Jimerson Firm

FEBRUARY 10, 2022

When account owners have an account that reflects a negative balance, the lender is faced with a myriad of options and obligations with regard to the pursuit of that debt. Ocwen Loan Servicing, LLC, 8:14-CV-3214-T-35MAP, 2015 WL 12938920, at *1 (M.D. Charging Off” Uncollectable Debt. 1099-C Issuance. 1.6050P-1(b)(2)(i).

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Jimerson Firm

JANUARY 31, 2023

Banks and credit unions should not only routinely require, but also closely scrutinize, criminal background checks during the hiring process in order to maintain compliance with applicable regulatory schemes. The SBA regulations will apply to both banks and credit unions that process SBA loans. 13 CFR § 120.410.

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Troutman Sanders

JANUARY 30, 2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: Federal Activities State Activities Federal Activities: On January 29, Acting Comptroller of the Office of the Comptroller of Currency (OCC) Michael J.

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Troutman Sanders

JANUARY 17, 2023

On January 13, the Federal Reserve Board (Fed) released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. On January 13, the Fed announced preliminary financial information, indicating that the Federal Reserve Banks had estimated net income of $58.4

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Troutman Sanders

OCTOBER 27, 2023

In a major victory for small business lenders, yesterday the U.S. Supreme Court reverses the Fifth Circuit in Community Financial Services Association v CFPB (CFSA case), which found the CFPB’s funding structure unconstitutional. The injunction in Texas Bankers Association v. CFPB will dissolve if the U.S.

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Collection Industry News

JULY 27, 2021

House Financial Services Subcommittee on Consumer Protection and Financial Institutions considered proposed legislation to expand access to financial services for underserved communities. Postal Service (the “Post Office”); and. Biden Signs Law Overturning True Lender Rule Cooley LLP. Source: site.

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Troutman Sanders

SEPTEMBER 18, 2023

On September 15, the Financial Crimes Enforcement Network (FinCEN) assessed a $15 million civil money penalty against Bancrédito International Bank and Trust Corporation (Bancrédito) for willful violations of the Bank Secrecy Act and its implementing regulations. For more information, click here. For more information, click here.

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Troutman Sanders

OCTOBER 25, 2023

On October 24, the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) finally issued their long-awaited final rule modernizing how they assess lenders’ compliance under the Community Reinvestment Act (CRA).

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Fico Collections

DECEMBER 9, 2021

For banks, credit unions, and other lenders, the sudden shift to digital-only interactions has introduced a variety of internal and external challenges, as well as some opportunities. This year has taught us a lot about facing adversity and handling the unexpected.

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Jimerson Firm

FEBRUARY 18, 2021

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Accordingly, lenders making construction loans or those whose loan will be secured by a mortgage on real property, must be aware of notices of commencement and their requirements under Fla.

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Troutman Sanders

JUNE 14, 2023

On June 8, the board of governors for the Federal Reserve (the Fed), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and the OCC requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions.

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Credit Corp

SEPTEMBER 13, 2023

This means that consumers with the strongest credit scores tend to have a mix of accounts. If your goal is to build or maintain great credit, you’ll want to get and keep different types of credit accounts. One reason that lenders look at credit mix is to make sure that you can be responsible with multiple types of credit.

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Troutman Sanders

JANUARY 5, 2023

On January 4, Colorado Attorney General Phil Weiser announced that his office had reached settlements with Bellco and Canvas credit unions which will provide $4 million in refunds of unearned guaranteed automobile protection (GAP) premiums to consumers that the credit unions failed to provide previously. Jeremy Rosenblum.

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Troutman Sanders

APRIL 20, 2021

The Act imposes sweeping changes and contains broad language, leaving the state’s lenders and borrowers with an uncertain future. With respect to loan products under the MLA, lenders cannot charge interest and fees that, when added together, would exceed a 36% MAPR. [3].

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Troutman Sanders

JUNE 22, 2021

On June 17, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies.

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Consumer Finance Watch

MARCH 29, 2023

Eng, Louise Bowes Marencik, and Jonathan K.

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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. Maxine Waters (D-Calif.),

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Troutman Sanders

AUGUST 24, 2020

Department of the Treasury published a fact sheet on Treasury’s role as lender to the U.S. Postal Service (USPS). For more information, click here. For more information, click here. On August 21, 2020, the U.S. For more information, click here.

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Financial services Student loans Student Loans Education 52

Troutman Sanders

OCTOBER 26, 2020

The legislation would benefit banks and credit unions with assets under $15 billion. It requires federal regulators to exclude PPP loans from asset-size calculations for the purpose of determining capital ratios, deposit insurance premiums, and other asset thresholds at those financial institutions. .”

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Troutman Sanders

MARCH 22, 2023

An Illinois federal district court recently denied a creditor-defendant’s motion for summary judgment in a Fair Credit Reporting Act (FCRA) case brought by a consumer who questioned why his debt was being reported twice — as both a tradeline with the original creditor and as a tradeline with a third-party collection agency.

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Consumer Financial Services Law

SEPTEMBER 21, 2016

In prepared remarks to the National Association of Federal Credit Unions, the CFPB provided some hint as to what we can expect with regard to first party debt collection rules. Cordray's prepared remarks to the National Association of Federal Credit Unions indicate that a first party debt collection proposal may be coming soon.

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Collection Industry News

OCTOBER 2, 2023

The Supreme Court is set to hear oral arguments Tuesday in a case with the potential to gut the Consumer Financial Protection Bureau, a watchdog agency created in the wake of the 2008 financial crisis. Community Financial Services Association of America — hinges on the constitutionality of the agency’s funding.

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Collection Industry News

OCTOBER 17, 2023

There are some exceptions: The Military Lending Act caps interest for active duty servicemembers and dependents at 36% for consumer credit. Federally chartered credit unions have an 18% limit. The financial services industry remains largely opposed to imposing a ceiling. For example, Sen. Bernie Sanders, I-Vt.,

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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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True Accord

JANUARY 10, 2024

The Consumer Financial Protection Bureau (CFPB) has had its hands full overseeing actors across sectors–from regional and large banks to auto and online lenders to mortgage and credit agencies–in an ongoing effort to protect consumers in an ever-growing landscape of financial product offerings. in November, up from 99.1

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Student loans Student Loans Loans Banks 58

Troutman Sanders

FEBRUARY 28, 2022

In November 2021, House Financial Services Committee Chairwoman Maxine Waters sent a letter to the leaders of multiple federal regulators, asking them to monitor technological development in the financial services industry to ensure that algorithmic bias does not occur (see our blog post here ).

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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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Collection Industry News

NOVEMBER 2, 2020

In a report summarizing the symposium issued in July, the Bureau pointed out that consumers’ access to “their financial records in electronic form empowers them to better monitor their finances” and “their ability to permission a third party to access those records may enable consumer-friendly innovation in financial services.”

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Jimerson Firm

JANUARY 16, 2023

However, it is important for lenders and lienholders to understand their rights and understand that they have the ability to obtain release of a vehicle from a repair shop in order to preserve their lien rights on the vehicle. Conclusion. About the Author: Austin T. Hamilton, Esq.

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Jimerson Firm

JANUARY 16, 2023

However, it is important for lenders and lienholders to understand their rights and understand that they have the ability to obtain release of a vehicle in order to preserve their lien rights on the vehicle. About the Author: Austin T. Hamilton, Esq.

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