Troutman Sanders

FEBRUARY 16, 2023

collectively “Kraken) for its offering of a “staking-as-a-service program, which the SEC alleged was “an investment contract and therefore a security whose offers and sales were subject to the registration requirements of the federal securities laws. For more information, click here. and Payward Trading Ltd.

Financial services 52

Financial services Lender Banks Education 52

Better Credit Blog

NOVEMBER 2, 2020

Then you may start to hear from a company called Action Financial Services. Action Financial Services is a debt collection agency that may have been hired by the original owner of your debt. What’s worse is that Action Financial Services’ entry can be viewed by potential lenders down the line.

Financial services 74

Financial services Debt collector Collection Agencies Collections Agency 74

Troutman Sanders

SEPTEMBER 18, 2023

The FTC sent Notices of Penalty Offenses that warn recipients they could incur civil penalties of up to $50,120 per violation if they misuse personal data in ways that run counter to the original purpose for which this information was collected. For more information, click here. On September 15, U.S. For more information, click here.

Financial services 52

Financial services Trade Banks Credit Unions 52

Troutman Sanders

AUGUST 7, 2023

According to the press release, “[t]he loan program improvements will increase small businesses’ ability to access funding to start up and grow through a broader network of lenders with streamlined lender procedures.” For more information, click here.

Financial services 52

Financial services Financial Institution Manufacturing Loans 52

Better Credit Blog

FEBRUARY 5, 2021

If you’re wondering what BCA Financial Services is and why it’s on your credit report, the guide below is for you. With all of life’s financial obligations and the busyness of day to day life, it can be all too easy to let a payment slip through the cracks. About BCA Financial Services. BCA Financial Services, Inc.

Financial services 60

Financial services Collection Agencies Collections Agency Debt collector 60

Troutman Sanders

FEBRUARY 24, 2023

On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has issued orders to nine of the largest auto lenders requesting information about their auto lending portfolios. Notably, the CFPB stated that these collection efforts will inform potential future data collection orders.

Lender 52

Lender Repossession Loans Collections 52

Fico Collections

DECEMBER 20, 2021

It’s the time of year for predictions, and with the insights gained from 2021, I am ready to offer a few public policy forecasts for those in the financial services industry. Debt Collectors and Service Providers Can Once Again Work Together Without the Fear of Violating the FDCPA. Open Banking Begins to Take Off in the U.S.

Financial services 52

Financial services Debt collector Banks Fair Debt Collection 52

Jimerson Firm

OCTOBER 28, 2020

Lenders should be cognizant about what expenses are classified by the SBA as recoverable or non-recoverable. Recoverable Expenses” are defined as SBA approved, necessary, reasonable, and customary costs incurred to collect and enforce the terms of the Loan Documents, or to preserve or dispose of collateral. See SOP 50 51 3.

Lender 98

Lender Loans Law Firms Collateral 98

Fico Collections

DECEMBER 9, 2021

For banks, credit unions, and other lenders, the sudden shift to digital-only interactions has introduced a variety of internal and external challenges, as well as some opportunities. Financial institutions have a wealth of data that has been mostly untapped, but this will change soon. Creating an AI Structure.

Financial services 52

Financial services Financial Institution Banks Credit Unions 52

Jimerson Firm

FEBRUARY 18, 2021

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Accordingly, lenders making construction loans or those whose loan will be secured by a mortgage on real property, must be aware of notices of commencement and their requirements under Fla.

Construction 98

Construction Lender Loans Banks 98

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

Jimerson Firm

NOVEMBER 2, 2020

Lenders are responsible for servicing and liquidating all of the 7(a) loans in their portfolio. CDC’s are responsible for servicing 504 loans in their portfolio, but they will only be responsible for liquidating the loan based on its designation. Servicing and Liquidation Take-Over by SBA. Performance Standards.

Lender 94

Lender Loans Collateral Creditworthiness 94

Troutman Sanders

MAY 31, 2022

The CFPB published a Consumer Financial Protection Circular to remind the public, including those responsible for enforcing federal consumer financial protection law, of creditors’ adverse action notice requirements under the Equal Credit Opportunity Act. For more information, click here. For more information, click here.

Financial services 52

Financial services Education Creditors Collection Agencies 52

Troutman Sanders

SEPTEMBER 14, 2020

State Activities: On September 10, 2020,Colorado Attorney General Phil Weiser announced a virtual meeting on Thursday, October 1, 2020, to solicit feedback regarding whether Colorado should extend a prohibition on certain collection activities through February 2021 as a response to the COVID-19 pandemic. For more information, click here.

Financial services 52

Financial services Collections Trade Lender 52

Collection Industry News

MAY 18, 2021

Despite objections from CUNA and NAFCU, the House of Representatives passed the Comprehensive Debt Collection Improvement Act on Thursday. 2547 was sponsored by House Financial Services Committee Chairwoman Rep. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

Lender 40

Lender Foreclosure Collections Debt collector 40

Jimerson Firm

FEBRUARY 2, 2021

If a borrower defaults on a SBA loan, the lender or CDC must assess the environmental risk of contamination before conducting any liquidation action that could result in a loss, or otherwise increase the risk of loss, due to the actual or alleged presence of contamination. SOP 50 10 5(E), Appendix 2. SOP 50 57 2 ; SOP 50 55.

Lender 76

Lender Collateral Loans Foreclosure 76

Collection Industry News

MARCH 17, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry.

Garnishment 40

Garnishment Collections Debt collector Student loans 40

Troutman Sanders

OCTOBER 25, 2023

On October 24, the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) finally issued their long-awaited final rule modernizing how they assess lenders’ compliance under the Community Reinvestment Act (CRA).

Banks 52

Banks Lender Credit Unions Credit Unions 52

Collection Industry News

NOVEMBER 23, 2021

New York has passed a law which will extend its state-level Community Reinvestment Act (NYCRA) to non-depository mortgage lenders, effective November 1, 2022. The post NY Extends State CRA to Non-Depository Mortgage Lenders appeared first on Collection Industry News.

Lender 40

Lender Financial services Banks Collections 40

FFGN COLLECT NY

JANUARY 10, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry. We have the experience that pays.

Garnishment 52

Garnishment Collections Debt collector Student loans 52

Troutman Sanders

SEPTEMBER 7, 2021

On September 1, the Consumer Financial Protection Bureau (CFPB) proposed a new rule designed to help small businesses gain access to credit by increasing transparency in the lending marketplace. If finalized, this rule would require lenders to disclose information about their lending to small businesses.

Financial services 52

Financial services Student loans Student Loans Foreclosure 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

Troutman Sanders

OCTOBER 11, 2021

On October 1, the CFPB published a set of Frequently Asked Questions (FAQs) on limited-content messages and the call frequency provisions in the Debt Collection Rule (Regulation F) that will go into effect on November 30. For more information, click here. For more information, click here.

Financial services 52

Financial services Loans Lender Foreclosure 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

JANUARY 4, 2024

In this special solo episode of The Consumer Finance Podcast , Chris Willis provides an important update on the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 Final Rule.

Lender 52

Lender Financial services Collections 52

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

Fico Collections

SEPTEMBER 7, 2022

Even in a Crisis, the Best Collections Strategy Is to Avoid Collections. With as much as 50% of consumers experiencing financial difficulty soon, it's time to review your early and pre-collections strategy and processes. IFRS 9 marked the latest in a long line of International Financial Reporting Standards.

Collections 52

Collections Lender Banks Creditors 52

Troutman Sanders

MAY 16, 2023

Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield and Caleb Rosenberg for the second installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule.

Collections 52

Collections Law Firms Financial Institution Lender 52

Jimerson Firm

JANUARY 20, 2021

However, lenders should be aware that judges are still able to refer foreclosure lawsuits to mediation on a case-by-case basis, with or without a referral request to mediation. Although there is no longer a statewide mandatory foreclosure mediation program, lenders must be aware that they may still be required to participate in mediation.

Foreclosure 80

Foreclosure Lender Creditor's Rights Commercial Collection 80

Account Recovery

AUGUST 5, 2020

August 5, 2020, Wilmington, DE – Katabat, a leading global provider of debt management software solutions for lenders, fintechs, and collection agencies, announced today a strategic growth investment from Tritium Partners, a growth-focused private equity firm with extensive experience investing in fintech and financial services companies, and Terminus (..)

Collection Agencies 147

Collection Agencies Collections Agency Debt Management Financial services 147

Troutman Sanders

JULY 7, 2021

The licensed entities include vehicle finance companies, traditional installment lenders, and mortgage lenders. 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. For more information, click here.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

True Accord

MARCH 31, 2022

And lenders are happy to lend. Between extra cash on hand from government stimulus, pauses on many financial obligations and new cash flow budgeting options like BNPL taking the payments industry by storm, consumers actually did a pretty good job managing their finances in regard to repaying debts during the pandemic.

Lender 58

Lender Personal loans Foreclosure Loans 58

Troutman Sanders

AUGUST 9, 2021

s emergency debt collection bill. On August 2, the Supreme Court of the State of New Mexico ordered the gradual lifting of the stay of writs of garnishment and execution in consumer debt collection cases. For more information, click here. On August 3, the Washington, D.C. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Qualco

NOVEMBER 30, 2021

The debt collections sector is facing several challenges, like many other sectors across Europe. Changing customer behavior due to the deterioration of their financial circumstances have led to an uptick in debt and collections activities as well. Control their cash collections and liquidity risk.

Collections 88

Collections Financial Institution Lender Creditors 88

Qualco

NOVEMBER 30, 2021

The debt collections sector is facing several challenges, like many other sectors across Europe. Changing customer behavior due to the deterioration of their financial circumstances have led to an uptick in debt and collections activities as well. Control their cash collections and liquidity risk.

Collections 85

Collections Financial Institution Lender Creditors 85

Fico Collections

JULY 19, 2021

Debt remediation is at the forefront of the financial services industry’s response to the pandemic, and this is leading collections operations to advanced analytics such as collections optimization. We are complementing Ultimo’s market-leading collections expertise with innovative data science.”. by Nikhil Behl.

Debt Management 52

Debt Management Collections Financial services Collection Agencies 52

Troutman Sanders

SEPTEMBER 29, 2020

On September 16, the Department of Veterans Affairs (VA) announced that individuals affected by natural disasters — such as the wildfires in California and Oregon or hurricanes in the Southeast — can receive a 90-day suspension of debt collection efforts to give them time to get back on their feet. For more information, click here.

Financial services 52

Financial services Garnishment Financial Institution Collection Agencies 52