Collection Industry News

FEBRUARY 22, 2021

On February 11, 2021, the Federal Trade Commission (FTC) announced a $114 million settlement with the owners and operators of an alleged tribal payday lending scheme. Instead, the payday lenders allegedly continued to withdraw funds from consumers’ bank accounts long after their loans had been repaid.

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Jimerson Firm

JANUARY 23, 2023

Imagine making a loan to a business for its use as start-up capital. Loan documents are drafted, and to secure payment, you retain an option to purchase equity in the company. The interest rate on the money lent is above market rate, but it doesn’t rise to the level of loan sharking. What is a usurious loan? 687.071(1).

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Troutman Sanders

FEBRUARY 25, 2022

As a result of these increases, the CFPB expects the total amount of debt and average loan size to continue to rise. Fostering competition among subprime lenders. Fostering competition among subprime lenders. The CFPB’s blog post serves as a reminder that auto finance is still very much on the Bureau’s radar.

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Troutman Sanders

OCTOBER 29, 2020

On October 27, the Office of the Comptroller of the Currency (OCC) issued its final rule on how to determine when a national bank or federal savings association (referred to collectively as a national bank) is the “true lender” in the context of a partnership between a national bank and a third party.

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Taurus Collect

NOVEMBER 15, 2023

Dealing with a collection agency can often feel like navigating a maze, especially when there seems to be a change in your account’s open date. If you’ve found yourself in this situation, you’re likely asking, “Can a collection agency change an account’s open date?”

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The Kaplan Group

MAY 3, 2022

Jump To A Section: Qualifications for Veteran Business Loans/Grants Different Types of Loans Available For Veterans How To Apply to Business Loans Veteran Business Loans FAQ More Business Credit and Loan Resources For Veterans. Qualifications for Veteran Business Loans/Grants.

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Credit Corp

AUGUST 23, 2021

It’s a common scenario: You apply for a personal loan or credit card and get denied. The reason seems shrouded in mystery, and you receive a letter with language such as “lack of recent installment loan information” or “proportion of balances to credit limits.” 8 Common Reasons You Were Denied Credit.

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Sawin & Shea

JULY 13, 2022

The majority of people in Indiana who have thought about declaring bankruptcy likely already know how challenging it is to get student loans erased. Although it is not impossible, debtors normally need to pass the Brunner test, which establishes that repaying the student loans will put them in an unreasonably difficult position.

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Troutman Sanders

APRIL 14, 2022

On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled “ Busting myths about bankruptcy and private student loans.” In the blog post, the CFPB argues that certain private education loans can be discharged in bankruptcy. Loans to a student attending school less-than-half-time.

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Troutman Sanders

NOVEMBER 27, 2023

On November 21, the Federal Trade Commission (FTC) announced that it approved an omnibus resolution authorizing the use of compulsory process in nonpublic investigations involving products and services that use or claim to be produced using artificial intelligence, or which claim to detect its use. For more information, click here.

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Troutman Sanders

MAY 2, 2023

Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield, Addison Morgan, and Josh McBeain for the first 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.

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Nexa Collect

DECEMBER 12, 2021

DeFi is a collective term for financial products and services that are accessible to anyone who can use Ethereum over the internet. DeFi applications reconstruct traditional finance systems revolving around borrowing, lending, trading, and investing with digital assets. DeFi Apps are built on the Ethereum blockchain. List of contents.

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Collection Industry News

APRIL 18, 2022

On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled “ Busting myths about bankruptcy and private student loans.” In the blog post, the CFPB argues that certain private education loans can be discharged in bankruptcy. Loans to a student attending school less-than-half-time.

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Collection Industry News

JULY 12, 2022

banks are expected to fall sharply from a year earlier on increased loan loss reserves, as the pandemic recovery gives way to a possible recession. Banks must factor the economic outlook into loan loss reserves under an accounting standard which took effect in January 2020. But bank executives have said more loans will go bad.

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Troutman Sanders

AUGUST 19, 2020

Lenders of both commercial and residential loans secured by real estate in Oregon are affected by the Bill, which creates restrictions against lending activity, imposes affirmative obligations upon lenders, and creates a private cause of action for borrowers. The Lawsuit’s Allegations.

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Better Credit Blog

AUGUST 31, 2020

Having debt in collections can be downright overwhelming, especially when debt collectors bombard you with dozens of phone calls. What you may not know is that you are protected by the Fair Debt Collection Practices Act (FDCPA), a law designed to keep third-party debt collectors in check when they contact you. Table of Contents.

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Burr Forman

NOVEMBER 9, 2020

On October 31, 2020, the SBA released new forms and related instructions requiring borrowers with PPP loans of $2 million or more to provide additional information related to their PPP loans. Titled “ Loan Necessity Questionnaire ”, the SBA released separate forms and instructions applicable to both for-profit and non-profit borrowers.

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Collection Industry News

JULY 12, 2022

A Miami payday loan business must pay more than $39 million to hundreds of Venezuelan Americans in South Florida who lost a chunk of their money after investing in the company, according to a federal judge’s order. Under the agreements with the SEC, Sky Group and Betancourt, 34, are banned from trading securities in the United States.

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Collection Industry News

OCTOBER 10, 2022

billion, the bank said in a filing Friday, bringing to a close the last of the lender’s major lawsuits stemming from the 2008 mortgage crash. The settlement concludes the Charlotte, North Carolina-based lender’s protracted legal battle over its ill-fated purchase of Countrywide, which was once the largest U.S.

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Credit Corp

AUGUST 8, 2021

Publicly-Traded REITs. These companies trade on public stock exchanges, which makes them extremely liquid. And you can buy with an extra $100 sitting in your bank account collecting dust, so there’s no financial barrier to entry. A combined strength and weakness of publicly-traded REITs is their dividend yield.

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Better Credit Blog

APRIL 1, 2022

When you stop making payments on an auto loan, the lender will take the vehicle back. What’s worse: You could still owe money on the car loan, even after the repossession, if the bank can’t pay off your balance by selling the car. Your first option is to start negotiating with your original auto lender.

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UK debt collections

JUNE 22, 2020

Those firms who have secured funding through the Bounce Back Loan Scheme (BBLS) or Coronavirus Business Interruption Loan Scheme (CBILS) say they have lower cash reserves than the national average and have owners who are more likely to use personal funds to support their business. Latest figures show that so far, a total of £33.4

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Credit Corp

AUGUST 31, 2021

Can a debt collector collect after 10 years, for example? Can a debt collector collect after 10 years? Time-barred debts and your credit report What to do if you are contacted about an old debt COVID-19 and debt collections. Can a Debt Collector Collect After 10 Years? Find out in the informational guide below.

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Hudson Weir

APRIL 15, 2021

A debenture is a type of loan agreement used in business finance. A debenture is a document representing a loan agreement between a lender and a borrower, granting the lender security over the borrower’s assets. This gives the lender a means of collecting the debt if the borrower cannot pay.

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. This Bulletin serves as an update to that non-exhaustive compilation of information.

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UK debt collections

JUNE 25, 2020

UK businesses are returning to work this month with some trepidation, according to fintech business lender MarketFinance. Only 43% of businesses that applied for a CBILS loan were successful in securing it. The typical loan taken by these businesses was £211,667, though they applied for almost double this amount.

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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). The approach suggested by the CBA may have unintended consequences.

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UK debt collections

JANUARY 11, 2023

But a “perfect storm” of inflation, the cost-of-living crisis and the war in Ukraine hit trade in 2022 leaving bosses facing “disaster” and having to voluntarily wind up the company. The £32,060 that is collect-able in assets will be used to pay 32 employees owed £83,060, including pension contributions, as preferential creditors.

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Credit Corp

NOVEMBER 16, 2021

But this risk doesn’t really apply to retirees simply looking for ongoing interest income rather than looking to trade bonds. You could invest in publicly-traded REITs , bought and sold on stock exchanges and just as passive as stocks, but they tend to share a high correlation with stock markets. Crowdfunded Investment Property Loans.

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Hudson Weir

JUNE 28, 2021

They’re also secure and stable, particularly if you trade with customers with a solid credit rating. It’s a bit like a series of short-term loans, with the invoice used as security. The lender knows you will repay them, so it’s a simple way to boost cash flow without getting into longer-term debt.

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Fico Collections

APRIL 12, 2023

mortgage-backed securities (MBS) being held or traded by institutions and investors, a staggering sum that dwarfs the GDP of every other nation except the U.S. These assets can include loans, leases, and receivables—from aircraft leases to solar projects, but most frequently are commercial or residential mortgages (e.g.,

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True Accord

AUGUST 11, 2022

August 14 is National Financial Awareness Day , making it an appropriate time to shine a spotlight on initiatives that can help improve consumer financial awareness in the collections space. New York Federal Reserve , between the national student loan debt topping $1.6 Debt levels are on the rise again: according to the?

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Troutman Sanders

FEBRUARY 8, 2022

He also counsels on compliance issues including UDAP/UDAAP, credit reporting, debt collection and fair lending, and defending them in individual and class action lawsuits brought by consumers and enforcement actions brought by government agencies. Stefanie H.

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Collection Industry News

OCTOBER 2, 2023

If the high court sides with the CFSA, a trade group representing payday lenders, its ruling could have broad and significant impacts for consumers, according to legal experts and consumer advocates. To date, it has collected $17.5 Lawmakers created the federal agency to protect consumers from predatory financial practices.

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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.

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Troutman Sanders

JANUARY 19, 2022

A recent settlement between the Federal Trade Commission (FTC) and a lead generator provides new insight into the FTC’s enforcement of sensitive personal data collection and sales under the Fair Credit Reporting Act (FCRA) and the agency’s Section 5(a) authority.

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UK debt collections

OCTOBER 14, 2021

Over 50,000 SME’s cease trading every year due to this issue and the pandemic is fuelling a worsening of this, resulting in untold damage to the entire UK economy. The impact on those rejected financial loans may have major consequences on continuity as we move forward. Businesses must do their bit and take action where needed.

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