Consumer Financial Services Law

MAY 10, 2017

A recent decision from a Louisiana district court should provide some comfort to banks and other financial institutions who acquire other entities by merger – at least in the Fifth Circuit, they are not debt collectors. As most know, Bank of America (BoA) acquired Countrywide Bank FSB and its mortgage portfolio in 2008.

Debt collector 40

Debt collector Acquisition Financial Institution Foreclosure 40

Katabat

APRIL 7, 2021

Katabat’s full suite of debt management solutions help lenders, financial institutions and debt collectors streamline communications and optimize engagement throughout the entire debt collection lifecycle. The post Katabat Powers the Future of Collections appeared first on Katabat.

Collections 52

Collections Debt Management Financial Institution Debt collector 52

Katabat

NOVEMBER 20, 2019

12, 2019 — Katabat, a leading global supplier of debt management software solutions, has launched Easy Collect, a powerful, yet easy to deploy, mobile payment portal for lenders and debt collection agencies. Easy Collect is PCI-compliant and does not require IT support for deployment. WILMINGTON, Del.,

Collections 60

Collections Debt Management Collection Agencies Collections Agency 60

Better Credit Blog

OCTOBER 14, 2020

Tens of millions of Americans have collections-stage debt. So if you’ve come across a collections entry on your credit report, you’re far from being alone. While finding a collections entry on your report can be stressful, ARS’s calls, letters, and damaging effects on your credit score are simple to stop. Healthcare debt.

Debt collector 81

Debt collector Fair Debt Collection Collection Agencies Collections Agency 81

Katabat

DECEMBER 27, 2019

In fact, a recent report from TransUnion found that one in five collection firms are offering mobile payment options including Paypal, Venmo, and Zelle. Consent Standards : Easing the collection of express consent across multiple mobile numbers. Prepares Clients for the Future of Debt Collection appeared first on Katabat.

Collections 40

Collections Debt Management Financial Institution Debt collector 40

Katabat

DECEMBER 16, 2019

16, 2019 — Katabat, a leading global supplier of debt management software solutions, has delivered a significant release of its software, Katabat 9.0, We always focus on improving our clients’ experience with each major release of our debt collections software,” said Katabat CEO Ray Peloso. WILMINGTON, Del.,

Debt Management 69

Debt Management Financial Institution Debt collector Lender 69

Consumer Financial Services Law

MARCH 30, 2020

In a related move, the Department of Insurance invoked statutory powers which require collection agencies and others licensed and regulated by the Department of Insurance to offer their customers the option to defer debt payments. The Order additionally only allows certain specified essential businesses to remain physically open.

Collection Agencies 40

Collection Agencies Collections Agency Debt collector Collections 40

Troutman Sanders

OCTOBER 30, 2023

The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. For more information, click here. The injunction will dissolve if the U.S.

Financial services 52

Financial services Financial Institution Trade Banks 52

Troutman Sanders

OCTOBER 19, 2021

On October 15, the Department of Education announced that it has awarded contracts to six different companies that will be responsible for servicing and collecting federal student loans. These FAQs are a Compliance Aid designed to help collection agencies comply with Reg F, which goes into effect on November 30, 2021.

Financial services 52

Financial services Student loans Student Loans Debt collector 52

Troutman Sanders

AUGUST 1, 2023

On July 27, the Senate passed its version of the National Defense Authorization Act (NDAA) bill, which includes a provision that tightens oversight over financial institutions engaged in crypto trading and takes aim at crypto mixers and “anonymity-enhancing” crypto assets. The amendment, led by U.S. For more information, click here.

Financial services 52

Financial services Financial Institution Debt collector Fair Debt Collection 52

Troutman Sanders

FEBRUARY 8, 2022

Willis (Atlanta), who will serve as co-leader of Troutman Pepper’s Consumer Financial Services Regulatory practice, advises financial services institutions facing state and federal government investigations and examinations – with noted expertise in those involving the Consumer Financial Protection Bureau (CFPB).

Financial services 52

Financial services Government Financial Institution Lender 52

Better Credit Blog

FEBRUARY 25, 2021

First Federal is most likely on your report as a collections entry because of an unpaid bill. Because collections accounts can lower your credit score, it’s important to act quickly to get them off your report. Fortunately, FFCC is a legitimate third-party debt collection agency. Financial institution.

Collection Agencies 52

Collection Agencies Collections Agency Debt collector Collections 52

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. Prepaid Accounts.

Creditworthiness 40

Creditworthiness Lender Financial Institution Loans 40

Better Credit Blog

AUGUST 31, 2020

If you have started hearing from a company called Convergent Outsourcing, it means that you are being pursued for a debt. Besides being annoying and aggressive, debt collectors like Convergent Outsourcing can have a major impact on your credit score. Validate the Debt. What is Convergent Outsourcing? Know Your Rights.

Debt collector 52

Debt collector Fair Debt Collection Original Creditor Collections 52

Troutman Sanders

JUNE 14, 2023

The proposed guidanceadvises on policies that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the original appraisal. For more information, click here.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Better Credit Blog

SEPTEMBER 18, 2020

Either way, CACH LLC will need to open a collections account on your credit report in order to legally pursue payment. Collection accounts are a black mark on your credit report. They can remain on your report for up to seven years even if you pay the debt. Write a Debt Validation Letter. What is CACH LLC?

Debt collector 52

Debt collector Collections Fair Debt Collection Acquisition 52

Better Credit Blog

AUGUST 31, 2020

ConServe is a debt collection agency that may contact you regarding unpaid debts. They are a third-party debt collector, which means that they may be hired by your original creditor, or they may purchase your old debt on the chance that you pay them instead. Validate the Debt. Negotiate a Settlement.

Third-party Debt Collectors 52

Third-party Debt Collectors Debt collector Creditors Original Creditor 52

Troutman Sanders

OCTOBER 4, 2021

On September 22, the Internal Revenue Service announced that it awarded new contracts to three private sector collection agencies to collect overdue tax debts. 424 would, among other provisions, place new documentation requirements on any collection activity concerning student loans for private lenders.

Financial services 52

Financial services Financial Institution Foreclosure Student loans 52

Re:Ceeve

JULY 16, 2020

In this post, we explore the details of the strategies which banks and debt collectors ought to adopt, and what they risk by delaying and denying these changes in their business models. Why does this matter to someone in debt collection or banking? Knowing them is the key to the future of debt collection and banking.

Banks 61

Banks Debt collector Financial Institution Collections 61

Troutman Sanders

NOVEMBER 7, 2023

Small Business Administration (SBA) announced that it has granted three new Small Business Lending Company (SBLC) licenses to lenders focused on historically underserved markets — the first expansion of the SBLC program in more than 40 years. For more information, click here. On November 1, the U.S.

Financial services 52

Financial services Debt collector Loans Foreclosure 52

Troutman Sanders

JULY 7, 2021

Some consumers reported facing homelessness because of the negative impact of an eviction on their credit history reported by debt collectors. The licensed entities include vehicle finance companies, traditional installment lenders, and mortgage lenders. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

SEPTEMBER 7, 2021

Department of the Treasury’s Community Development Financial Institutions Fund announced $5 billion in new markets tax credits that it hopes will spur investment and economic growth in low-income urban and rural communities nationwide. State Activities. Privacy and Cybersecurity Activities. Federal Activities: On September 1, the U.S.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

MAY 31, 2023

On May 22, Freddie Mac announced enhancements to its ground-breaking automated income assessment tool that allows lenders to assess a homebuyer’s income paid through direct deposit, to also include the borrower’s digital paystub data. On May 19, the Financial Crimes Enforcement Network (FinCEN) and the U.S. export controls.

Financial services 52

Financial services Financial Institution Banks Trade 52

Collection Industry News

FEBRUARY 7, 2022

Many bankers and lenders insist that fees they charge are related to specific types of work or services performed, and existing laws and regulations already prohibit excessive fees, so it isn’t clear what problem the inquiry is designed to solve. asked Joann Needleman, an attorney at Clark Hill who represents debt collectors. “No

Lender 40

Lender Banks Loans Creditors 40

Debt RR

AUGUST 3, 2020

Bank account garnishment is a collection procedure that is authorized by a court. When a creditor or a government authority sues a business or individual for an unpaid debt, one of the options for settling is for the court to give the creditor the right to pull the funds from a bank account. How Long Do Bank Levies Last for Businesses?

Garnishment 40

Garnishment Banks Student loans Student Loans 40

Troutman Sanders

MARCH 29, 2021

On March 25, Senators Chris Van Hollen and Sherrod Brown, along with Representative Chuy Garcia, announced legislation to repeal the Office of the Comptroller of the Currency’s True Lender Rule through the use of the Congressional Review Act. For more information, click here. For more information, click here.

Financial services 52

Financial services Fair Debt Collection Lender Foreclosure 52

Troutman Sanders

MAY 2, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan, as well as provide a framework for how these loans will be treated under the Truth in Lending Act. On April 26, the FTC, the commonwealth of Pennsylvania, and debt collection company International Credit Recovery, Inc.

Financial services 52

Financial services Trade Consumer Credit Government 52

Troutman Sanders

MAY 9, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan and would provide a framework for how these loans will be treated under the Truth in Lending Act. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels.

Financial services 52

Financial services Student loans Student Loans Loans 52

Better Credit Blog

OCTOBER 28, 2020

That’s because applying for a credit card, loan, or in this case a Mastercard, often results in banks and lenders checking your credit report. On the other hand, when you complete an application for some form of credit or other financial product, your report may undergo a hard inquiry. Collections. eBay Mastercard/SYNCB.

Lender 40

Lender Banks Financial Institution Foreclosure 40

Troutman Sanders

MAY 17, 2021

House of Representatives passed the Comprehensive Debt Collection Improvement Act, a collection of bills intended to reform how debts are collected. 248, which limits a collection agency’s ability to collect on medical debt. Privacy and Cybersecurity Activities. On May 12, Oregon H.B.

Financial services 52

Financial services Foreclosure Collection Agencies Collections Agency 52