Collection Industry News
JANUARY 10, 2022
The CFPB recently issued its Fall 2021 Supervisory Highlights , discussing findings from its examinations in connection with credit card account management, debt collection, fair lending, mortgage servicing, deposits, prepaid accounts, and remittance transfers. Debt Collection. Source- site. Remittance Transfers. Prepaid Accounts.
Credit Corp
MAY 23, 2021
When you download your credit report with ExtraCredit, you’ll see a list of positive accounts, late accounts, collections, public records, inquiries and account balances. Your credit report contains a lot of information about you and about your financial habits, and if that information changes unexpectedly, it can indicate identity theft.
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Troutman Sanders
OCTOBER 24, 2023
The proposed Personal Financial Data Rights rule activates a dormant provision of law enacted by Congress more than a decade ago. It would jumpstart competition by forbidding financial institutions from hoarding a person’s data and by requiring companies to share data at the person’s direction with other companies offering better products.
Credit Corp
MARCH 7, 2021
A bank, credit union, or other financial institution often approves the loan based on creditworthiness of the borrower, their credit history, and their perceived ability to repay. However, the lender may still put your account into collections and take legal action to recoup the debt.
Troutman Sanders
JUNE 22, 2021
Federal Activities: On June 18, the Federal Housing Administration (FHA) announced updates to its student loan monthly payment calculations to help provide greater access to affordable single-family FHA-insured mortgage financing for creditworthy individuals with student loan debt, which has a disproportionate impact on people of color.
Collection Industry News
JANUARY 25, 2023
The watchdogs told financial institutions to be wary of potential fraud, legal uncertainty and misleading disclosures by digital asset firms. With a traditional, fixed-limit credit card, the issuer’s evaluation of a person’s creditworthiness is largely confined to the application process.
Troutman Sanders
MAY 9, 2023
The first of its kind, the strategy examines the phenomenon of financial institutions de-risking and its causes, and it identifies those greatest impacted. Department of the Treasury issued the 2023 De-Risking Strategy, as mandated by Congress in the Anti-Money Laundering Act of 2020. For more information, click here.
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