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Successors by Merger May Not be Debt Collectors

Consumer Financial Services Law

A recent decision from a Louisiana district court should provide some comfort to banks and other financial institutions who acquire other entities by merger – at least in the Fifth Circuit, they are not debt collectors. As most know, Bank of America (BoA) acquired Countrywide Bank FSB and its mortgage portfolio in 2008.

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U.S. House Passes Comprehensive Debt Collection Improvement Act

Burr Forman

Prohibiting servicers of private education loans from reporting an adverse item of information relating to the nonpayment of the loan for an established period of time.

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COVID-19 Collections Impact Bulletin: State Responses (December 2020 Update)

Burr Forman

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On November 1, the OCC issued a bulletin to inform banks about policy guidance that applies to commercial loans to early, expansion, and late-stage companies. Before making any loan, bank management should identify the purpose of the loan and the source of repayment. For more information, click here. On November 1, the U.S.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The rules cover loans on principal residences, generally exclude small servicers, and will take effect on August 31.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The company was operating without registering as a debt settlement service provider as required by Minnesota law. On April 13, U.S.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On October 4, the CFPB announced that the deadline to request initial forbearance for loans backed by the U.S.