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 law does not impact most third-party collection agencies, but it does impact some creditors and debt buyers. For more information, click here. For more information, click here.

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Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.

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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.

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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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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. financial institutions. For more information, click here.

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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. Student loans. Federal taxes.

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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.

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Troutman Sanders

MARCH 22, 2021

Department of Education announced that about 72,000 student loan borrowers, who were defrauded by their schools, will receive student loan forgiveness that could total $1 billion. Current provisions in federal law will allow federal borrowers to seek cancellation if their institution engaged in certain misconduct.

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National Service Bureau

JUNE 23, 2015

Through this report, the Fed wishes to provide “ a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans and delinquencies. These debts are familiar to most Americans; there was a $117 billion increase in household debt during 2014: Q4.

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Troutman Sanders

NOVEMBER 8, 2022

On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of student loan payment reinstatement. The CFPB found that student loan borrowers are increasingly likely to struggle once their monthly student loan payments are reinstated.

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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.

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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.

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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.

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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

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. banking system. For more information, click here. For more information, click here. On October 3, the U.S.

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

Troutman Sanders

JUNE 21, 2022

According to the Fed, “Stablecoins that are not backed by safe and sufficiently liquid assets and are not subject to appropriate regulatory standards create risks to investors and potentially to the financial system, including susceptibility to potentially destabilizing runs.” financial institutions. million in loan relief.”

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Troutman Sanders

AUGUST 10, 2020

Federal Activities: On August 8, 2020, President Donald Trump signed a number of executive orders related to the COVID-19 pandemic, including one that will defer payments on all student loans held by the Department of Education and waive all interest until December 31, 2020. For more information, click here.

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Troutman Sanders

JUNE 28, 2021

The extension serves as an operational accommodation, allowing additional processing time for banks, community development financial institutions, and other financial institutions to pledge any Small Business Administration-approved Paycheck Protection Program (PPP) loans to the facility through the PPP program’s June 30 expiration date.

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Troutman Sanders

AUGUST 16, 2021

trillion student loan portfolio from state regulation. 248 would require debt collectors to provide medical debtors with a 60-day notice of placement before collecting on any medical debt. The bill also would prohibit or restrict credit reporting, as well as related fee collection, on such debt.

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