Troutman Sanders

JANUARY 25, 2023

Bankers are opposing any effort by the Consumer Financial Protection Bureau (CFPB or Bureau) to reduce or eliminate the late fee safe harbor, citing a potentially significant adverse impact on community banks and credit unions. In 2010, the safe harbor limit on late fees was $25 for the first late payment.

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

SEPTEMBER 29, 2022

The amici curiae argues that: the FTC lacks the authority to declare that the conduct at issue is illegal, Walmart’s actions did not assist in fraud, and overly aggressive anti-fraud measures harm consumers and chill commerce. This does not impose an affirmative obligation upon Walmart to investigate each transaction.

Retail 52

Retail Trade 52

Troutman Sanders

OCTOBER 3, 2023

On September 29, the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) filed a joint amicus brief in the U.S. In the case, a consumer disputed information on her credit report alleging that multiple credit card accounts were opened without her knowledge. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Trade 52

Troutman Sanders

FEBRUARY 21, 2024

The court found that the defendants falsely promised to reduce homeowners’ mortgage payments and prevent foreclosures, defrauding distressed homeowners out of millions of dollars. Per the original complaint , the FTC and DFPI alleged that “[a]s a consequence, many consumer’s [sic] credit ratings have been negatively affected.”

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

OCTOBER 21, 2022

On October 20, the Federal Trade Commission (FTC) issued an Advanced Notice of Proposed Rulemaking, seeking public comment on the harms stemming from what it characterizes as “junk fees,” i.e., fees that are allegedly unnecessary, unavoidable, or unexpected, and that inflate costs while adding little value.

Trade 52

Trade Loans Collections 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. For more information, click here. For more information, click here.

Financial services 52

Financial services Trade Banks Credit Unions 52

Collection Industry News

JANUARY 24, 2022

On January 18, the CFPB filed a proposed final judgment against an Illinois-based third-party payment processor BrightSpeed Solutions and its founder Kevin Howard (collectively, “defendants”), which ceased operations almost three years ago, settling claims that the defendants facilitated payments for telemarketing fraudsters targeting seniors.

Judgment 40

Judgment Acquisition Law Firms Financial Institution 40

Collection Industry News

NOVEMBER 6, 2023

Department of Education (Department) is outlining a framework for how it will increase student loan servicer accountability and make sure borrowers are not harmed by servicer errors. The Department takes several steps to monitor servicers across different channels and uses its enforcement tools when necessary. Today, the U.S.

Student loans 40

Student loans Student Loans Loans Accrued Interest 40

Troutman Sanders

APRIL 2, 2021

On March 31, the Consumer Financial Protection Bureau (CFPB or Bureau) announced it is rescinding its April 1, 2020 policy statement regarding the Fair Credit Reporting Act (FCRA) and Regulation V following the enactment of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This recission is effective April 1. Background.

Financial Institution 52

Financial Institution Trade Financial services Consumer Credit 52

Troutman Sanders

FEBRUARY 26, 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 February 26, CoinSpeaker reported that in May, the U.S. For more information, click here.

Financial services 52

Financial services Financial Institution Trade Banks 52

Collection Industry News

MARCH 21, 2022

Already with a heightened interest in vehicle repossessions , the Consumer Financial Protection Bureau (CFPB) announced changes last week to its supervisory operations involving what it deems to be illegal discrimination, including in situations where fair lending laws may not apply. Source: site.

Repossession 40

Repossession Financial Institution Government Banks 40

Troutman Sanders

AUGUST 16, 2022

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. 7334 ) and the Paycheck Protection Program and Bank Fraud Enforcement Harmonization Act ( H.R.7352 State Activities.

Financial services 52

Financial services Loans Student loans Student Loans 52

Troutman Sanders

NOVEMBER 1, 2021

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). On October 29, the Federal Trade Commission (FTC) issued a new enforcement policy statement, warning companies against deploying illegal dark patterns that trick or trap consumers into subscription services.

Financial services 52

Financial services Garnishment Financial Institution Debt collector 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. The FTC has estimated that these fees can cost consumers tens of billions of dollars per year in unexpected costs.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Manufacturing Debt Management Debtor 52

Collection Industry News

APRIL 2, 2021

The Consumer Financial Protection Bureau is giving its clearest signal yet that a 2020 regulation easing standards for payday lenders is in jeopardy, despite efforts already in motion by the industry to implement the Trump administration rule. Source: site. I think it’s a pretty big statement.”.

Lender 40

Lender Loans Banks Trade 40

Troutman Sanders

OCTOBER 11, 2021

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Department of Education announced the establishment of an Office of Enforcement within Federal Student Aid (FSA). State Activities. Privacy and Cybersecurity Activities.

Financial services 52

Financial services Loans Lender Foreclosure 52

Troutman Sanders

JANUARY 9, 2024

These delays put borrowers at risk for making significantly higher payments than they can afford”; and Inaccurate and untimely billing statements: Borrowers are receiving faulty and confusing bills from servicers. They allege that the dealer deceived consumers about the price of certified used cars, add-ons, and government fees.

Financial services 52

Financial services Student loans Student Loans Debt collector 52

Collection Industry News

MAY 9, 2022

Although debt collection has been a longtime leading issue reported to the Consumer Financial Protection Bureau (CFPB), during the COVID-19 pandemic, another issue emerged as the nation’s number one consumer concern: credit reporting. Deceiving consumers through its digital dark patterns.

Financial services 40

Financial services Construction Credit Bureau Lender 40

Troutman Sanders

MARCH 8, 2022

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). On March 1, the Consumer Financial Protection Bureau (CFPB) released a report about the nature of the medical billing system in the U.S. State Activities. Privacy and Cybersecurity Activities.

Financial services 52

Financial services Repossession Banks Collections 52

Collection Industry News

MAY 24, 2021

WASHINGTON , DC (May 21, 2021) — The Consumer Financial Protection Bureau (CFPB) issued a consent order today against 3rd Generation, Inc., doing business as California Auto Finance (California Auto) for illegally charging interest for late payment on its Loss Damage Waiver (LDW) product without its customers’ knowledge.

Lender 40

Lender Loans Consumer Credit Collections 40

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.” On September 19, the CFPB issued guidance regarding the legal requirements that creditors must follow when using AI and complex models.

Financial services 52

Financial services Loans Banks Debt collector 52

Collection Industry News

NOVEMBER 30, 2021

As we previously reported , the FTC held a workshop earlier this year to examine, among other things, how dark patterns affect online user behavior and whether additional rules, standards, or enforcement efforts are needed to protect consumers. Cancellation : Cancellation processes should be easy for consumers.

Trade 40

Trade Acquisition Government Collections 40

Troutman Sanders

NOVEMBER 21, 2023

Barr expects FedNow and real-time payments to co-exist, with banks choosing which rail to route payments through. The complaint also alleged that Napleton discriminated against Black consumers by charging them more for add-ons and financing. The report highlights consumer protection issues in medical debt collection.

Financial services 52

Financial services Retail Banks Collections 52

Troutman Sanders

FEBRUARY 24, 2021

On February 22, the Consumer Financial Protection Bureau (CFPB), joined by the attorneys general for Virginia, Massachusetts, and New York (States), filed suit against Libre by Nexus, Inc. In exchange, Libre demands fees and monthly payments, while allegedly concealing or misrepresenting the true costs of its services.

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Collection Industry News

MAY 3, 2022

Performance SLC unlawfully collected upfront payments from borrowers and did not provide required disclosures. Performance Settlement settled debts without the required consumer authorization and tricked certain consumers into enrolling into its debt-resolution services. Source: site. million in illegal upfront fees.

Student loans 40

Student loans Student Loans Personal loans Loans 40

Troutman Sanders

JANUARY 23, 2024

billion for 29,700 borrowers through administrative adjustments to IDR payment counts that have brought borrowers closer to forgiveness and address longstanding concerns with the misuse of forbearance by loan servicers. According to the FTC, the CARS Rule will save consumers more than $3.4 billion in IDR relief for 930,500 borrowers.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

Credit Corp

MARCH 21, 2023

According to the Federal Reserve’s Consumer Credit report, 43.5 Not only can you not declare bankruptcy on many forms of student loan debt, but it can also harm your credit. Department of Education , a student loan payment is considered delinquent the first day after missing a payment. That’s 13 percent of the population.

Student loans 98

Student loans Student Loans Loans Education 98

Collection Industry News

OCTOBER 21, 2022

In a major decision released October 19, a three-judge panel of the Fifth Circuit Court of Appeals found the funding mechanism for the Consumer Financial Protection Bureau (CFPB or Bureau) to be unconstitutional. Specifically, the court in Community Financial Services Association of America, Ltd. Going Forward.

Judgment 40

Judgment Financial services Lender Banks 40

Troutman Sanders

DECEMBER 27, 2022

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. State Activities. Mastercard effectuated this practice through a process called “tokenization.” On December 21, U.S.

Financial services 52

Financial services Banks Trade Retail 52

Troutman Sanders

SEPTEMBER 11, 2023

On September 8, the Financial Crimes Enforcement Network (FinCEN) issued an alert on identifying several red flags that banks and financial institutions should be on the lookout for concerning cryptocurrency investment scams. payments system.” For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Banks 52

Titan Consulting

SEPTEMBER 22, 2020

Protections that went into effect in 2010 increased the oversight and scrutiny of the industry, eliminating companies that utilized unethical practices to scam consumers. The CFPB not only provides oversight for the debt relief services industry, but also compiles data that agencies and consumers can access. CFPB Oversight.

Debt settlement 98

Debt settlement Bankruptcy Unsecured Debt Credit Card Debt 98

Sawin & Shea

JUNE 9, 2021

Whether you have missed a single payment somewhere along the line or are delinquent on several payments, the last thing you want is to be harassed by debt collectors. In most cases, people know that they are behind on payments and are struggling to deal with the issue. Use abusive or obscene language. Call you repeatedly.

Debt collector 94

Debt collector Collection Agencies Collections Agency Credit Bureau 94

Taurus Collect

SEPTEMBER 15, 2022

The harmful or illegal actions of a few unprincipled companies have overshadowed the value and importance of debt collection agencies that diligently return money to their actual owners. Debt collecting agencies cannot pretend to work for any government agency, including law enforcement. Pretend To Work For a Government Agency.

Debt collector 59

Debt collector Collection Agencies Collections Agency Debtor 59

Troutman Sanders

JULY 26, 2021

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). According to Attorney General Healey’s press release, this guidance states that “these direct payments are exempt from seizure or garnishment under Massachusetts law. State Activities.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

Collection Industry News

MARCH 15, 2021

SACRAMENTO – More than a year into the COVID-19 pandemic, the California Department of Financial Protection and Innovation (DFPI) continues to expand efforts to protect consumers from financial impacts of the lethal virus that has ravaged the state’s economy and killed more than 53,000 Californians.

Foreclosure 40

Foreclosure Student loans Student Loans Debt collector 40

CSA

DECEMBER 7, 2022

The ICO’s published reprimands are in addition to published fines, enforcement notices and summaries of audit reports, and provide some insight into the regulator’s approach to data protection breaches. Council of EU and European Parliament announce provisional agreement on consumer credit directive. Quarterly Consultation No.

Government 40

Government Consumer Credit Creditworthiness Financial services 40