Troutman Sanders

JANUARY 26, 2023

On January 20, 2023, California Attorney General Rob Bonta submitted a letter to the CFPB agreeing with its preliminary determination that California’s Commercial Financing Disclosures Law (CFDL) is not preempted by TILA because the CFDL only applies to commercial financing and not to consumer credit transactions within the scope of TILA.

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Fico Collections

AUGUST 16, 2021

That’s why at FICO we are constantly innovating with alternative data sources that go beyond the traditional credit bureau file to increase financial inclusion and bring more of these consumers into the system. Rental payment data has always been largely absent from consumers’ credit files.

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Troutman Sanders

OCTOBER 30, 2023

District Court for the Southern District of Texas granted motions filed by three groups of trade association intervenors to extend the court’s existing injunction against the CFPB’s enforcement of its final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule) to cover all small business lenders nationwide.

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Troutman Sanders

JANUARY 19, 2022

A recent settlement between the Federal Trade Commission (FTC) and a lead generator provides new insight into the FTC’s enforcement of sensitive personal data collection and sales under the Fair Credit Reporting Act (FCRA) and the agency’s Section 5(a) authority. Consent Order Requirements and Penalties.

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Troutman Sanders

AUGUST 9, 2022

Critics of the Fed’s safe harbor provision have called upon the CFPB to put a halt to inflation adjustments, pointing out that financial institutions already charge consumers roughly $12 billion a year in late fees, and there is no reason to presume that the current fees are reasonable and proportional to the impact of consumers’ late payments.

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Troutman Sanders

NOVEMBER 13, 2023

Cook spoke about financial stability and how “asset valuations have generally risen notably above their historical levels” this year. On November 7, the Commodity Futures Trading Commission (CFTC) announced that, in 2023 alone, the cumulative penalty amount stemming from consent orders it entered with digital asset-based companies totaled $4.3

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Fico Collections

JUNE 27, 2022

consumer credit profiles found that roughly 7 million borrowers entered a bankcard accommodation early in the pandemic and had exited accommodation by October 2020. For more information about FICO® Resilience Index and these insights, visit our FICO® Resilience Index product page or contact ScoreSupport@fico.com.

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CSA

JUNE 29, 2021

Regulation, Compliance and Policy including early engagement, ESG responsibilities and looking at what is on the regulatory horizon; and Commercial and business innovation covering SME collections as well as consumer credit trends. CSA Awards. UKCCC website. Back to news.

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Collection Industry News

APRIL 11, 2022

Arizonans went from filing 6,600 complaints with the Consumer Financial Protection Bureau in 2020 to filing nearly 8,000 the next year, the most on record. I want to make sure my credit report is accurate so I can at least qualify for loans.’. So they started looking at their credit report more, and they found more mistakes,” he said.

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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.

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Troutman Sanders

NOVEMBER 24, 2020

Federal Trade Commission (FTC) sent a warning letter to a financial aid company based in New York as part of its effort to monitor the marketplace for questionable claims arising from the COVID-19 pandemic. On November 16, the Federal Trade Commission (FTC) issued its Fiscal Year 2020 Agency Financial Report. On November 16, the U.S.

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CSA

OCTOBER 9, 2020

Chris Leslie, Chief Executive of the Credit Services Association (CSA), has welcomed the Treasury's announcement regarding new rules for debt letters aiming to help people to better understand and manage their debts. s about time the law was updated. Chris said: ?The The wording of these ?default default letters? Chris adds. ?The

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Nexa Collect

JULY 1, 2020

Experian reports that the lowest FICO credit score is 300, but no one really stays at such a low score once some financial history has been established. And that’s encouraging to think about. What about the ‘invisibles’? There are some reputable players in the industry, and some are mentioned here.

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Credit Corp

DECEMBER 19, 2021

Both organizations are publicly traded —in May 2021, Visa had a $497.5 Visa or Mastercard credit cards have the following things in common. Credit Scores Matter. Card issuers make decisions based on consumers’ credit scores. Lower credit scores generally mean lower credit limits and higher interest rates.

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Troutman Sanders

NOVEMBER 2, 2020

On October 25, the administrator of Colorado’s Uniform Consumer Credit Code issued an order extending the requirements of sections (4) and (5) of SB-211 and restricting the use of extraordinary collection activities to collect debt or satisfy judgments in Colorado until February 1, 2021. For more information, click here.

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Troutman Sanders

OCTOBER 16, 2023

On October 11, the Federal Trade Commission (FTC) announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. The FTC has estimated that these fees can cost consumers tens of billions of dollars per year in unexpected costs.

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Troutman Sanders

OCTOBER 4, 2021

Federal Activities: On September 29, the Consumer Financial Protection Bureau (CFPB) released its fifth biennial report to Congress on the consumer credit card market, finding that the market’s growth over the last few years reversed course in 2020. On September 28, Federal Trade Commission (FTC) Chair Lina M.

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Troutman Sanders

MAY 9, 2023

For more information about the White House’s blog post, click here. For more information about the White House’s FY 2024 budget proposal, click here. On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam. billion in revenue over 10 years.

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Troutman Sanders

MARCH 1, 2021

The bill will prohibit selling an individual’s debt to another party and reporting adverse information about the individual to consumer credit reporting agencies or credit bureaus. To learn more about tabletop exercises, click here. For more information, click here.

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CSA

MARCH 4, 2021

Consumer spending should rebound strongly as restrictions are eased?We We expect this to add about ?45bn Nevertheless, the OBR was less gloomy than in November about other key metrics. consumer credit payment holidays to borrowers so far. in 2022 and then reverting to more normal 1.5% levels thereafter. Chancellor?s

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Better Credit Blog

APRIL 6, 2022

It is possible to handle this on your own, but it requires hours on the phone, sending letters, and working with each of the three credit bureaus. That’s why we recommend going with a credit repair service. Compare the Top 5 Credit Repair Companies. Read More About the Top 5 Credit Repair Companies.

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Debt settlement Creditors Credit Counselor Loans 105

Troutman Sanders

JANUARY 30, 2023

On January 26, the Securities and Exchange Commission (SEC) rejected Cboe BZX Exchange’s (BZX) request to list and trade Ark 21Shares, the proposed spot-Bitcoin exchange traded fund (ETF) managed by asset managers ARK Investment Management and 21Shares (collectively hereinafter, the “trust). For more information, click here.

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Troutman Sanders

JUNE 14, 2023

An ROV may be warranted if a consumer provides information to a financial institution about potential deficiencies or other information that may affect the estimated value. On June 8, the Commodities Futures Trading Commission (CFTC) obtained a default judgment against a decentralized autonomous organization (DAO) Ooki Dao in the U.S.

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Troutman Sanders

AUGUST 1, 2023

For example, the bill distinguishes a “digital asset” from a “digital commodity,” empowering the Securities and Exchange Commission (SEC) to regulate the former and the Commodity Futures Trading Commission (CFTC) to regulate the latter. On July 26, the CFPB published a blog focused on consumer credit scores.

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Credit Corp

DECEMBER 14, 2020

So credit repair, consumer credit and credit bureaus—they’re all tied together. To understand why they’re so important, you might want to learn a bit more about the history of credit scores and repair. Luckily, we’ve compiled everything you need to know about the history of the credit repair industry.

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Fico Collections

JUNE 20, 2022

Key findings from FICO research on consumer credit files with recently opened Buy Now, Pay Later loans. market: BNPL reporting approach: How a BNPL lender reports these accounts to a credit bureau can materially influence the impact these loans ultimately have on the FICO® Score. consumer credit files.

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Better Credit Blog

JANUARY 20, 2022

In keeping with Federal Trade Commission rules , Freedom Debt Relief doesn’t charge upfront fees. TransUnion calculates that paying off $5,000 of credit card debt at the minimum rate costs $10,000 in interest. It also takes about 30 years—a long time to wait for financial solvency. About Freedom Debt Relief. Ads by Money.

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Troutman Sanders

JUNE 21, 2022

The data helps the public assess how financial institutions serve the housing needs of their local communities and facilitates federal financial regulators’ fair lending, consumer compliance, and Community Reinvestment Act examinations. For more information, click here. For more information, click here.

Financial services 52

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Troutman Sanders

MARCH 11, 2024

On March 6, the Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam called on Congress to pass legislation addressing regulatory jurisdictions in the crypto industry. The SEC alleged that Shapeshift violated Section 15(a) of the Securities Exchange Act of 1934 by facilitating trades in crypto assets without registration.

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Better Credit Blog

NOVEMBER 4, 2020

CBNA is an account that indicates a hard inquiry into your credit history. If you applied for a credit card, you don’t have to worry about a CBNA account on your credit report. If you didn’t apply for a credit card, you may have something more serious to worry about. Get a Free Copy of Your Credit Report.

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Troutman Sanders

NOVEMBER 8, 2022

On October 31, the Federal Trade Commission announced that it is taking action against an education technology provider for its lax data security practices that exposed sensitive information about millions of its customers and employees, including Social Security numbers, email addresses, and passwords.

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Fico Collections

JANUARY 26, 2022

FICO® Score At 716, Indicating Improvement In Consumer Credit Behaviors Despite Pandemic. Ethan Dornhelm wrote: The FICO® Score is the lingua franca, or common language, for the credit scoring industry. It serves as a broad-based, independent standard measure of credit risk. Fewer consumers are actively seeking credit.

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Troutman Sanders

OCTOBER 31, 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. For more information, click here.

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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. Commercial surveillance denotes the business of collecting, analyzing, and profiting from information about people.

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Troutman Sanders

JANUARY 17, 2023

Federal Activities: On January 13, the Federal Trade Commission (FTC) announced that an investment advice company agreed to a proposed court consent order, requiring it to refund more than $1.2 million to consumers and pay a $500,000 civil penalty for deceiving consumers with false claims about their services.

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Financial services Student loans Student Loans Education 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. To learn more about compliance issues for companies making or using vaccine applications, check out Troutman Pepper’s Law360 article by clicking here.

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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. For more information about JPMorgan’s Liink, click here. For more information about Visa’s B2B Connect, click here. For more information, click here.

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