Collection Industry News

JUNE 29, 2024

It involves qualifying and applying for a revolving credit line through a lender, usually a bank or other financial institution. Lenders grant a card with a specific credit limit based on a consumer’s credit rating, credit history, financial situation, as well as their relationship with the customer.

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Credit Card Debt Student Loans Student loans Lender 40

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 17, approximately 90 million Economic Impact Payments had been disbursed, which is more than $242 billion. On March 18, the U.S.

Financial services 52

Financial services Garnishment Student Loans Student loans 52

Fico Collections

JULY 29, 2020

Meanwhile, time marches on and we approach a potential financial cliff. . The six month pause on payments instituted by Australian Banks was certainly not designed to accommodate the situation we now find ourselves in. The ABA has articulated a three-phased approach supporting customers through Covid-19. Source: [link].

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Troutman Sanders

APRIL 5, 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. The seven rescissions provide guidance to financial institutions on complying with their legal and regulatory obligations.

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Financial services Financial Institution Foreclosure Garnishment 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. Healthcare.

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Troutman Sanders

OCTOBER 16, 2023

NSF fees are distinct from overdraft fees, which financial institutions charge when they pay, rather than decline, a payment when the account lacks sufficient funds. On October 6, CFPB Director Rohit Chopra outlined steps the agency intends to take soon to increase CFPB oversight over digital currencies and payment systems.

Financial services 52

Financial services Student Loans Student loans Credit Unions 52

Troutman Sanders

MARCH 8, 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. Representative Madeleine Dean reintroduced the Fair Debt Collection Practices for Servicemembers Act. For more information, click here.

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Troutman Sanders

MARCH 29, 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. On March 22, the CFPB released the 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA).

Financial services 52

Financial services Fair Debt Collection Foreclosure Lender 52

Troutman Sanders

JANUARY 11, 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. You may access this interactive tool at [link]. The PPP will open to all participating lenders shortly thereafter.

Financial services 52

Financial services Foreclosure Collection Agencies Collections Agency 52

Troutman Sanders

JULY 20, 2020

Employers interested in creating an automatic savings program as a way for employees to build emergency savings and increase their financial resiliency would be able to use the CAST Template as the basis for an application. For more information, click here. For more information, click here. For more information, click here.

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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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Financial services Student Loans Student loans Loans 52

Better Credit Blog

DECEMBER 18, 2020

Instead, banks, lenders, and other financial institutions turn to consumer credit reporting companies like CBCInnovis to vet applicants. Debt in collections. Poor payment history. Foreclosures. That means they’ll dispute any inaccuracies on it and handle more challenging problems, too. Charge offs.

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Lender Loans Financial Institution Foreclosure 52

Fraser

SEPTEMBER 28, 2020

A claim, in short, is a right to payment. A creditor with a claim must often take affirmative action by filing a “proof of claim” form in order to preserve and protect its rights to payment. When a company files for bankruptcy and it owes you money, it means you have a “claim” in the debtor’s bankruptcy proceedings.

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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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Better Credit Blog

APRIL 11, 2022

If you see an old phone number, chances are it is still on file with the financial institution that issued the loan or credit card. Each time there’s activity on your account — such as a payment, a payoff, or a late payment — the creditor should update the credit bureaus. Payment history. Foreclosure.

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Creditors Loans Credit Bureau Lender 15

Troutman Sanders

MAY 17, 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. You may access this interactive tool at [link]. Privacy and Cybersecurity Activities. Federal Activities: On May 13, the U.S.

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Financial services Foreclosure Collection Agencies Collections Agency 52

Troutman Sanders

APRIL 11, 2022

Department of Education announced an extension of its pause on student loan repayment, interest, and collections through August 31, 2022. Instead of using the payment plans, borrowers continue to pay for costly loan rollovers. For more information, click here. For more information, click here. For more information, click here.

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Financial services Student Loans Student loans Banks 52

Troutman Sanders

OCTOBER 9, 2023

The administration has also launched affordable payment plans, increased Pell Grants, and has taken steps to protect borrowers from unaffordable debts. The total approved debt cancellation by the Biden Administration now amounts to $127 billion for nearly 3.6 million people. For more information, click here. On October 3, the U.S.

Financial services 52

Financial services Student Loans Student loans Third-party Debt Collectors 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. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Preferred Collection and Management Services, Inc.

Financial services 52

Financial services Student Loans Student loans Financial Institution 52

Troutman Sanders

MARCH 15, 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. On March 5, the Nevada Financial Institutions Division (NFID) extended temporary guidance for licensees regarding working from home until May 31.

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Financial services Financial Institution Foreclosure Government 52

Troutman Sanders

DECEMBER 4, 2023

The Senate Banking Committee questioned Chopra on the CFPB’s oversight of financial institutions providing benefits under the Servicemembers Civil Relief Act (SCRA), medical debt collection, so-called “junk fees,” and the increasing popularity of buy now, pay later (BNPL) products. For more information, click here.

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Financial services Collateral Banks Trade 52

Troutman Sanders

AUGUST 16, 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. The number of payments this month increased and cover an additional 1.6 You may access this interactive tool at [link]. million children.

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Financial services Foreclosure Student Loans Student loans 52

Troutman Sanders

JUNE 28, 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. The moratorium, which prevents the eviction of tenants unable to make rental payments, was scheduled to expire on June 30.

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Financial services Financial Institution Collection Agencies Collections Agency 52

Troutman Sanders

MAY 2, 2023

On April 28, Venmo announced that users of the mobile payment service will offer expanded cryptocurrency-related capabilities. On April 26, the FTC, the commonwealth of Pennsylvania, and debt collection company International Credit Recovery, Inc. For more information, click here. For more information, click here.

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Financial services Trade Government Consumer Credit 52

Troutman Sanders

NOVEMBER 7, 2023

On October 30, the FTC announced that it had banned the owner of a small business funding company from both the merchant cash advance and debt collection industries. UK Financial Innovation Partnership (FIP), outlining discussions from recent meetings on financial innovation. For more information, click here.

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