Troutman Sanders

OCTOBER 30, 2023

On October 26, a House Financial Services subcommittee drafted legislative proposals related to the buy now, pay later (BNPL) and earned wage access (EWA) market. On October 25, the CFPB released its biennial report to Congress on the consumer credit card market. financial institutions.

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Troutman Sanders

JULY 12, 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. These borrowers will receive 100% loan discharges, resulting in approximately $55.6 million in relief.

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Troutman Sanders

OCTOBER 31, 2022

On October 21, the Eighth Circuit temporarily blocked President Joe Biden’s student loan forgiveness program. On October 20, Supreme Court Justice Amy Coney Barrett, who oversees Seventh Circuit emergency matters, rejected an emergency request to stop President Biden’s student loan forgiveness program.

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Troutman Sanders

JUNE 14, 2023

The report highlights enforcement actions related to the acts and their implementing regulations, including in the areas of automobile purchases and financing, payday lending, credit repair and debt relief, other credit, and electronic fund transfers. For more information, click here. For more information, click here.

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Financial services Financial Institution Student loans Student Loans 52

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. On July 26, the CFPB published a blog focused on consumer credit scores. For more information, click here.

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Financial services Financial Institution Debt collector Fair Debt Collection 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

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Financial services Loans Student loans Student 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.

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Troutman Sanders

OCTOBER 17, 2022

On October 13, the CFPB, the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000. For more information, click here. 1701 , et seq.).

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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. Department of Education’s decision to terminate its federal student loan contracts with private collection agencies.

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

Consumer Financial Services Law

DECEMBER 17, 2016

Roughly eighteen months ago, the CFPB introduced its Monthly Complaint Reports which provide monthly summaries of complaints received in the complaint portal against financial service providers regarding a number of financial service products. Each month, the CFPB issues a report summarizing the information.

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Troutman Sanders

OCTOBER 4, 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. In reviewing the market for potential consumer harm, the report presents the latest research on consumer card use, cost, and availability.

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Financial services Financial Institution Foreclosure Student loans 52

Troutman Sanders

APRIL 4, 2022

On March 30, the Consumer Financial Protection Bureau (CFPB) sanctioned Edfinancial for deceiving student loan borrowers about their eligibility for Public Service Loan Forgiveness, and the steps they could have taken to obtain loan cancellation.

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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. ” Additionally, the CFPB recently released additional resources for Spanish speakers, which can be viewed here.

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True Accord

APRIL 5, 2023

Meanwhile, eyes are on the Big Apple as the New York Department of Financial Services (DFS) and the New York City Department of Consumer and Worker Protection are simultaneously engaged in amending their consumer debt collection rules. consumer credit card debt has increased to nearly $1 trillion.

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FFGN COLLECT NY

JANUARY 10, 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. To accomplish this goal, the governor’s office has proposed a crackdown on predatory business practices within the state.

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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. To accomplish this goal, the governor’s office has proposed a crackdown on predatory business practices within the state.

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Garnishment Collections Debt collector Student loans 40

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. For more information, click here.

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Financial services Financial Institution Foreclosure Government 52

Consumer Financial Services Law

APRIL 18, 2017

While the Bureau is expected to continue investigations in these three areas, it will also increase its focus on other segments of consumer credit. Based upon this approach, the Bureau intends to increase its focus in the areas of redlining, mortgage and student loan servicing and small business lending.

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Collection Industry News

MARCH 15, 2021

The DFPI is aggressively exercising its new authority to regulate a large group of newly covered financial services, including debt collectors, credit reporting and credit repair agencies, debt relief agencies and others. Consumers can reach the DFPI at (866) 275-2677 or Ask.DFPI@dfpi.ca.gov.

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True Accord

MARCH 31, 2022

Add these all together and the financial outlook for consumers, especially those in debt, is scary. For one, the consumer credit market is looking strong with signs of expansion, specifically, originations for credit cards and personal loans are increasing. But there are silver linings, as well.

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Lender Personal loans Foreclosure Loans 58

True Accord

JULY 5, 2022

While the markets are pricing these into forecasts , consumers will feel them more acutely in a number of ways. And opening a new credit card line may prove difficult – many lenders are or will be changing their strategies to stave off the looming threat of…. Missed payments on certain loans are already on the rise.

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Lender Debt collector Loans Personal loans 52

Collection Industry News

MAY 18, 2021

2547 was sponsored by House Financial Services Committee Chairwoman Rep. While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. The bill, H.R.

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Collection Industry News

MARCH 28, 2022

In 2021, the Office of Financial Technology and Innovation (OFTI) met with dozens of companies, venture capitalists, lawyers, industry advocacy groups, federal and state financial regulators, consumer advocacy groups, and academics to better understand stakeholder perspectives on what constitutes responsible innovation in financial services.

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