Collection Industry News

FEBRUARY 5, 2021

When the state-mandated shutdowns started last March, Skyler Fort, a painting contractor in northern Michigan, turned to his local credit union, 4Front Credit Union, for a PPP loan. That’s because their mission is to support Main Street, unions and the local communities they serve. Between year-end 2019 and Sept.

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Collection Industry News

JANUARY 17, 2022

Credit union and banking trade groups sent a joint letter to CFPB Director Rohit Chopra on Thursday to ask for additional data collection, development and analysis before making new overdraft policy recommendations. Source- site. What occasions or needs typically prompt overdraft use.

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Nexa Collect

OCTOBER 31, 2022

It is recommended to assign accounts for collections roughly when they are between 60-90 days past due for a maximum recovery rate. Based on clients we came across last year (2021), here is the average recovery rate we have seen, along with our collection agency partner(s). Credit Unions. Contractors, Special Trade.

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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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Collections Law

APRIL 5, 2022

Perhaps your own business is trying to struggle through collecting overdue payments and you are wondering if there is something more you can do. You have more important aspects of your business to run, but you may not know at what point it becomes worthwhile to bring in a collection professional. What does a collection attorney do?

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Troutman Sanders

AUGUST 10, 2023

The banking trade groups argued that relief should be provided to banks nationwide to “be prudent and ameliorate confusion.” Supreme Court’s final decision in Community Financial Services Association (CFSA) v.

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Credit Corp

AUGUST 24, 2020

When you’re trying to conquer unpaid debts sent to collections, you’ll likely face some obstacles. Once you’ve accomplished these tasks, you may still be wondering how to pay collections to a debt collection agency. Find out how to pay collections below. Apply for medical credit cards for specific procedures.

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Collection Industry News

JANUARY 25, 2021

The NCUA and the CFPB will attempt to coordinate their interpretations of regulatory compliance and proposed remedies for violation of rules at credit unions with assets of more than $10 billion, according to a just-released Memorandum of Understanding signed by officials at the two agencies. Read the full MOU here.

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Troutman Sanders

MAY 6, 2021

Fairway Collections, LLC , the Western District of Washington recently issued an opinion finding that dismissal of a consumer’s FDCPA claim was not warranted because she alleged not owing the underlying debt at the time a collection lawsuit was filed against her. for a dishonored check. for a dishonored check.

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Debt Recoveries

JUNE 30, 2021

The information gathered on the credit application form also comes in handy in case your customer does fall into arrears. This is also a good time to ask for trade references from your customer to reduce bad debt. See also How to collect debts.

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Troutman Sanders

DECEMBER 21, 2021

On December 16, the National Credit Union Administration — the federal regulator that oversees credit unions — announced that credit unions may partner with third-party digital asset service providers to give members access to cryptocurrencies and other digital assets. For more information, click here.

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Troutman Sanders

JANUARY 23, 2024

On January 18, the Federal Trade Commission (FTC) issued an order postponing the effective date of the Combatting Auto Retail Scams (CARS) Rule while a legal challenge against the rule is pending. For more information, click here. According to the FTC, the CARS Rule will save consumers more than $3.4 For more information, click here.

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Troutman Sanders

AUGUST 9, 2022

In letters dated August 1, the American Bankers Association , Consumer Bankers Association, Credit Union National Association, and National Association of Federally?Insured Insured Credit Unions (Associations), as well as the Bank Policy Institute , expressed their collective displeasure with the idea.

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Troutman Sanders

NOVEMBER 15, 2022

As we previously posted , on January 10, the Federal Trade Commission’s (FTC) final rule amending the Safeguards Rule under the Gramm-Leach-Bliley Act became effective. The deadline for complying with certain provisions of the Standards for Safeguarding Customer Information (Safeguards Rule) has been extended to June 9, 2023.

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Collection Industry News

OCTOBER 2, 2023

If the high court sides with the CFSA, a trade group representing payday lenders, its ruling could have broad and significant impacts for consumers, according to legal experts and consumer advocates. To date, it has collected $17.5 Lawmakers created the federal agency to protect consumers from predatory financial practices.

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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. Eight trade groups representing lenders such as banks and credit unions wrote a letter to Sen. For example, Sen.

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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

JUNE 21, 2022

Covered institutions include banks, savings associations, credit unions, and mortgage companies. The act would also empower the Federal Trade Commission (FTC), state attorneys general, and injured persons to sue to enforce the law, while also providing $1 billion in funding to the FTC. financial institutions.

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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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Troutman Sanders

FEBRUARY 28, 2022

On February 23, the Federal Trade Commission (FTC) announced it has provided the CFPB an annual summary of its activities, enforcing the Equal Credit Opportunity Act and Regulation B. The options now will be reviewed to determine their potential impact on small businesses. For more information, click here. To read the bill, click here.

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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

OCTOBER 16, 2023

On October 11, the Federal Trade Commission (FTC) announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. 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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Troutman Sanders

JANUARY 31, 2023

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. Ensure that data providers transmit consumer information accurately through third-party access portals.

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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

OCTOBER 9, 2023

On October 5, the Consumer Financial Protection Bureau (CFPB) announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. For more information, click here. For more information, click here. For more information, click here.

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Troutman Sanders

DECEMBER 28, 2023

On December 20, the Federal Trade Commission (FTC) announced that it was extending the deadline to submit public comments on a new proposed rule to prohibit junk fees. 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).

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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.

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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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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.

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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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Troutman Sanders

JANUARY 18, 2022

He also expressed his concerns about privacy, stating that the Federal Reserve could use a CBDC “as a surveillance tool” by collecting personal identifiable information on users and tracking their transactions “indefinitely.” Emmer proclaimed that the Federal Reserve does not, and should not, have the authority to offer retail bank accounts.

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Nexa Collect

JULY 1, 2020

Experian reports that the lowest FICO credit score is 300, but no one really stays at such a low score once some financial history has been established. Other items on your credit report require more attention and follow-up. A lender has the right to report unpaid debt to credit reporting agencies. What about the ‘invisibles’?

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Troutman Sanders

MARCH 22, 2021

The advisory provides a list of steps a consumer can take to ensure that they have the full benefit of those funds by protecting them from bank and credit union setoffs if the consumer’s account is overdrawn. The bill also would require such payments to be encoded, and would extend other restrictions on collection of such funds.

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The Kaplan Group

MAY 3, 2022

Doing it well in advance of your loan will give you time to address issues, make corrections, or pay off any trade lines that can help boost your credit profile. 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.

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Troutman Sanders

OCTOBER 27, 2022

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. parties to implement data security standards and maintain reasonable policies and procedures to ensure the accuracy of the data that they collect and use.

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

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Troutman Sanders

MARCH 28, 2022

The proposal was jointly developed with the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration. The joint measures will result in the removal of nearly 70% of medical collection debt records from credit reports.

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