Consumer Finance

FEBRUARY 15, 2024

The Consumer Financial Protection Bureau (CFPB) today reported on the first set of results from the newly updated Terms of Credit Card Plans survey.

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Collection Industry News

FEBRUARY 14, 2022

LUBBOCK, Texas (KCBD) – The grand opening for Capital Federal Credit Union is scheduled to happen at 3 p.m. Royce and Linda Lewis, owners of Capital Mortgage Services, saw a problem with many of their employees. So the Lewises and a few others started a credit union. Credit unions create fields of membership.

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Credit Unions Credit Unions Financial Institution Banks 52

Fico Collections

OCTOBER 26, 2021

5 Ways Credit Unions Can Be More Resilient with AI and Analytics. Credit unions are sitting on a lot of risk right now. This COVID pandemic aftershock is about to hit the financial services industry, which means that credit unions need to pay close attention to their capital, asset quality, earnings, and liquidity.

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Troutman Sanders

FEBRUARY 21, 2024

On February 16, the CFPB reported on the first set of results from the newly updated Terms of Credit Card Plans survey. The report alleges that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. For more information, click here.

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Financial services Student loans Student Loans Financial Institution 52

Collection Industry News

SEPTEMBER 12, 2022

University Credit Union, September 08, 2022. 8, 2022 /PRNewswire/ — University Credit Union (UCU) is excited to announce its newest partnership with UC San Diego. About University Credit Union: University Credit Union, a federally-insured financial cooperative, was founded in 1951 on UCLA’s campus by faculty and staff.

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Credit Unions Credit Unions Education Financial Institution 40

Fico Collections

AUGUST 19, 2022

Tackling the Fintech Threat: A Guide for Banks and Credit Unions. What financial institutions need to compete with fintech threat disrupters. billion globally in 2021 – banks and credit unions are losing their status as the primary financial services providers to American consumers. by Darryl Knopp.

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Credit Unions Credit Unions Banks Financial Institution 52

Troutman Sanders

OCTOBER 16, 2023

On October 11, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion concerning consumers’ requests for information regarding their accounts with large banks and credit unions. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Credit Unions 52

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. 12 CFR § 741.3.

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Credit Unions Credit Unions Banks Financial Institution 52

Troutman Sanders

DECEMBER 21, 2021

On December 16, the National Credit Union Administration — the federal regulator that oversees credit unions — announced that credit unions may partner with third-party digital asset service providers to give members access to cryptocurrencies and other digital assets. On December 16, U.S.

Financial services 52

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

Collection Industry News

FEBRUARY 5, 2021

When the state-mandated shutdowns started last March, Skyler Fort, a painting contractor in northern Michigan, turned to his local credit union, 4Front Credit Union, for a PPP loan. That’s because their mission is to support Main Street, unions and the local communities they serve. Between year-end 2019 and Sept.

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Credit Unions Credit Unions Loans Banks 40

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. (A For more information, click here. CFPB will dissolve if the U.S.

Financial services 52

Financial services Trade Banks Credit Unions 52

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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Financial services Financial Institution Banks Credit Unions 52

Consumer Finance

OCTOBER 10, 2023

The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion regarding a provision enacted by Congress which generally prohibits large banks and credit unions from imposing unreasonable obstacles on customers, such as charging excessive fees, for basic information about their own accounts.

Banks 143

Banks Credit Unions Credit Unions Financial services 143

Troutman Sanders

SEPTEMBER 8, 2023

Mountain America Federal Credit Union , the plaintiff became delinquent on a credit card account with her credit union. The credit union then assigned the debt to a third-party collection agency. In Hansen v. A copy of the order is available here.

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Original Creditor Collection Agencies Collections Agency Credit Unions 59

Troutman Sanders

NOVEMBER 2, 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. .”

Financial services 52

Financial services Financial Institution Loans Credit Unions 52

Troutman Sanders

SEPTEMBER 5, 2023

On August 18, the American Financial Services Association, Consumer Bankers Association, CRE Finance Council, Equipment Leasing and Finance Association, Mortgage Bankers Association, National Association of Federally-Insured Credit Unions, Truck Renting and Leasing Association, and the U.S.

Trade 52

Trade Credit Unions Credit Unions Financial Institution 52

Consumer Financial Services Law

OCTOBER 13, 2016

The CFPB’s Consent Order with Navy Federal Credit Union (“NFCU”) should provide a wakeup call for all community banks and credit unions as to how they conduct their internal debt collection efforts. million to the CFPB. The CFPB found that the message “pay of be sued” was inaccurate about 97% of the time.

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Credit Unions Credit Unions Banks Collections 40

Troutman Sanders

AUGUST 10, 2023

Supreme Court’s final decision in Community Financial Services Association (CFSA) v. The banking trade groups argued that relief should be provided to banks nationwide to “be prudent and ameliorate confusion.”

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

MARCH 22, 2021

On March 17, the Consumer Financial Protection Bureau (CFPB) issued a consumer advisory to encourage consumers to take action to protect economic impact payments under the American Rescue Plan. For more information, click here.

Financial services 52

Financial services Garnishment Student loans Student Loans 52

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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Credit Unions Credit Unions Financial services Repossession 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.

Financial services 52

Financial services Financial Institution Foreclosure Banks 52

Troutman Sanders

MARCH 6, 2024

House Bill (HB) 4456 would create a new chapter to the Massachusetts Code explicitly stating that EWA services offered under the new chapter are not loans or other form of credit or debt, and voluntary tips or gratuities are not interest or finance charges. The bill is pending before the Joint Financial Services Committee.

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Credit Unions Credit Unions Banks Debt collector 52

Jimerson Firm

FEBRUARY 10, 2022

The first consideration that lenders (banks and credit unions alike) often face is when, and if, to conclude that the account owner does not intend to, or is not able to, clear the negative balance or loan deficiency. Ocwen Loan Servicing, LLC, 8:14-CV-3214-T-35MAP, 2015 WL 12938920, at *1 (M.D. Credit Union , 2013 U.S.

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Lender Credit Unions Credit Unions Collections 98

Troutman Sanders

FEBRUARY 28, 2022

For more information, click here.

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Financial services Trade Credit Unions Credit Unions 52

Consumer Finance Watch

MARCH 29, 2023

Eng, Louise Bowes Marencik, and Jonathan K.

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Credit Unions Credit Unions Debt collector Financial services 52

FFGN COLLECT NY

JANUARY 15, 2024

Businesses Exempt While the law covers most consumer agreements, some businesses are specifically exempt from this law, including: Services provided by a business under a franchise issued by a municipality or a city Any entity regulated by the Department of Financial Services (financial institutions, banks, credit unions, etc.)

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Credit Unions Credit Unions Financial Institution Government 97

Troutman Sanders

JULY 20, 2023

There are 35 early adopter banks and credit unions, with the idea being that FedNow will eventually be adopted by the majority of banks and credit unions in the U.S. Financial institutions will provide their customers with access to the instant payments through new features on their mobile apps and banking websites.

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

OCTOBER 27, 2023

Supreme Court reverses the Fifth Circuit in Community Financial Services Association v CFPB (CFSA case), which found the CFPB’s funding structure unconstitutional. A discussion of the preliminary injunction issued by that Texas federal court on July 31 can be found here. The injunction in Texas Bankers Association v.

Lender 52

Lender Credit Unions Credit Unions Financial Institution 52

Consumer Finance

APRIL 25, 2023

Today, the Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies, along with state bank and state credit union regulators, in issuing a statement that the use of United States Dollar LIBOR (USD LIBOR) panels will end on June 30, 2023.

Credit Unions 40

Credit Unions Credit Unions Banks Student loans 40

Fico Collections

MARCH 7, 2022

Financial services partners know that their clients are under increasing pressure to remain competitive, particularly when it comes to giving their end-customers the best experiences across the full lifecycle of engagement. Read the eBook ‘Why financial services partners should care about customer communications’.

Financial Institution 52

Financial Institution Financial services Credit Unions Credit Unions 52

Troutman Sanders

OCTOBER 25, 2023

However, despite specific commenter requests to do so, the agencies determined that the final rule does not apply to nonbank lenders or credit unions. This is despite the fact that research shows credit union lending, in particular, has become an increasing source of residential mortgage originations over the past two decades.

Banks 52

Banks Lender Credit Unions Credit Unions 52

Troutman Sanders

OCTOBER 18, 2022

million student checking and credit card accounts that are governed by partnerships between institutions of higher education and financial services providers, and it highlighted market trends and possible risks. The report reviewed agreements and data covering the over 1.2

Financial Institution 52

Financial Institution Education Financial services Credit Unions 52

Fico Collections

MARCH 1, 2022

Fiserv, a leading global provider of payments and financial services technology solutions, has developed a new fraud mitigation service that has reduced fraud losses, which were already low by industry standards, by 10 to 15% for its small to midsize credit union and bank clients.

Banks 52

Banks Credit Unions Credit Unions Financial services 52

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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Third-party Debt Collectors Credit Unions Credit Unions Debt collector 40

Credit Corp

DECEMBER 1, 2020

The following is a guest post from Dr. David L Tuyo II, president and CEO of University Credit Union. Certainly, there has been and will be even more severe impact across some key industries, but this shouldn’t be a cause for panic, particularly if you aren’t financially tied directly to any of the hardest-hit industries.

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Loans Credit Unions Credit Unions Financial Institution 69

Collection Industry News

OCTOBER 17, 2022

The CFPB’s annual report to Congress highlighting college banking and credit card agreements has raised some questions for both the consumer watchdog agency and the Department of Education. monthly service fee on accounts with less than $300 in qualifying deposits every month.

Banks 40

Banks Education Financial Institution Credit Unions 40

Fico Collections

FEBRUARY 5, 2021

The report – Americans’ Shadow Financial Lives: The Mobile Apps Banks Don’t Know They Use – found that U.S. financial services customers are increasingly engaged in behaviors and relationships that are deeply meaningful and are not on the radar screens of their incumbent providers. The Emergence of Shadow Financial Lives.

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Banks Startups Credit Unions Credit Unions 52