Troutman Sanders

JULY 11, 2023

Department of the Treasury (Treasury) launched an inquiry into specialty financial products, such as medical credit cards and installment loans, that consumers can use to pay for medical care. The CFPB further alleged that the defendants made guarantees about lowering consumers’ credit card interest rates.

Financial services 40

Financial services Student loans Student Loans Credit Card Debt 40

Troutman Sanders

JANUARY 17, 2023

Supreme Court in support of the Biden administration’s student loan forgiveness plan. The states argue in the brief that the secretary of education acted within his statutory authority when he targeted debt cancellation for lower-income borrowers affected by the COVID-19 pandemic. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Education 52

Fico Collections

APRIL 28, 2023

Credit Risk and FICO Score Trends? And that’s because it generally takes a few months for the effects of that event and the accompanying financial strain to start to show up in consumers’ credit reports, such as in the form of rising balances, credit seeking behavior, and eventually for some, missed payments.

Student loans 52

Student loans Student Loans Consumer Credit Lender 52

Troutman Sanders

APRIL 18, 2022

Federal Activities: On April 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report titled, “ Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends.” Pre-pandemic payment assistance on student loans. Pre-pandemic payment assistance on student loans.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

MAY 9, 2023

On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans. 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

Troutman Sanders

NOVEMBER 8, 2022

On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of student loan payment reinstatement. The CFPB found that student loan borrowers are increasingly likely to struggle once their monthly student loan payments are reinstated.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

Troutman Sanders

OCTOBER 31, 2022

The report highlights key trends based on fraud reports by older adults, as well as the FTC’s efforts to combat the problem through law enforcement actions, rulemaking, and outreach and education programs. On October 21, the Eighth Circuit temporarily blocked President Joe Biden’s student loan forgiveness program.

Financial services 52

Financial services Student loans Student Loans Loans 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.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

JUNE 14, 2023

On June 7, the FTC announced that it is seeking public comments and suggestions on ways it can work more effectively with state attorneys general nationwide to help educate consumers about, and protect them from, potential fraud. 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

Troutman Sanders

AUGUST 16, 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 5, President Biden signed the COVID-19 Economic Injury Disaster Loan Fraud Statute of Limitations Act ( R.7334

Financial services 52

Financial services Loans Student loans Student Loans 52

Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here.

Financial services 52

Financial services Manufacturing Debt Management Debtor 52

Troutman Sanders

AUGUST 31, 2020

Federal Activities: During the week of August 24, 2020, the Consumer Financial Protection Bureau (CFPB) updated pages relating to student loans and its guidance on protecting credit during COVID-19. The University shared that it would not inform professors because the University wishes to protect student privacy.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Collection Industry News

MARCH 28, 2022

The DFPI investigations resulted in 49 public enforcement actions, $975,000 in restitution to consumers, $547,500 in penalties, and included several “first of its kind” actions for the DFPI in debt collection, student debt relief, earned wage access, and private post-secondary education financing. Regulatory Activities.

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Debt collector Education Credit Unions Credit Unions 40

Troutman Sanders

OCTOBER 17, 2022

The report raises questions about whether some marketing deals between colleges and financial institutions comply with Department of Education rules. On October 11, the CFPB issued its 27th edition of Supervisory Highlights , which included findings on examinations of student loan servicers. For more information, click here.

Financial services 52

Financial services Banks Student loans Student Loans 52

Troutman Sanders

DECEMBER 21, 2021

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.

Financial services 52

Financial services Credit Unions Credit Unions Third-party Debt Collectors 52

Troutman Sanders

MARCH 15, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. House of Representatives that seeks to amend the Fair Credit Reporting Act to exclude COVID-19-related evictions from consumers’ credit reports.

Financial services 52

Financial services Financial Institution Foreclosure Government 52

Troutman Sanders

OCTOBER 30, 2023

On October 25, the CFPB released its biennial report to Congress on the consumer credit card market. The report found that in 2022 credit card companies charged consumers more than $105 billion in interest and more than $25 billion in fees. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Trade Banks 52

Credit Corp

SEPTEMBER 7, 2020

It gathers credit reports from the three major credit bureaus and analyzes anonymous consumer data to generate a scoring model specific to each bureau. VantageScore, on the other hand, uses a combined set of consumer credit files, also obtained from the three major credit bureaus, to come up with a single formula.

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Credit Bureau Lender Loans Creditworthiness 115

Troutman Sanders

AUGUST 1, 2023

On July 26, the CFPB published a blog focused on consumer credit scores. On July 25, a large credit reporting agency revealed to investors in regulatory filings that it’s facing a probe by the CFPB. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Debt collector Fair Debt Collection 52

Better Credit Blog

JANUARY 20, 2022

It was for a PMSI loan for an outdoor wood burning furnace. I came to learn that FDR mainly only works with credit cards. I also have solar panels with FDR; fortunately for me that is an unsecured loan, so they can help with that one.” – Laura Whipple, 4-star review, TrustPilot. I was not told that by my consultant.

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Creditors Credit Card Debt Unsecured Debt Debt settlement 76

Credit Corp

JUNE 3, 2020

The Consumer Credit Protection Act caps these types of garnishments. Educate yourself on smart ways to pay debt collectors , and consider using the services of a debt management agency. What if the loan company or debt collector has already started the lawsuit? The lessor of these two amounts applies. Show up and fight.

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Judgment Garnishment Creditors Law Firms 98

Credit Corp

MAY 30, 2023

The Consumer Credit Protection Act caps these types of garnishments. Educate yourself on smart ways to pay debt collectors, and consider using the services of a debt management agency. What if the loan company or debt collector has already started the lawsuit? The lessor of these two amounts applies. Don’t skip court.

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Judgment Garnishment Creditors Law Firms 98