Credit Corp

JULY 25, 2023

Can you pay a loan with a credit card? Yes, paying a loan with a credit card is sometimes possible. Yet, whether or not you can do so depends on factors such as the lender’s policies or the type of loan you want to pay off. Good credit is important because it tells lenders you’re not a risk and that you pay loans on time.

Loans 96

Loans Student loans Student Loans Retail 96

Troutman Sanders

OCTOBER 16, 2023

On October 11, an automotive management company settled claims by the Department of Justice (DOJ) alleging that the company had violated the False Claims Act by knowingly providing false information in support of its Paycheck Protection Program (PPP) loan forgiveness application. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

JULY 7, 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 rules cover loans on principal residences, generally exclude small servicers, and will take effect on August 31.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

APRIL 19, 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 April 13, U.S. The company was operating without registering as a debt settlement service provider as required by Minnesota law.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

MAY 9, 2023

On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans. 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

Fico Collections

APRIL 28, 2023

government and financial institutions to implement significant guard rails and safety net programs for consumers such as the government stimulus, extended unemployment benefits, and payment accommodations. announced that, as of April 2023, medical debt collection accounts under $500 have been removed from consumer credit reports.

Student loans 52

Student loans Student Loans Consumer Credit Lender 52

Credit Corp

JUNE 1, 2021

Established credit history can impact everything from getting a future loan (such as a mortgage) to renting an apartment. Monthly expenses might include student loan payments, car payments, and credit card payments. Collect Rent. Pay Student Loan Debt. Care for Your Credit Profile.

Student loans 97

Student loans Student Loans Credit Card Debt Loans 97

Troutman Sanders

OCTOBER 19, 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 October 4, the CFPB announced that the deadline to request initial forbearance for loans backed by the U.S.

Financial services 52

Financial services Student loans Student Loans Debt collector 52

Troutman Sanders

SEPTEMBER 7, 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. State Activities. Privacy and Cybersecurity Activities. Federal Activities: On September 1, the U.S. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Collection Industry News

NOVEMBER 22, 2023

The rule proposed today would ensure that these nonbank financial companies – specifically those larger companies handling more than 5 million transactions per year – adhere to the same rules as large banks, credit unions, and other financial institutions already supervised by the CFPB.

Credit Unions 40

Credit Unions Credit Unions Student loans Student Loans 40

Collection Industry News

MAY 3, 2021

As part of its risk-based prioritization process for 2020, the CFPB focused its fair lending supervision efforts on mortgage origination, small business lending, and student loan origination. The post CFPB Releases 2020 Fair Lending Report appeared first on Collection Industry News.

Student loans 40

Student loans Student Loans Financial Institution Loans 40

Troutman Sanders

DECEMBER 20, 2022

On December 15, the Office of the Comptroller of the Currency, along with the Federal Financial Institutions Examination Council, released revised procedures for how its examiners will investigate financial institutions for Fair Debt Collection Practices Act compliance, incorporating Regulation F changes into their review.

Financial services 52

Financial services Student loans Student Loans Loans 52

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.

Financial services 52

Financial services Financial Institution Trade Banks 52

Troutman Sanders

OCTOBER 22, 2021

The Consumer Bankers Association (CBA), a trade group of retail financial institutions, recently sent a letter to the Consumer Financial Protection Bureau (CFPB) director, requesting increased supervision of financial technology companies (fintechs). Second, it argued that a lack of supervision puts consumers at risk.

Student loans 52

Student loans Student Loans Lender Financial Institution 52

Troutman Sanders

OCTOBER 25, 2023

The CFPB plans to issue supplemental rulemakings with respect to other consumer financial products and services, such as mortgage, automobile, and student loans. Third parties would not be allowed to collect, use, or retain data for secondary uses, such as advertising or marketing purposes. A right to share data.

Banks 52

Banks Financial Institution Credit Unions Credit Unions 52

Troutman Sanders

OCTOBER 4, 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. 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

Debt RR

AUGUST 3, 2020

Business debt, whether from small business loans, corporate credit cards, or federal and state taxes, can be a challenge to manage. Bank account garnishment is a collection procedure that is authorized by a court. This is submitted to the financial institution that will remit payment from the debtor’s bank accounts.

Garnishment 40

Garnishment Banks Student loans Student Loans 40

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. Student loans topped the list, increasing every year since 2011. Auto loans: $0.95

Student loans 40

Student loans Student Loans Credit Card Debt Collection Agencies 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. Current provisions in federal law will allow federal borrowers to seek cancellation if their institution engaged in certain misconduct.

Financial services 52

Financial services Garnishment Student loans Student Loans 52

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.

Financial services 52

Financial services Manufacturing Debt Management Debtor 52

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.

Financial services 52

Financial services Financial Institution Foreclosure Garnishment 52

Better Credit Blog

AUGUST 24, 2021

You’ve likely also heard that a good credit score is essential to getting a mortgage, or a good deal on a personal loan for a car. Simply put, lenders will use this number to make a determination about how likely you are to pay back a loan, based on your history of paying off your credit cards. Ok, got it.

Lender 59

Lender Loans Personal loans Student loans 59

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. The stimulus package includes a provision that would end the current policy of considering any student debt forgiven taxable income.

Financial services 52

Financial services Retail Foreclosure Financial Institution 52

Troutman Sanders

APRIL 18, 2022

On April 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report titled Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends. Pre-pandemic payment assistance on student loans. Pre-pandemic payment assistance on student loans. Multiple student loan servicers.

Student loans 52

Student loans Student Loans Loans Financial Institution 52

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.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

Fico Collections

JULY 15, 2020

For example, if a bank landed a teen customer opening their first bank account and first credit card and – over time and thousands of transactions – amassed sufficient insights about that customer, it could secure the inside track on their future needs for a car loan, student loan, mortgage, etc.

Banks 52

Banks Student loans Student Loans Financial Institution 52

Fico Collections

JANUARY 26, 2022

2021 saw debt collection and recovery professionals grappling with new regulations while they developed better ways to monitor and handle vulnerable customers during the pandemic. Collection strategies and apportioning of related costs are therefore concentrated on the appropriate customer level cases.

Collections 52

Collections Student loans Student Loans Government 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

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.

Financial services 52

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.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

FEBRUARY 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. Borrowers deserve and desperately need relief from their Federal student loan burden, and they need that relief immediately.”

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

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. The types of credit accounts you can expect to see in this section include: Mortgages , home equity loans, and home equity lines of credit. Student Loans. Auto Loans.

Creditors 15

Creditors Loans Credit Bureau Lender 15

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. Supreme Court heard oral argument in Community Financial Services Association of America v. For more information, click here.

Financial services 52

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.”

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 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

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. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

JANUARY 23, 2024

billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes to income-driven repayment (IDR) forgiveness and public service loan forgiveness (PSLF) made by the administration. On January 19, the Biden-Harris administration announced the approval of $4.9 On January 16, the U.S.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52