Troutman Sanders

OCTOBER 16, 2023

State Activities: On October 12, California’s Department of Financial Protection and Innovation (DFPI), announced, in its October bulletin, that final regulations to implement the Student Loan Servicing Act and the Student Loans Borrower Rights Law have been approved and will become effective January 1, 2024.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

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

Troutman Sanders

JULY 11, 2023

The CFPB further alleged that the defendants made guarantees about lowering consumers’ credit card interest rates. The defendants also pitched a credit card debt elimination service, and alleged that they could access funds from the government or from a lawsuit against the credit card industry to pay off consumers’ credit card debt.

Financial services 40

Financial services Student loans Student Loans Credit Card Debt 40

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

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

MAY 9, 2023

HB1443 will go into effect on November 1.

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

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 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

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

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

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

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

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

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

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. State Activities. VantageScore decided to drop medical debt from its calculations. For more information, click here.

Financial services 52

Financial services Loans Student loans Student Loans 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

Troutman Sanders

MARCH 15, 2021

House of Representatives that seeks to amend the Fair Credit Reporting Act to exclude COVID-19-related evictions from consumers’ credit reports. For more information, click here. On March 5, the Nevada Financial Institutions Division (NFID) extended temporary guidance for licensees regarding working from home until May 31.

Financial services 52

Financial services Financial Institution Foreclosure Government 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 116

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.

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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.

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Judgment Garnishment Creditors Law Firms 98

Better Credit Blog

JANUARY 20, 2022

Nelson, aged 27, took out a private student loan of $10,000 to cover unforeseen college costs after using up his federal loan. You can use several methods: Consumer credit counseling. Cons Using a debt relief company can negatively impact your credit rating. What to Know About the Debt Solution Industry.

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Creditors Credit Card Debt Unsecured Debt Debt settlement 76