FFGN COLLECT NY

JANUARY 10, 2024

More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. Medical Debt Medical debt was another topic addressed in the State of the State address.

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Garnishment Collections Debt collector Student loans 52

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.

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Lender Foreclosure Collections Debt collector 40

Troutman Sanders

OCTOBER 4, 2021

531 would prohibit debt collectors (with limited exceptions) from making a written statement attempting to collect delinquent consumer debt unless they have access to a contract, or other evidence, demonstrating the debt. Among other provisions, S.B. For more information, click here and here. million or less.

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Financial services Financial Institution Foreclosure Student loans 52

Troutman Sanders

JULY 7, 2021

Some consumers reported facing homelessness because of the negative impact of an eviction on their credit history reported by debt collectors. The licensed entities include vehicle finance companies, traditional installment lenders, and mortgage lenders. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

JULY 27, 2020

3841, a bill that protects the stimulus funds under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) from being garnished by judgement creditors and debt collectors, similar to how Social Security payments are exempt from being garnished. The CARES Act offers relief for those with federal student loans.

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Financial services Student loans Student Loans Garnishment 52

True Accord

APRIL 5, 2023

On the regulatory front, the Consumer Financial Protection Bureau (CFPB) hit the ground running for 2023 with new guidance on subscription fees, proposed rulemaking on non-bank company terms and conditions, and issued an annual report sizing up the three credit reporting companies. The final amended rule will go into effect on July 20, 2023.

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Student loans Student Loans Credit Card Debt Loans 95

True Accord

JANUARY 10, 2024

The fourth quarter marked the resumption of student loan payments for 22 million Americans, but repayment results were low. million borrowers missed their student loan payment —that’s 40% of loan holders. quarterly increase while auto loan balances rose by $13 billion and now stand at $1.6 a year ago.

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Student loans Student Loans Loans Banks 58

Collection Industry News

MARCH 15, 2021

The DFPI is aggressively exercising its new authority to regulate a large group of newly covered financial services, including debt collectors, credit reporting and credit repair agencies, debt relief agencies and others.

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Collection Industry News

MARCH 28, 2022

The Department has also begun licensing debt collectors. The first change under the CCFPL was a new name for the Department which was formerly the Department of Business Oversight. OFTI participated in more than a dozen public events to publicize OFTI’s activities and extend the invitation to meet.

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Debt collector Education Credit Unions Credit Unions 40

Troutman Sanders

MAY 5, 2022

The Supervisory Highlights detail issues identified by CFPB examination teams across a wide number of segments of the consumer financial services industry. Auto Servicing. Debt Collection. The CFPB believes that debt collectors misrepresent consumers’ responsibilities in cases of identity theft.

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Financial Institution Repossession Debt collector Lender 52

Better Credit Blog

APRIL 1, 2022

If you fall into hard times, the inability to pay off your credit card bills or student loans can result in your debts being transferred to a debt collection agency. They recently acquired Alltran Financial Services in 2020. Pushing hard for debt collection after your request to validate the debt.

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Collection Industry News

JULY 20, 2020

DEBT COLLECTORS, facing growing demands to freeze the collection of debt across the country amid the economic hardship caused by the coronavirus pandemic, are mobilizing their lobbyists to push back. In New York, residents are receiving a 30-day reprieve from the collection of state-owned medical and student debt.

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Collection Industry News

MAY 9, 2022

The Supervisory Highlights detail issues identified by CFPB examination teams across a wide number of segments of the consumer financial services industry. Auto Servicing. Debt Collection. The CFPB believes that debt collectors misrepresent consumers’ responsibilities in cases of identity theft.

Financial Institution 40

Financial Institution Repossession Debt collector Student loans 40

Troutman Sanders

JUNE 14, 2023

On June 8, the CFPB acted against a medical debt collector for numerous debt collection and credit reporting violations. In at least thousands of cases, the debt collector continued to attempt to collect on a debt that was not substantiated after a consumer disputed the validity of the debt.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

AUGUST 1, 2023

On July 27, the Financial Innovation and Technology for the 21st Century Act passed the House Committee on Agriculture. The bill previously passed the House Committee on Financial Services on July 26. Per the report, examiners found multiple instances of unfair or abusive acts or practices by servicers.

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Financial services Financial Institution Debt collector Fair Debt Collection 52

True Accord

OCTOBER 12, 2022

And, collections and charge off rates for auto leases, personal loans and bank cards are higher than pre-pandemic. Amidst all the economic gloom, there was a silver lining for many borrowers in the form of student loan forgiveness. Also noteworthy in debt collection regulations: In September, the U.S. What Can You Do?

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Student loans Student Loans Debt collector Lender 68

True Accord

JULY 5, 2022

For the estimated 55% of Americans who carry credit card debt month over month, paying off balances will get even more difficult for those not making minimum monthly payments. And opening a new credit card line may prove difficult – many lenders are or will be changing their strategies to stave off the looming threat of….

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Lender Debt collector Loans Personal loans 52

Troutman Sanders

APRIL 26, 2021

Federal Activities: On April 22, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James filed a complaint in federal court to seize a $1.6 million home that alleged a fraudulent transfer by the operator of a debt-collection scheme. For more information, click here. On April 22, the U.S.

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