Troutman Sanders

OCTOBER 26, 2023

The lawsuit was brought under the FTC Act, the Equal Credit Opportunity Act (ECOA), the Wisconsin Deceptive Trade Practices Act, and the Wisconsin Consumer Act. The complaint alleged, among other things, that Rhinelander: Charged for “add-on” products or services without consumers’ consent.

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Trade 52

Troutman Sanders

JANUARY 17, 2024

On January 11, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies to address inaccurate background check reports, as well as “sloppy” credit file sharing practices. This includes determining whether an asset is a security and if its risks have been adequately disclosed to consumers.

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True Accord

OCTOBER 11, 2022

Compliance is always evolving as new laws and regulations are passed, new technology is introduced, consumer preferences shift, and court decisions or regulatory guidance suggest modifications to best practices. What are the consequences of non-compliance? What keeps a legal or compliance professional in collections up at night?

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Collection Industry News

OCTOBER 25, 2021

The CFPB updated its Supervision and Examination Manual by adding a new section titled Compliance Management Review – Information Technology. The new examination procedures are meant to assist CFPB examiners when assessing an entity’s information technology (IT) controls as part of a Compliance Management System (CMS) review.

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Troutman Sanders

AUGUST 24, 2020

In November 2018, the Attorney General amended the complaint to include related entities and various securitization trusts. The settlement also establishes a legal protection for future loans as long as the programs comply with the terms outlined in the settlement. In addition to the two companies involved in the action (i.e.,

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True Accord

MARCH 25, 2021

Recent regulatory activity makes it clear: regulators care as much about consumer preference in debt collection as creditors. In this blog post, Kelly Knepper-Stephens, TrueAccord’s VP Legal & Compliance, highlights the recent laws and regulations designed to protect consumer preferences in debt collection.

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Troutman Sanders

MARCH 22, 2021

(OppFi) — a Chicago-based platform lender — announced that the Consumer Financial Protection Bureau (CFPB) is investigating its compliance with the Military Lending Act. OppFi is a consumer lending company that works with banks to facilitate loans to consumers who lack access to traditional credit.

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PDC Flow

NOVEMBER 10, 2020

If your agency is known for being harsh or has BBB complaints for harassing consumers, you may not be their first choice. You may also discuss training practices for educating your staff on client-specific hardship programs or financial aid opportunities, so patients that qualify aren’t being burdened unnecessarily.

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Troutman Sanders

AUGUST 12, 2022

As explained in its civil complaint , the Virginia landlords first drew the DOJ’s attention when it received notice from a Navy military legal assistance attorney, alleging that one of the two affiliated landlords used a false affidavit to evict an SCRA-protected servicemember. The Basics of SCRA Compliance. The DOJ’s Investigation.

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PDC Flow

JANUARY 25, 2022

Sending contracts by mail can be costly and time consuming – and gives customers the opportunity to change their minds. Call Center Tactics for Handling Questions or Complaints Many call center operations revolve around handling customer concerns, questions or complaints.

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Acquisition Collections Banks 77

Collection Industry News

MARCH 15, 2021

SACRAMENTO – More than a year into the COVID-19 pandemic, the California Department of Financial Protection and Innovation (DFPI) continues to expand efforts to protect consumers from financial impacts of the lethal virus that has ravaged the state’s economy and killed more than 53,000 Californians.

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Troutman Sanders

FEBRUARY 21, 2024

Per the original complaint , the FTC and DFPI alleged that “[a]s a consequence, many consumer’s [sic] credit ratings have been negatively affected.” The CFPB alleged that the defendants charged thousands of consumers with federal student loans approximately $9.2 The scheme allegedly harmed more than 3,000 people nationwide.

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PDC Flow

MARCH 2, 2021

You must assess how your employees are complying with PCI, HIPAA and other data protection rules to ensure that sensitive consumer information is safe. Have mechanisms in place to monitor and enforce compliance with your policies as well. Receiving and analyzing complaints gives you a chance to fix problems before they get out of hand.

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Troutman Sanders

NOVEMBER 7, 2023

The FTC’s complaint alleges that consumers were “rarely able to get an advance for the promised” amount, and in many cases, consumers were not able to receive a cash advance at all. The complaint also alleges that the company began charging consumers a fee for an instant transfer. For more information, click here.

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Financial services Debt collector Loans Foreclosure 52

True Accord

AUGUST 15, 2023

When it comes to reaching consumers, it’s no secret that email has surpassed phone calls as the preferred method of communication. of consumers prefer email as their first choice for communication. But just because your business sends emails to consumers doesn’t mean that your messages make it to their inbox. In fact, 59.5%

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Debt collector 73

Troutman Sanders

SEPTEMBER 11, 2023

Specifically, Pham stated that she planned to propose a pilot program for digital asset markets, suggesting that the program would resemble regulatory sandboxes previously introduced at the state level. Pham spoke (pre-recorded message) about crypto regulation at a Cato Institute event. For more information, click here.

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Financial services Student loans Student Loans Banks 52

Troutman Sanders

OCTOBER 24, 2023

New York City’s Department of Consumer and Worker Protection (NYC DCWP) recently released a notice of proposed amendments to its debt collection rules. NYC DCWP is currently accepting comments on the proposed amendments through November 29, 2023 and a public hearing is also scheduled for that same day.

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Troutman Sanders

AUGUST 14, 2023

Consequently, bank management would typically consider more information than it would for in-house originations when determining compliance with the legal lending limit regulation for purchased loans. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Foreclosure Banks Loans 52

Troutman Sanders

OCTOBER 11, 2021

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). According to the announcement, the new office will “strengthen oversight of and enforcement actions against postsecondary schools that participate in the federal student loan, grant, and work-study programs.”

Financial services 52

Financial services Loans Lender Foreclosure 52

Troutman Sanders

JANUARY 17, 2023

In the complaint , which was filed in the district court for the Central District of California on January 12, 2023, the DOJ alleged that from 2017 through 2020, the bank “avoided” providing mortgage lending services to majority-Black and Hispanic neighborhoods in Los Angeles County. Spend at least $1.75

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Banks Loans Lender Education 52

Troutman Sanders

FEBRUARY 13, 2024

million in consumer redress and a $1.1 As such, the Court concluded that a consumer may sue ‘any’ federal agency for defying the FCRA’s terms. On February 5, several banking and commerce associations filed a complaint in the U.S. The defendants and the CFPB jointly agreed to the dismissal of their respective appeals.

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Financial services Student loans Student Loans Collection Agencies 52

Consumer Financial Services Law

NOVEMBER 30, 2016

In the wake of the Wells Fargo debacle, the CFPB has issued a Compliance Bulletin which addresses employee incentives and the consumer risks associated with them. CFPB Compliance Bulletins are non-binding general statements of CFPB policy.

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Jimerson Firm

JANUARY 18, 2023

The Telephone Consumer Protection Act (“TCPA”) contains strict provisions to ensure that businesses are not abusing that technology and harming consumers with harassing telemarketing calls and texts. This article addresses whether assisted dialing programs (i.e. Consumer Prot. What is an ATDS? 227(b)(1)(A). LLC, 948 F.3d

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Collection Industry News

NOVEMBER 22, 2023

The Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps. ” Digital applications now help millions of people to send money to friends and family, as well as to help them make a variety of consumer retail payment transactions.

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Troutman Sanders

FEBRUARY 26, 2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: Federal Activities State Activities Federal Activities: On February 26, CoinSpeaker reported that in May, the U.S. For more information, click here.

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Financial services Financial Institution Trade Banks 52

Collection Industry News

JUNE 14, 2021

The Consumer Financial Protection Bureau is making a comeback. The CFPB, which oversees financial institutions with a keen focus on consumer protection and ensuring financial markets are fair and equitable, was a diminished force during the Trump administration. Source: site.

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Financial Institution Banks Student loans Student Loans 76

Troutman Sanders

JUNE 29, 2022

The Consumer Financial Protection Bureau (CFPB) Office of Servicemember Affairs released its annual report , detailing over 17,000 complaints filed by servicemembers, veterans, and their families in 2021. We have the experience to assist.

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Government Education Financial services Collections 52

Troutman Sanders

JULY 20, 2020

Like most industries today, Consumer Financial Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Under these programs, employees would be able to build emergency savings by directing a portion of their earnings to an existing account at a financial institution of their choice. State Activities.

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Consumer Financial Services Law

NOVEMBER 11, 2016

The current edition of Highlights reveals a heavy focus on compliance management systems across product types. In the case of regulatory compliance, it’s all about that compliance management system. Because of the volume of information in the Report, we will break down the Report over several blog posts in the coming week.

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Troutman Sanders

NOVEMBER 15, 2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. 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 Trade 52

Collection Industry News

FEBRUARY 21, 2022

Washington, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released a bulletin detailing student loan servicers’ obligation to halt unlawful conduct regarding borrowers’ eligibility and benefits under the Public Service Loan Forgiveness (PSLF) Waiver. Source- site. We will be working closely with the U.S.

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Student loans Student Loans Loans Education 52

Troutman Sanders

JUNE 14, 2023

On June 8, the board of governors for the Federal Reserve (the Fed), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and the OCC requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions.

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Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

OCTOBER 4, 2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. The text of the bill is currently unavailable. For more information, click here.

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Financial services Trade Retail Banks 52

Troutman Sanders

AUGUST 22, 2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. On August 16, the Securities and Exchange Commission filed a complaint in the U.S. State Activities.

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Financial services Financial Institution Trade Banks 52

Collection Industry News

AUGUST 11, 2020

What many were hoping to be a bombshell Telephone Consumer Protection Act (TCPA) case came and went without much more than a pop and a fizzle. Companies who collect such debts, in addition to portfolios of private debt, may simply add their federal debt collection activities into existing TCPA compliance regimes. In Barr v.

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Troutman Sanders

DECEMBER 19, 2023

Specifically, the rule requires telemarketers to obtain consumer consent to receive robocalls and robotexts one seller/brand at a time, instead of allowing a single consent to apply to multiple telemarketers. The new law prohibits consumer reporting agencies from reporting or maintaining in consumer files any information about medical debts.

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Financial services Banks Debt collector Government 52

Troutman Sanders

FEBRUARY 21, 2023

Critically, in its complaint, the SEC described UST as a security — the first time the SEC concluded that a stablecoin meets the definition of an “investment contract” under the Howey Test. The share of consumers with a collection tradeline on their credit report decreased by 20% in the same timeframe.

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