Troutman Sanders

SEPTEMBER 7, 2021

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. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

APRIL 19, 2021

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.

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Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

MARCH 22, 2021

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. As of March 18, the department intends to issue full loan discharges for borrowers with approved borrower defense claims.

Financial services 52

Financial services Garnishment Student loans Student Loans 52

Troutman Sanders

SEPTEMBER 27, 2021

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. For more information, click here. On September 21, the U.S. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

DECEMBER 21, 2021

Department of Education’s decision to terminate its federal student loan contracts with private collection agencies. State Activities: On December 15, the New York Department of Financial Services released a notice of proposed rulemaking (NPRM) for third-party debt collectors and debt buyers.

Financial services 52

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

Collection Industry News

MARCH 17, 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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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

Troutman Sanders

JULY 7, 2021

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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Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

OCTOBER 4, 2021

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. Among other provisions, S.B. For those interested in reading the complete order, click here. million or less.

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Financial services Financial Institution Foreclosure Student loans 52

Troutman Sanders

APRIL 4, 2022

On March 30, the Consumer Financial Protection Bureau (CFPB) sanctioned Edfinancial for deceiving student loan borrowers about their eligibility for Public Service Loan Forgiveness, and the steps they could have taken to obtain loan cancellation. For more information, click here.

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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

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

Burr Forman

MAY 20, 2021

2547 (the “Comprehensive Debt Collection Improvement Act” or “CDCIA”). Originally introduced by House Financial Services Chairwoman Maxine Waters, the CDCIA’s primary purpose is to provide additional financial protections for consumers and place restrictions on debt collection activities by amending several consumer finance statutes.

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Collections Debt collector Student loans Student Loans 52

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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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. Consumers can reach the DFPI at (866) 275-2677 or Ask.DFPI@dfpi.ca.gov.

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Collection Industry News

MAY 18, 2021

Despite objections from CUNA and NAFCU, the House of Representatives passed the Comprehensive Debt Collection Improvement Act on Thursday. 2547 was sponsored by House Financial Services Committee Chairwoman Rep. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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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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Better Credit Blog

NOVEMBER 23, 2020

Using the strategies outlined below, you can say goodbye to debt collectors and get your score back on track. or FMS Corp, is a third-party debt collection agency headquartered in Tulsa, Oklahoma. collects on a wide range of debts from several industries, including: Education. Financial services. Bank cards.

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Consumer Financial Services Law

OCTOBER 16, 2017

By Zachary Dunn October 16, 2017 The FDCPA, through section 1692d(6), prohibits a debt collector from placing telephone calls to a debtor “without meaningful disclosure of the caller’s identity.” 11 2017), the debtor, Berry, defaulted on student loans he had taken out with the US Department of Education. In Berry v.

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Debt collector Education Student loans Student Loans 40

Better Credit Blog

APRIL 1, 2022

A good credit score allows you to get better rates on car or mortgage loans just to name a few. 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. Avoid Being Fooled by Transworld Systems.

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Collection Agencies Collections Agency Garnishment Fair Debt Collection 77

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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Consumer Financial Services Law

JANUARY 25, 2017

Moreover, to “ensure that the survey included a sufficient number of responses from consumer who had experienced debt collection, credit records with a recent 60 day delinquency on a loan, a reported collection, or both as of September 2014 were sampled at a higher rate than other records.”

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Troutman Sanders

MARCH 14, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. For more information, click here.

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Financial services Student loans Student Loans Loans 52

Troutman Sanders

MARCH 6, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52

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

DECEMBER 19, 2023

The complaint alleged that Ryan and others conspired to defraud First NBC Bank through a variety of schemes, including by disguising the true financial status of certain borrowers and their troubled loans, concealing the true financial condition of the bank from the board of directors, auditors, and examiners.

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Financial services Banks Debt collector Government 52

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.

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Financial services Financial Institution Student loans Student Loans 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. The CFPB found that student loan borrowers are increasingly likely to struggle once their monthly student loan payments are reinstated.

Financial services 52

Financial services Student loans Student Loans Garnishment 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

Troutman Sanders

OCTOBER 9, 2023

The FTC alleged that the defendants pretended to be affiliated with the Department of Education, charged illegal junk fees, and offered students loan forgiveness promises that were not fulfilled. Supreme Court heard oral argument in Community Financial Services Association of America v. For more information, click here.

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

Troutman Sanders

APRIL 12, 2021

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. For more information, click here. For more information, click here.

Financial services 52

Financial services Debt collector Student loans Student Loans 52

Troutman Sanders

JUNE 21, 2022

On June 13, the CFPB released its annual report on the top financial concerns facing servicemembers, veterans, and military families based on the complaints they submitted to the CFPB. Servicemembers told the CFPB about billing inaccuracies and that debt collectors used aggressive tactics to recover allegedly unpaid medical bills.

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Financial services Credit Unions Credit Unions Financial Institution 52

Collection Industry News

SEPTEMBER 29, 2020

Yesterday, the New York Department of Financial Services (NYDFS) announced that it filed its first enforcement action against a debt collector under New York’s Debt Collection Regulations. NYDFS is showing its fangs here and makes a very loud statement to debt collectors: substantiate or else.

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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

Troutman Sanders

DECEMBER 27, 2021

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest COVID-19 driven events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. Privacy and Cybersecurity Activities. For more information, click here.

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

Troutman Sanders

SEPTEMBER 20, 2021

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 January 31, 2022, the pause on interest and payments for federally held student loans will end.

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