Troutman Sanders

APRIL 4, 2022

On March 29, New York Attorney General Letitia James sent letters to the largest credit card companies and major debt collectors operating in New York, warning those companies of new state regulations that prevent them from suing consumers for old debts.

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Collection Industry News

MARCH 17, 2024

More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. Medical Debt Medical debt was another topic addressed in the State of the State address.

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Troutman Sanders

APRIL 27, 2023

The trio examine why this is a big deal in consumer litigation, whether courts consistently apply recent Supreme Court decisions with one another, and what considerations and implications defendants should consider when deciding whether or not to remove a case from state to federal court.

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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.

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Collection Industry News

MARCH 28, 2022

The Department has also begun licensing debt collectors. The first change under the CCFPL was a new name for the Department which was formerly the Department of Business Oversight. OFTI participated in more than a dozen public events to publicize OFTI’s activities and extend the invitation to meet.

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Troutman Sanders

AUGUST 1, 2023

On July 27, the Financial Innovation and Technology for the 21st Century Act passed the House Committee on Agriculture. The bill previously passed the House Committee on Financial Services on July 26. Per the report, examiners found multiple instances of unfair or abusive acts or practices by servicers.

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Troutman Sanders

JUNE 14, 2023

On June 8, the CFPB acted against a medical debt collector for numerous debt collection and credit reporting violations. In at least thousands of cases, the debt collector continued to attempt to collect on a debt that was not substantiated after a consumer disputed the validity of the debt.

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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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Foreclosure Student loans Student Loans Debt collector 40

True Accord

APRIL 5, 2023

On the regulatory front, the Consumer Financial Protection Bureau (CFPB) hit the ground running for 2023 with new guidance on subscription fees, proposed rulemaking on non-bank company terms and conditions, and issued an annual report sizing up the three credit reporting companies.

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Troutman Sanders

NOVEMBER 8, 2022

House of Representatives, seeking to protect a greater portion of consumers’ disposable income from garnishment. 9224) would amend the Consumer Credit Protection Act to raise the amount of a consumer’s disposable income protected from garnishment to $1,000 or 75%, whichever is greater. For more information, click here.

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Financial services Student loans Student Loans Garnishment 52

Troutman Sanders

JUNE 21, 2022

On June 15, the Consumer Financial Protection Bureau (CFPB) issued an update about its December 2021 market monitoring inquiry into Buy Now, Pay Later (BNPL) — a short-term, no-interest consumer credit product that has become nearly ubiquitous at the point of purchase online and, increasingly, in brick-and-mortar stores.

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Financial services Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

MARCH 21, 2022

On March 15, the Federal Trade Commission (FTC) filed an administrative complaint against an electronic payment company for allegedly opening credit card processing merchant accounts for fictitious companies on behalf of a business opportunity scam that the FTC previously sued. For more information, click here.

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Financial services Financial Institution Manufacturing Debt collector 52

Fico Collections

JUNE 16, 2022

It directly relates to research undertaken in 2010 when empirical evidence showed that economic victims have very different risk profiles and often respond very differently when they’re struggling to service personal debt. In the two to four years that followed the financial crisis, the average RtFG fell to nine months.

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FDCPA Defense

MAY 6, 2014

The CFPB does not want debt collectors to tell consumers that paying their debts might help them to improve their credit score. Nor does the CFPB want collectors to encourage consumers to pay by informing them that their failure to do so might harm their credit. Credit Bureau of Georgia, 555 F.

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Better Credit Blog

APRIL 5, 2022

Don’t go into too many details, but let the debt collector know if you’re trying to buy a house but can’t because of the negative information on your credit report. Then kindly ask the debt collector to remove collections from your credit report out of goodwill. Ability Recovery Services.

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True Accord

JULY 5, 2022

A hike in the federal interest rate prompts a jump in the Bank Prime Loan Rate ( prime rate ), the credit rate that banks offer to their most credit-worthy customers and off of which they base other forms of consumer credit like mortgages and consumer loans. Key Factor 4: Regulatory and Compliance Guidelines.

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Lender Debt collector Loans Personal loans 52

Troutman Sanders

APRIL 15, 2022

The plan includes four focus areas: Holding Providers and Collectors Accountable: The Department of Health and Human Services (HHS) will evaluate how providers’ billing practices impact access and affordability of care and the accrual of medical debt. A]nd this problem is growing. It can happen to anyone.”.

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Consumer Financial Services Law

AUGUST 14, 2017

Section 1692e prohibits false, deceptive or misleading representations in connection with the collection of a debt. A recent case out of the District Court for Oregon illustrates the extreme positions being taken by the consumer bar and provides some reassurances to the industry.

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Troutman Sanders

MAY 2, 2023

However, due to partisanship in the Senate, Senator Lummis believes her bill is unlikely to pass before the House Financial Service Committee’s bill is introduced. Khan appeared before the House Appropriations Subcommittee on Financial Services and General Government to discuss its FY 2024 budget request and the agency’s ongoing work.

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Troutman Sanders

AUGUST 31, 2020

The no-action memo concerns the requirement that any Connecticut licensable activity by a Consumer Credit Licensee be conducted from a licensed branch office location so long as certain criteria are met. The no-action position is extended through December 31, 2020. For more information, click here. For more information, click here.

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