Troutman Sanders

MAY 5, 2022

One area the CFPB identified as a consumer harm is when financial institutions charge a consumer overdraft fees because the institutions failed to lift the initial automatic holds on the amounts of mobile check deposits after an additional suspicious deposit hold was placed on the account. Prepaid Accounts.

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Financial Institution Debt collector Repossession Creditors 52

Consumer Finance

MARCH 29, 2021

Five federal financial regulatory agencies are gathering insight on financial institutions’ use of artificial intelligence (AI).

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Financial Institution 79

Troutman Sanders

MAY 12, 2022

Presented by Pro Bono Institute (PBI) and its Corporate Pro Bono (CPBO) project, and Troutman Pepper, in conjunction with Financial Institution Pro Bono Day 2022. Register Here Tuesday, May 24 • 12:00 p.m.

Financial Institution 52

Financial Institution Lawyers 52

Troutman Sanders

APRIL 6, 2021

Five federal banking regulatory agencies are gathering information and comments on financial institutions’ use of artificial intelligence (AI), including machine learning. The RFI notes that financial institutions have been and are exploring AI-based applications for a variety of purposes.

Financial Institution 52

Financial Institution Banks Credit Unions Credit Unions 52

Public Citizen

OCTOBER 4, 2022

We received the following Call for Papers: The AALS Section of Financial Institutions & Consumer Financial Services will host the first AALS FinReg Conference on November 4, 2022, in person, at the Antonin Scalia Law School, in Arlington, Virginia.

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Financial Institution Financial services Banks 45

Account Recovery

JANUARY 18, 2023

If you are curious what the priorities of the House Financial Services Committee will be under new Chair Rep. look no further than the decision to change the Subcommittee on Consumers Protections and Financial Institutions to the Subcommittee on Financial Institutions and Monetary Policy. Patrick McHenry [R-N.C.],

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Financial services Financial Institution 246

Consumer Finance

AUGUST 10, 2021

The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, today issued guidance that provides financial institutions with examples of effective authentication and access risk management principles and practices for customers, employees, and third parties accessing digital banking services and information systems.

Financial Institution 52

Financial Institution Banks 52

Troutman Sanders

OCTOBER 18, 2022

million student checking and credit card accounts that are governed by partnerships between institutions of higher education and financial services providers, and it highlighted market trends and possible risks. The report reviewed agreements and data covering the over 1.2

Financial Institution 52

Financial Institution Financial services Credit Unions Credit Unions 52

Collection Industry News

MAY 9, 2022

One area the CFPB identified as a consumer harm is when financial institutions charge a consumer overdraft fees because the institutions failed to lift the initial automatic holds on the amounts of mobile check deposits after an additional suspicious deposit hold was placed on the account. Prepaid Accounts.

Financial Institution 40

Financial Institution Debt collector Repossession Creditors 40

Troutman Sanders

AUGUST 16, 2021

The FFIEC noted two changes over the last decade that prompted this analysis: (1) the current cybersecurity threat landscape, which has necessitated an increased need for effective customer authentication, and (2) the expansion of authentication considerations beyond customers to employees, third parties, and system-to-system communications.

Financial Institution 52

Financial Institution Banks Education Government 52

Account Recovery

DECEMBER 19, 2022

The Office of the Comptroller of the Currency, in conjunction with the Federal Financial Institutions Examination Council, on Thursday released revised procedures for how its examiners will examine financial institutions for their compliance with the Fair Debt Collection Practices Act, incorporating the changes from Regulation F into their review.

Fair Debt Collection 244

Fair Debt Collection Banks Financial Institution Collections 244

Fraser

JUNE 16, 2021

House of Representatives passed the Secure and Fair Enforcement Banking Act of 2019 (“Safe Act”), which would prohibit regulators from terminating or limiting either deposit or share insurance of a financial institution for doing business with a cannabis company. In March 2021, revised versions of the bill were introduced in the U.S.

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Financial Institution Banks Government Credit Unions 59

Fico Collections

MARCH 23, 2021

With the impact of COVID-19, banks and financial institutions are forced to accelerate the development and deployment of their digital capabilities as access to remote channels moved from choice to necessity. With that, the speed of continuous adoption is being seen not as an exception but rather the habit.

Financial Institution 52

Financial Institution Banks 52

Kasasa

JUNE 6, 2022

You might have seen a clever meme on social media, incorrectly attributed to President Abraham Lincoln that reminds us, "You cannot believe everything you read on the internet." Since he missed out on the benefits of the world wide web by more than 100 years, he probably didn't get to “like” posts about himself.

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Financial Institution Banks 102

Account Recovery

MARCH 8, 2023

I have said it on numerous occasions that hearings before the House and Senate committees are little more than theater, especially when the director of the Consumer Financial Protection Bureau is in the house, but tomorrow, the House Financial Services Subcommittee on Financial Institutions and Monetary Policy will talk about the CFPB without inviting (..)

Financial Institution 130

Financial Institution Financial services 130

Nexa Collect

NOVEMBER 26, 2022

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. When consumers turn to a financial institution for services, they want to know that their private information is being kept safe and sound. None of us want our information shared with companies we do not approve of.

Collection Agencies 130

Collection Agencies Collections Agency Collections Financial Institution 130

Account Recovery

DECEMBER 14, 2022

If you are an agency that is still trying to figure out how to be able to accept payments via PayPal or Venmo, you are now two steps behind, because a new instant payment technology for financial institutions has expanded into the United States after a successful launch in Brazil. first appeared on AccountsRecovery.net.

Financial Institution 246

Financial Institution 246

Account Recovery

DECEMBER 15, 2022

More than one-third of respondents to a survey conducted by the education arm of a financial institution are carrying medical debt, and 82% of those people are having problems paying it off, according to a report highlighting the survey’s findings.

Financial Institution 245

Financial Institution Education Collections Healthcare 245

Consumer Finance

JUNE 29, 2021

The Federal Financial Institutions Examination Council (FFIEC) today issued a new booklet in the FFIEC Information Technology Examination Handbook series, titled “Architecture, Infrastructure, and Operations.”.

Financial Institution 40

Financial Institution 40

Collection Industry News

NOVEMBER 30, 2021

We have a compelling government interest, when acting as participants in the financial services market on behalf of our respective states, to select financial institutions that are not engaged in tactics to harm the very people whose money they are handling,” the letter stated.

Financial Institution 40

Financial Institution Banks Financial services Government 40

Account Recovery

OCTOBER 27, 2022

In a joint appearance yesterday, President Joe Biden and Rohit Chopra, the Director of the Consumer Financial Protection Bureau announced new guidance that deems a pair of fees charged by financial institutions to “likely” be unfair and unlawful under existing law.

Financial Institution 246

Financial Institution Government 246

Account Recovery

APRIL 26, 2023

who also worked at the Consumer Financial Protection Bureau has raised an additional $6 million in funding to work with employers, financial institutions, and other organizations help their employees plan for college and reduce their student loan burdens. A fintech company run by a former staffer to Sen.

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Student loans Student Loans Loans Financial Institution 130

Account Recovery

JULY 27, 2022

A California Appeals Court has upheld a lower court’s summary judgment ruling in favor of a financial institution that was sued for not separately itemizing a bonus paid to its call center workers for fluently speaking languages other than English, ruling that the bank did not violate state law in how it compensated employees with … The (..)

Banks 245

Banks Financial Institution Judgment 245

Account Recovery

JUNE 13, 2022

The Court of Appeals for the Ninth Circuit has affirmed a lower court’s ruling that an individual’s text messages sent to a financial institution constitute providing expressed consent to be contacted on a mobile phone via an automated telephone dialing system under the Telephone Consumer Protection Act, but that the lower court abused (..)

Financial Institution 243

Financial Institution Banks 243

Account Recovery

APRIL 19, 2021

A bill has been introduced in the Senate that seeks to prohibit financial institutions from denying services to law-abiding businesses, such as companies in the accounts receivable management industry, as a means of ensuring crackdowns like Operation Choke Point never happen again. The legislation, S. 1088, was introduced by Sen.

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Financial Institution Accounts Receivables Management 217

Account Recovery

MAY 5, 2022

The Consumer Financial Protection Bureau yesterday announced an enforcement action against Bank of America, in which the nation’s second-largest financial institution will pay a fine of $10 million after it was accused of unlawfully garnishing $592,000 from its customers’ bank accounts.

Garnishment 246

Garnishment Financial Institution Banks 246

Account Recovery

APRIL 8, 2022

A group of 18 state attorneys general sent letters to four of the largest financial institutions in the country this week, urging them to stop charging overdraft fees on consumers by this summer, and while the states did not make any threats in the letter about what would happen if the banks chose not to … The post AGs Call on Big Banks to End (..)

Banks 246

Banks Financial Institution 246

Payment Savvy

MAY 16, 2023

The backbone of these developments is none other than America’s Automated Clearing House (ACH) which facilitates seamless electronic transactions between banks and financial institutions within its network. Instant ACH transfers have gained prominence as they cater to the increasing demand for expedited financial transactions.

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Financial Institution Banks Credit Unions Credit Unions 94

Account Recovery

MARCH 11, 2022

March 10 2022 — FedChex, a leader in providing Depository, Treasury, and Risk Management solutions for business and financial institutions, has partnered with CollaborationRoom.ai for its Work-From-Home Agents appeared first on AccountsRecovery.net.

Financial Institution 244

Financial Institution 244

Account Recovery

DECEMBER 16, 2022

One of the nation’s largest financial institutions has been ordered by a state court judge in California to pay $2 million after it was accused of violating the Rosenthal Fair Debt Collection Practices Act and the Fair Debt Collection Practices Act by making “harassing and annoying” debt collection calls to its customers.

Fair Debt Collection 246

Fair Debt Collection Collections Financial Institution 246

Troutman Sanders

MARCH 27, 2023

The Federal Reserve issued a press release announcing its plans for a July debut of FedNow , its service “to facilitate nationwide reach of instant payment services by financial institutions.” Fedline® currently serves 10,000 financial institutions and their agents. The press release stated the U.S.

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Financial Institution Banks Bankruptcy 98

Account Recovery

FEBRUARY 1, 2022

A District Court judge in Arizona has certified a class in a Telephone Consumer Protection Act case that alleged a financial institution made collection calls using an artificial or prerecorded voice to more than 1 million non-customers on their cell phones without first obtaining consent.

Collections 235

Collections Financial Institution 235

Troutman Sanders

MAY 25, 2023

The Final Rule applies to “covered financial institutions,” which are generally defined as entities that engage in any financial activity and originate at least 100 covered small business credit transactions in each of the two preceding calendar years. What are the Data Collection Requirements?

Financial Institution 52

Financial Institution Lender Loans Collections 52

Account Recovery

NOVEMBER 4, 2021

The largest bank in Denmark — also one of the largest financial institutions in Europe — announced yesterday that it has suspended all of its debt collection activities and has earmarked $8 million in compensation and restitution for nearly 8,000 customers from whom it overcollected for years.

Banks 246

Banks Collections Financial Institution 246

Account Recovery

OCTOBER 12, 2021

The Financial Institution Division (FID) of Nevada’s Department of Business and Industry will be holding a virtual workshop on Tuesday, October 26 at 1pm ET to solicit comments from interested persons about regulations related to SB248, a new medical debt collection law that went into effect earlier this year.

Collections 246

Collections Financial Institution Healthcare 246

Account Recovery

FEBRUARY 14, 2023

The president and chief executive of the American Bankers Association yesterday pushed back against the Consumer Financial Protection Bureau and its attempts to “bully” banks and financial institutions into eliminating “perfectly legal or legitimate” fees.

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Banks Financial Institution 130