate bias and reliance on credit scores and other proxies. The CFPB is also considering proposals to require authorized third-.

Banks 52

Banks Financial Institution Credit Unions Credit Unions 52

Nexa Collect

NOVEMBER 26, 2022

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. This means all collection agencies must secure consumer data nearly the same way as banks. Failure to comply with GLBA can have severe consequences for the collection agency, especially the owners and/or the CEO.

Collection Agencies 130

Collection Agencies Collections Agency Financial Institution Collections 130

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

Consumer Financial Services Law

SEPTEMBER 1, 2016

As the CFPB continues to focus on consumer access to depository accounts and overdrafts, banks and credit unions of all sizes should expect their compliance management systems regarding the same to face further scrutiny by regulators and should expect to see additional guidance issued by regulators regarding the use of overdraft fees.

Student loans 40

Student loans Student Loans Credit Unions Credit Unions 40

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. 364 et seq. For more information, click here. For more information, click here.

Financial services 52

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

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. Covered institutions include banks, savings associations, credit unions, and mortgage companies.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

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 On January 16, the U.S.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 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

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

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. Source: site. Commentary Steven Lofchie.

Financial services 40

Financial services Banks Credit Unions Credit Unions 40

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

JANUARY 9, 2024

On January 3, Fannie Mae announced that during the weekend of January 20, it will update its loan underwriting system, Desktop Underwriter, to support changes to FHA and VA loan limits. CICA Collection Agency, a First Circuit case in which the CFPB has filed an amicus brief. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Debt collector 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

Collection Industry News

OCTOBER 11, 2021

One of the more controversial proposals that might be included would give the Internal Revenue Service more scrutiny over bank accounts. 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.

Banks 40

Banks Credit Unions Credit Unions Financial Institution 40