Troutman Sanders

JANUARY 22, 2024

Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a report entitled Identity-Related Suspicious Activity: 2021 Threats and Trends highlighting threat patterns and trend information derived from financial institutions’ Bank Secrecy Act (BSA) filings for the calendar year 2021.

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Collection Industry News

MAY 16, 2022

The CFPB recently issued its Spring 2022 Supervisory Highlights , discussing findings from its examinations in connection with auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing.

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Troutman Sanders

DECEMBER 20, 2023

However, the CFPB highlighted potential risks associated with these dual-purpose IDs. As discussed here , on September 29, 2022, the CFPB released a special edition of its Supervisory Highlights focusing on student loan servicing, particularly loans made by schools themselves. In 2022, credit card issuers paid over $19.6

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Consumer Financial Services Law

NOVEMBER 14, 2016

The CFPB’s Fall Supervisory Highlights contains a mixed bag for debt collectors. As you may recall, the Report highlights examinations that were conducted between May and August 2016 and provides a high level summary of the key findings made by the CFPB and the current emphasis of examiners. COMPLIANCE WITH THE FCRA.

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Collection Industry News

JULY 6, 2021

— The Consumer Financial Protection Bureau (CFPB) this week issued a report highlighting legal violations identified by the Bureau’s examinations in 2020. CFPB examiners often find problems during supervisory examinations that are resolved without an enforcement action. important; font-size: 16px; }.u1971885708907941d3b88c34ca8280c7:hover.postTitle

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Collection Industry News

FEBRUARY 15, 2021

Consumer risks included delays in processing suspensions of administrative wage garnishments, potential FDCPA compliance risks associated with new bank attachments or wage garnishments, and delays in payment processing. The post CFPB Issues COVID-19 Special Edition Supervisory Highlights appeared first on Collection Industry News.

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True Accord

OCTOBER 5, 2022

Delivering communications to your customers has always been a compliance challenge with the plethora of laws, regulations, court decisions, and regulatory guidance in the debt collection space. Below are some of the key takeaways from their discussion, plus attendee poll results on top compliance questions.

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Collections Collection Agencies Collections Agency Education 84

Consumer Financial Services Law

APRIL 18, 2017

Here are the highlights: · A Risk Prioritization Approach. The Report confirms that the Bureau takes a risk-based prioritization approach to supervisory and enforcement. The CFPB intends to begin exercising small business lending supervisory authority to ensure fair access to credit. Fair Lending Supervisory Observations.

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Collection Industry News

JULY 4, 2022

Other highlights from the notice include the following: The proposal defines the following terms, among others: “family farm,” “nonprofit,” and “small business.”. Covered providers must submit annual reports containing information regarding their business activity.

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Troutman Sanders

DECEMBER 14, 2021

On December 8, the Consumer Financial Protection Bureau (CFPB) issued a Supervisory Highlights report on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in the first half of 2021.

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Consumer Financial Services Law

NOVEMBER 12, 2016

The clear message from the CFPB’s Supervisory Highlights is that examiners are focused on repossession activities, “including whether property is being improperly withheld from consumers, what fees are charged, how they are charged, and the context of how consumers are being treated to determine whether the practices are lawful.”

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Collection Industry News

NOVEMBER 22, 2023

Driven largely by Big Tech and other large technology firms, digital payment apps and wallets continue to grow in popularity, but many of the companies are not subject to CFPB supervisory examinations. “Payment systems are critical infrastructure for our economy.

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Consumer Financial Services Law

SEPTEMBER 22, 2016

Curry stated in his Testimony that "the actions against Wells Fargo highlight that we must continue our efforts to improve and refine the agency's supervisory program, to sharpen our early warning processes, and to enhance our supervisory capabilities, particularly with respect to our largest, most complex banks."

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Credit Unions Credit Unions Banks 40

Troutman Sanders

SEPTEMBER 11, 2023

On September 7, the CFPB published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches. On September 5, the FDIC issued its list of state nonmember banks recently evaluated for compliance with the CRA.

Financial services 52

Financial services Student loans Student Loans Banks 52

Account Recovery

APRIL 25, 2024

The Consumer Financial Protection Bureau yesterday published another breadcrumb in its fight against junk fees, pointing out the illegal fees that are being charged by mortgage servicers in an Supervisory Highlights bulletin.

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Consumer Financial Services Law

MARCH 27, 2017

The CFPB confirmed credit reporting remains a high priority for the agency by issuing a special Supervisory Highlights devoted to credit reporting earlier this month. Here are the key take-aways concerning furnisher compliance: · Furnishers need to beef up their compliance management systems to ensure compliance with the FCRA.

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Troutman Sanders

NOVEMBER 21, 2022

On November 16, the CFPB released a new Supervisory Highlights report, focusing on the auto servicing industry, consumer reporting, mortgage servicing, and COVID-19 relief funds. The report highlights the CFPB’s continued focus on so-called junk fees and inaccurate credit reporting. For more information, click here.

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Financial services Banks Lender Trade 52

Collection Industry News

MARCH 8, 2021

The CFPB guidance highlighted the responsibilities of data furnishers under the CARES Act and informed CRAs and furnishers of the CFPB’s flexible supervisory and enforcement approach during this pandemic regarding compliance with the FCRA and Regulation V , regulations that protect consumer information.

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Education Collections Government 40

Account Recovery

APRIL 11, 2024

The Consumer Financial Protection Bureau has once again put credit reporting square in its crosshairs, focusing exclusively on the practice in its latest Supervisory Highlights report.

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Troutman Sanders

APRIL 5, 2023

The motion to dismiss further argues that the complaint fails to state a valid claim as a matter of law for several reasons, including some of the key arguments highlighted below. This issue is currently pending before the Supreme Court.

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Trade Consumer Credit Financial services Government 52

Account Recovery

FEBRUARY 19, 2024

The Consumer Financial Protection Bureau on Friday announced it had issued a rule updating the process by which companies can appeal supervisory findings uncovered during examinations.

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Troutman Sanders

MARCH 28, 2022

The guidance also highlights that these practices, such as posting fake reviews or inserting clauses that forbid a customer from publishing an honest review, may violate the Consumer Financial Protection Act. For more information, click here.

Financial services 52

Financial services Financial Institution Credit Unions Credit Unions 52

Troutman Sanders

MARCH 8, 2022

On February 28, the CFPB issued a compliance bulletin regarding inadvertent repossessions of automobiles, reminding the industry of guidance previously issued by the CFPB in several editions of Supervisory Highlights and a 2020 consent order. For more information, click here. For more information, click here.

Financial services 52

Financial services Repossession Banks Collections 52

Account Recovery

NOVEMBER 17, 2022

The Consumer Financial Protection Bureau yesterday released its latest Supervisory Highlights report, which chronicles the issued uncovered during examinations conducted by the Bureau during the first half of 2022.

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Collections 245

Troutman Sanders

DECEMBER 12, 2023

She also highlighted the OCC’s work to engage with banks as they navigate rapid financial technology developments to balance safety, soundness, and fairness with innovation and growth. Among other things, the AGs ask the OCC to provide supervisory guidance to national banks regarding their cooperation in “legitimate State AG investigations.”

Financial services 52

Financial services Banks Collection Agencies Collections Agency 52

Troutman Sanders

OCTOBER 4, 2022

On September 29, the Consumer Financial Protection Bureau (CFPB) released a special edition of Supervisory Highlights on recent examination findings, covering the practices of student loan servicers and schools that lend to students directly. On September 1, compliance data firm Dynamic Securities Analytics, Inc.

Financial services 52

Financial services Trade Retail Banks 52

Troutman Sanders

JUNE 27, 2023

The report highlighted the growth of digital payment app usage in the servicemember community, the unique risks to servicemembers from these services, and the potential abuse from bad actors. For more information, click here. For more information, click here. For more information, click here. For more information, click here.

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Financial services Banks Trade Loans 52

Account Recovery

MAY 3, 2022

The Consumer Financial Protection Bureau issued its latest Supervisory Highlights report yesterday, which offers violations uncovered by the regulator during supervisory exams that were conducted during the second half of 2021.

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Account Recovery

OCTOBER 16, 2023

The Consumer Financial Protection Bureau (CFPB) recently issued a new edition of its Supervisory Highlights that included a section on debt collectors’ collection of pay-to-pay fees. ” A copy of the […]

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Debt collector Collections 130

Account Recovery

DECEMBER 14, 2021

The Consumer Financial Protection Bureau has published its latest Supervisory Highlights report, which “shines a light on legal violations” identified during CFPB examinations that were conducted during the first half of 2021 as well as publicizing prior supervisory findings that led to public enforcement actions during that timeframe.

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Collections 246

Account Recovery

JULY 27, 2023

The Consumer Financial Protection Bureau yesterday released the latest version of its Supervisory Highlights, which chronicles issues found during examinations conducted by the Bureau between July 2022 and March 2023.

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Collections 130

Troutman Sanders

JULY 7, 2021

On July 1, the CFPB released an enforcement compliance bulletin reminding landlords, consumer reporting agencies, and others of their critical obligations to accurately report rental and eviction information. On June 29, the CFPB issued a report highlighting legal violations identified by the Bureau’s 2020 examinations.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

AUGUST 1, 2023

On July 26, the CFPB published its Summer 2023 Supervisory Highlights report. For more information, click here. Per the report, examiners found multiple instances of unfair or abusive acts or practices by servicers. For more information, click here.

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Financial services Financial Institution Debt collector Fair Debt Collection 52

Account Recovery

MARCH 9, 2023

The Consumer Financial Protection Bureau yesterday released a special version of its Supervisory Highlights report, breaking down all of the “unlawful junk fees” it found in deposit account products and loan servicing products, such as auto loans, mortgages, student loans, and payday lending.

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Student loans Student Loans Loans 130

Account Recovery

JANUARY 28, 2021

The Consumer Financial Protection Bureau has released a special edition of its Supervisory Highlights report, detailing information it received from the entities it regulates about how they have responded to the COVID-19 pandemic.

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Troutman Sanders

MAY 24, 2021

Federal Activities: On May 21, the Federal Reserve System, the Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (OCC) issued the host state loan-to-deposit ratios used to evaluate compliance with Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. On May 17, U.S.

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Financial services Foreclosure Banks Law Firms 52

FDCPA Defense

AUGUST 16, 2012

This article is hardly comprehensive, but here are a few highlights. In it, the CFPB explains that it now has primarily responsibility for administering the FDCPA, including rulemaking and supervisory authority, and that it now shares overall enforcement authority with the FTC and other federal agencies.

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