Troutman Sanders

DECEMBER 28, 2023

On December 20, the Federal Trade Commission (FTC) announced that it was extending the deadline to submit public comments on a new proposed rule to prohibit junk fees. The CRA regulations require the agencies to annually disclose these data. For more information, click here. For more information, click here.

Financial services 52

Financial services Credit Unions Credit Unions Banks 52

Troutman Sanders

JANUARY 9, 2024

Alleged errors include listing premature due dates before the end of the payment pause, inflating monthly payment amounts due to the servicer using outdated poverty guidelines, or using the incorrect income when calculating a borrower’s new income-driven repayment plan payment. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Debt collector 52

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.

Financial services 52

Financial services Financial Institution Banks Credit Unions 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.

Credit Unions 52

Credit Unions Credit Unions Financial Institution Banks 52

Troutman Sanders

FEBRUARY 21, 2024

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. Among the allegations, the CFPB argues that large issuers “offered worse rates across credit scores.” For more information, click here.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

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. The second quarter trading revenue was $3.9

Financial services 52

Financial services Trade Banks Credit Unions 52

Troutman Sanders

OCTOBER 9, 2023

On October 5, the Consumer Financial Protection Bureau (CFPB) announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. Supreme Court heard oral argument in Community Financial Services Association of America v.

Financial services 52

Financial services Student loans Student Loans Third-party Debt Collectors 52

Troutman Sanders

JULY 5, 2023

On June 30, the Commodity Futures Trading Commission (CFTC) announced new members and leadership of the Global Markets Advisory Committee (GMAC) and its corresponding subcommittees on global market structure, technical issues, and digital asset markets. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Credit Unions Credit Unions 52

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. On October 11, the CFPB published its analysis regarding the nonsufficient fund (NSF) fee practices of a number of banks and credit unions.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

DECEMBER 19, 2023

District Court of the Southern District of New York denied bankrupt digital asset services company Celsius Network Inc.’s On December 12, the U.S. The consumer will then have a 90-day grace period to redeem account rewards in accordance with the program’s original terms and conditions. For more information, click here.

Financial services 52

Financial services Banks Debt collector Government 52

Troutman Sanders

JANUARY 17, 2023

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. million to consumers and pay a $500,000 civil penalty for deceiving consumers with false claims about their services.

Financial services 52

Financial services Student loans Student Loans Education 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.

Credit Unions 40

Credit Unions Credit Unions Loans Banks 40

Troutman Sanders

AUGUST 28, 2023

The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities. which provides consumers with tips to spot digital asset-related scams. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52

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.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

MARCH 14, 2023

For example, Buy Now, Pay Later borrowers are more likely to be highly indebted or have revolving balances or delinquencies on their credit cards compared to consumers who do not use Buy Now, Pay Later products. On March 2, the Federal Trade Commission (FTC) issued a proposed order, banning online counseling service BetterHelp, Inc.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

MARCH 6, 2023

For example, Buy Now, Pay Later borrowers are more likely to be highly indebted or have revolving balances or delinquencies on their credit cards compared to consumers who do not use Buy Now, Pay Later products. On March 2, the Federal Trade Commission (FTC) issued a proposed order, banning online counseling service BetterHelp, Inc.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

JUNE 21, 2022

On June 16, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on 2021 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,338 U.S. financial institutions. Covered institutions include banks, savings associations, credit unions, and mortgage companies.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

FEBRUARY 28, 2022

On February 23, the Consumer Financial Protection Bureau (CFPB) outlined possible options for upcoming rulemaking to prevent algorithmic bias in automated home valuation models. The options now will be reviewed to determine their potential impact on small businesses. For more information, click here. For more information, click here.

Financial services 52

Financial services Trade Credit Unions Credit Unions 52

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

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

MARCH 28, 2022

The proposal was jointly developed with the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration. On March 22, the Consumer Financial Protection Bureau (CFPB) issued policy guidance on potentially illegal practices related to consumer reviews.

Financial services 52

Financial services Financial Institution Credit Unions Credit Unions 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.

Credit Unions 52

Credit Unions Credit Unions Financial services Repossession 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. On March 17, the Federal Reserve issued a Federal Open Market Committee statement regarding the COVID-19 pandemic.

Financial services 52

Financial services Garnishment Student loans Student Loans 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. In a major victory for small business lenders, yesterday the U.S.

Lender 52

Lender Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

OCTOBER 26, 2020

Federal Activities: On October 23, the Financial Action Task Force concluded its 32nd plenary meeting and continued to focus on the impact of the COVID-19 pandemic on detecting and countering fraud, including attempts to defraud government-backed stimulus programs. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Foreclosure Banks 52

Troutman Sanders

AUGUST 24, 2020

On August 13, 2020, three Oregon banks and a trade association filed a declaratory action requesting relief from state legislation alleged to retroactively apply lending obligations more onerous than the CARES Act. On August 19, 2020, the Federal Trade Commission (FTC) will be working with the U.S. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Education 52

Credit Corp

SEPTEMBER 13, 2023

Auto Loans : Auto loans are issued by a bank, a credit union, or a company that specializes in automobile lending. Mortgage Loans: Mortgage loans are issued by a bank, a credit union, or a company that specializes in mortgage lending. You can get a personal loan from online lenders or from a bank or credit union.

Credit Unions 97

Credit Unions Credit Unions Student loans Student Loans 97

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.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

FEBRUARY 24, 2023

On February 9, the Federal Trade Commission (FTC) submitted its annual letter to the Consumer Financial Protection Bureau (CFPB) summarizing its activities enforcing the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B. This letter is included in the CFPB’s annual report to Congress on the ECOA.

Credit Unions 52

Credit Unions Credit Unions Trade Banks 52

Nexa Collect

NOVEMBER 26, 2022

The GLBA covers any institutions that provide financial services, including : Handling loans. Providing financial advising. Career counseling (of those who are seeking employment with financial services). Credit union. Handling savings. Exchanging or transferring funds. Investing for others.

Collection Agencies 130

Collection Agencies Collections Agency Financial Institution Collections 130

Troutman Sanders

JULY 14, 2023

If passed, the Responsible Financial Innovation Act would: Create definitions for crypto assets, payment stablecoins, smart contracts, distributed ledger technology, and similar important industry terms; Allocate enforcement authority for new crypto asset consumer protection requirements amongst the Commodity Futures Trading Commission (CFTC), Securities (..)

Financial Institution 52

Financial Institution Credit Unions Credit Unions Trade 52

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.

Government 40

Government Credit Unions Credit Unions Trade 40

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.,

Credit Unions 40

Credit Unions Credit Unions Accrued Interest Credit Card Debt 40

Troutman Sanders

OCTOBER 27, 2022

We look forward to continuing to work with the Bureau on developing a well-founded, durable final rule that promotes competition, spurs innovation, and provides consumers the certainty of knowing their financial data is safe and secure.”

Banks 52

Banks Financial Institution Credit Unions Credit Unions 52