Troutman Sanders

MARCH 6, 2023

The federal agencies that received the letter must provide a response to certain questions by March 16. On March 2, the Consumer Financial Protection Bureau (CFPB) published a new report, analyzing the financial profiles of Buy Now, Pay Later borrowers. For more information, click here. For more information, click here. government.

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Better Credit Blog

SEPTEMBER 17, 2020

Is A1 Collections bringing down your credit score? Discovering a collections entry on your credit report can be stressful, hurting your credit and leading to unwanted phone calls and letters. If you’re ready to stop A1 Collections’ phone calls and get them off of your credit score completely, read on. What Is A1 Collections?

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Better Credit Blog

FEBRUARY 12, 2021

Did you know the unpaid tolls can go to collections just like any other type of debt? As long as EZ Pass Collections is on your credit report, it can lower your score and hold you back from getting the financing you need. Instead, you should use one of the strategies below to ensure that EZ Pass Collections gets removed ASAP.

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UK debt collections

JUNE 23, 2020

A mixed party collaboration of MP’s has written to the Chancellor requesting new legislative measures to reform the government’s debt collection practices. The 50 strong group of MP’s is urging chancellor Rishi Sunak to support the creation of a Debt Management Bill. Peter Turton of Stepchange said. “We

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Troutman Sanders

NOVEMBER 9, 2021

On November 2, the CFPB issued an advisory opinion, affirming that consumer reporting companies, including tenant and employment screening companies, are violating the law if they engage in shoddy name-matching procedures. For more information, click here. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Government 52

Troutman Sanders

NOVEMBER 8, 2022

On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of student loan payment reinstatement. However, the CFPB also found that student debt cancellation may substantially reduce the number of borrowers at risk when the payment suspension ends. On October 31, the U.S.

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PDC Flow

OCTOBER 6, 2020

Share this image on your site: So for credit or collections businesses handling revenue cycle and collections work for healthcare organizations, what are some HIPAA and other privacy concerns that merit a closer look while the pandemic continues? Practical Issue 2: Too Much Information (or Protecting TMI).

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Healthcare Fair Debt Collection Collections Collection Agencies 80

Troutman Sanders

NOVEMBER 15, 2022

Director Chopra discussed potential resolutions on the hypothetical failure of three categories of systemically important financial institutions: (1) domestic systemically important financial institutions; (2) nonbank systemically important financial institutions; and (3) global systemically important banks. For more information, click here.

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Jimerson Firm

FEBRUARY 5, 2021

This means that lenders and authorized CDC liquidators must liquidate and conduct debt collection litigation in a “prompt, cost-effective and commercially reasonable manner, consistent with prudent lending standards, and in accordance with loan program requirements.” SOP 50 57 2. SOP 50 57 2 ; SOP 50 55. SOP 50 57 2.

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Troutman Sanders

JUNE 14, 2023

On June 8, the Federal Trade Commission (FTC) announced that it had conducted a new analysis, which shows that bogus bank fraud warnings were the most common form of text message scam reported to the agency, and that many of the most common text scams impersonate well-known businesses. million penalty to the CFPB’s victims relief fund.

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Troutman Sanders

DECEMBER 5, 2022

CBDC must be open, permissionless, and private,” and private firms engaging in Project Hamilton should not receive an “unfair competitive advantage” over other private competitors who intend to develop CBDC products in the future. 7363A to protect patients with significant medical debts. According to Emmer, “any U.S.

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Credit Corp

JUNE 30, 2021

The company operates as a debt and equity investor for lower middle market companies (those with $10-$150 million of annual revenues) seeking to transform their capital structures. The BDC has the capability to invest in both debt and equity. The BDC has the capability to invest in both debt and equity. STAG collected 99.6%

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Credit Corp

AUGUST 24, 2020

When you’re trying to conquer unpaid debts sent to collections, you’ll likely face some obstacles. Two of the most common are coming up with enough money to pay off the debt and negotiating a payment plan or settlement you can afford. Find out how to pay collections below. Find out how to pay collections below.

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Troutman Sanders

AUGUST 1, 2023

An amendment in the NDAA to update the Fair Debt Collection Practices for Servicemembers Act passed in the Senate by a vote of 95-2. Department of Housing and Urban Development (HUD), the Federal Housing Finance Agency (FHFA), and the U.S. The amendment, led by U.S. Per the blog, the U.S. For more information, click here.

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Troutman Sanders

MAY 5, 2021

Section 1692c(b) of the FDCPA prohibits a debt collector from communicating with most third parties “in connection with the collection of any debt” unless it has the consumer’s consent. The hospital hired debt collector Preferred Collection & Management Services, Inc.

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Troutman Sanders

MAY 16, 2022

Bedoya gives Democrats a 3-2 majority at the consumer protection agency. On May 3, the Federal Housing Finance Agency announced that enterprises Fannie Mae and Freddie Mac will require lenders to use the Supplemental Consumer Information Form (SCIF) as part of the application process for loans that will be sold to the enterprises.

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Troutman Sanders

JANUARY 19, 2022

ruling that the plaintiff failed to specifically allege facts to support an inference that Navient Corporation and Navient Solutions LLC violated the Fair Credit Reporting Act (FCRA) and the California Consumer Credit Reporting Agencies Act (CCRAA). In 2012, the plaintiff filed for bankruptcy, which allegedly discharged that private loan.

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Collection Industry News

MARCH 28, 2022

The Department has also begun licensing debt collectors. As of the end of 2021, the DFPI had three pending regulation packages pursuant to the CCFPL: 1) complaint procedures, 2) commercial financing UDAAP, and 3) phase one registration categories. Regulatory Activities. Research and Market Monitoring.

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Collection Industry News

DECEMBER 10, 2023

. “We expect the increase in number of consumer and commercial filers seeking bankruptcy protection to continue in 2024 given the runoff of pandemic stimulus, increased cost of funds, higher interest rates, rising delinquency rates, and near historic levels of household debt.” The bank’s total business touched ₹4.25

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Troutman Sanders

FEBRUARY 7, 2022

On February 2, the Department of Veterans Affairs (VA) published a final rule, detailing how delinquent debts owed to the VA are reported to credit reporting agencies. Unlike previous versions, the bill adopted by the Senate does not include a private right of action for consumers. For more information, click here.

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Troutman Sanders

SEPTEMBER 25, 2023

The proposed rulemaking could redefine “data brokers” and “data aggregators,” and extend FCRA regulation to businesses that do not currently meet the FCRA’s definition of “consumer reporting agency.” The bill protects patients from certain debt collection practices for medical debt. For more information, click here.

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Troutman Sanders

SEPTEMBER 20, 2021

On September 14, the Federal Trade Commission (FTC) voted to approve and make public a series of resolutions that will enable agency staff to efficiently and expeditiously investigate conduct in core FTC priority areas over the next 10 years. For more information, click here.

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Credit Corp

MARCH 8, 2021

Do include procedures to reduce credit risks and sales where customers are unable to pay off the debt. Do include guidelines on keeping company and customer information private. Reports directly to CFO Collections manager. Manages the credit collection effort by collaborating with third-party collection agencies.

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Debt RR

AUGUST 3, 2020

Business debt, whether from small business loans, corporate credit cards, or federal and state taxes, can be a challenge to manage. And if the debt remains unpaid for too long, it can exacerbate the situation for many business owners and finance managers. This unpaid debt can lead to a serious problem for businesses: garnishment.

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Troutman Sanders

JUNE 29, 2022

The largest number of complaints concerned incorrect information on credit reports; closely related to the first complaint was the failure of credit reporting agencies to swiftly and thoroughly respond to these complaints. Others failed to bill Tricare altogether and incorrectly billed the servicemember directly. What the CFPB Intends to Do.

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Collection Industry News

AUGUST 9, 2021

(“SIMM”), a full-service ARM and BPO Customer Care call center that provides third party collections, first party (pre-default) collections, probate collection solutions and customer engagement/telesales, celebrated its 30th year of operation this month. About SIMM Associates, Inc. . state-of-the-art call center.

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Troutman Sanders

NOVEMBER 29, 2021

It summarizes the agencies’ plan to provide clarity on whether certain crypto-related activities conducted by banking organizations are legally permissible. The definition of “debt collector” has been updated to match the same definition found in Section 100002 of the Financial Code. For more information, click here.

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Fico Collections

DECEMBER 1, 2020

Throughout the pandemic, we have discussed the debt tsunami crashing over most of the world. Unfortunately, 2021 will bring the after-effects, as credit grantors, consumers and governments try to work through a flood of uncollectable debt. There will be a massive drive toward third-party debt servicing and debt purchase.

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Troutman Sanders

JANUARY 25, 2022

On January 20, the Consumer Financial Protection Bureau (CFPB) announced it will begin examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students. The top three complaints for 2021 covered (1) telemarketing/robocalls; (2) utilities; and (3) credit cards.

Financial services 52

Financial services Student loans Student Loans Trade 52

Troutman Sanders

NOVEMBER 16, 2021

Federal Activities: On November 10, the Consumer Financial Protection Bureau (CFPB) joined other government agencies to announced a return to enforcement of critical protections for families and homeowners. Department of Education terminated its contracts with private debt collection agencies.

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Collection Industry News

MARCH 22, 2022

SoFi is one of the private student lenders lobbying to stop, or at least curtail, the pandemic-related moratorium on federal student loan payments that is now stretching into a third year. Private student lending to new students last year largely rebounded to pre-pandemic levels, according to MeasureOne , which tracks the industry.

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Troutman Sanders

MAY 10, 2021

The agency details that while HECM mortgagees can begin using the new procedures immediately for all new HECMs, those electing not to do so must implement the new procedures by September 3 or 120 days after the publication of the new mortgagee letter. For more information, click here. For more information, click here.

Financial services 52

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Troutman Sanders

DECEMBER 21, 2021

The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology. Department of Education’s decision to terminate its federal student loan contracts with private collection agencies. For more information, click here.

Financial services 52

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

Troutman Sanders

MAY 31, 2022

On May 23, California’s Department of Financial Protection and Innovation (DFPI) sent an email notifying license applicants and prospective license applicants that the issuance of licenses under the Debt Collection Licensing Act is unavoidably delayed at this time. For more information, click here. For more information, click here.

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National Service Bureau

JULY 15, 2015

If you’re a utilities provider in Washington State, it’s helpful to know what the laws are regarding how to collect on delinquent accounts. This is a strong incentive for account holders to pay off their debt, and an effective one at that. What this means is that it may become more difficult for customers to cover their utility bills.

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Troutman Sanders

APRIL 26, 2021

million home that alleged a fraudulent transfer by the operator of a debt-collection scheme. The complaint asks the court to declare the transfer void and order the seizure and sale of the property to partially repay the debt-collector’s outstanding debt to the federal and state governments. On April 22, the U.S.

Financial services 52

Financial services Debt collector Loans Banks 52

Troutman Sanders

FEBRUARY 21, 2023

On February 15, the SEC issued a proposed rule that broadens the application of SEC’s current custody rule (Rule 206(4)-2 under the Advisers Act) and redesignates that rule as new Rule 223-1 under the Advisers Act. The share of consumers with a collection tradeline on their credit report decreased by 20% in the same timeframe.

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