True Accord

JUNE 6, 2023

The Gramm-Leach-Bliley Act, or GLBA, is a federal regulation to control how financial institutions collect, store, and transmit consumer information. Although GLBA was enacted by the Federal Trade Commission (FTC) in 1999, changes have been anticipated for the last few years. What is the Gramm-Leach-Bliley Act (GLBA)?

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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. The second quarter trading revenue was $3.9 For more information, click here.

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Financial services Trade Banks Credit Unions 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

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.

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Nexa Collect

JULY 1, 2020

Individuals, like you or I, have a credit history which determines our eligibility for home and car loans, ability to rent an apartment, obtain insurance, find a job and even maintain long-term romantic relationships. This doesn’t mean they have a bad credit history, because some of them may pay all their bills on time.

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Troutman Sanders

OCTOBER 26, 2020

The task force also adopted an updated report on trade-based money laundering and recognized progress by a number of jurisdictions. The current recordkeeping and travel regulations of the Bank Secrecy Act mandate that banks collect, retain, and transmit information on fund transfers of more than $3,000 occurring outside the U.S.

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Financial services Financial Institution Foreclosure Banks 52

Troutman Sanders

OCTOBER 27, 2022

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. Limit third-parties’ collection, use, and retention of consumer information to what is reasonably necessary to provide the product or service the consumer has requested.

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Banks Financial Institution Credit Unions Credit Unions 52

Credit Corp

DECEMBER 3, 2020

There were more than 650,000 instances of reported identity theft in 2019, according to data from the Federal Trade Commission (FTC). Check out these tips we’ve collected to help you lead a more secure life and safeguard your information, finances and family. Concerned you might not be doing enough to prevent identity theft?

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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. Collecting debt.

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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.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

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. million in loan relief.” financial institutions.

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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. For more information, click here.

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. For more information, click here.

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Financial services Student loans Student Loans Loans 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 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. On October 4, the Federal Trade Commission (FTC) held a roundtable to discuss the impact of artificial intelligence on creative fields.

Financial services 52

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

Troutman Sanders

DECEMBER 19, 2023

s motion to dismiss the Federal Trade Commission’s (FTC) enforcement action against it for allegedly misrepresenting that consumers’ digital asset deposits maintained on Celsius’ platform were protected by insurance issued by the Federal Deposit Insurance Corporation (FDIC). On December 12, the U.S. For more information, click here.

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Financial services Banks Debt collector Government 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.

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Troutman Sanders

JANUARY 30, 2024

billion in civil monetary penalties since 2013, with $281 million collected in settlements in 2023 alone. On January 24, the Federal Trade Commission (FTC) announced will host a virtual summit to discuss key developments in AI. The SEC’s crypto enforcement activity has resulted in nearly $2.9 For more information, click here.

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Financial services Financial Institution Banks 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. The published data contains loan-level information filed by financial institutions.

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. which provides consumers with tips to spot digital asset-related scams. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

JANUARY 17, 2023

Federal Activities: On January 13, the Federal Trade Commission (FTC) announced that an investment advice company agreed to a proposed court consent order, requiring it to refund more than $1.2 On January 11, the CFPB reached a settlement in its lawsuit against a law firm for illegal debt collection practices.

Financial services 52

Financial services Student loans Student Loans Education 52

Troutman Sanders

JANUARY 9, 2024

On January 4, the Federal Trade Commission (FTC) and the State of Connecticut announced they are filing suit against an auto dealer for several of its business practices. CICA Collection Agency, a First Circuit case in which the CFPB has filed an amicus brief. For more information, click here. For more information, click here.

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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. Covered institutions include banks, savings associations, credit unions, and mortgage companies. For more information, click here.

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Financial services Student loans Student Loans Financial Institution 52

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. proposed a 36% cap on consumer loans in 2021. However, current federal law generally doesn’t impose a ceiling on rates, she said.

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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. The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed earlier this year suspends payments on federally held student loans until September 30, 2020.

Financial services 52

Financial services Student loans Student Loans Education 52

Troutman Sanders

SEPTEMBER 21, 2023

32 , respectively) disapproving the Consumer Financial Protection Bureau’s (CFPB or Bureau) implementation of the small business data collection and reporting final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). House and Senate ( H.J. But the clock is ticking.

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