Jimerson Firm

DECEMBER 15, 2022

Financial institutions are often required to make tough decisions when they receive the daunting Form 668–A, “Notice of Levy” from the IRS concerning a delinquent taxpayer’s bank account. Financial Institutions Tax Levy Obligations and Liability Exposure. By Austin Calhoun, Esq. and Joseph Luna, Esq. What is a Tax Levy?

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Financial Institution Banks Debtor Creditors 52

True Accord

JULY 13, 2023

Updates to the Gramm-Leach-Bliley Act (GLBA), the Safeguards Rule , provide financial institutions, including those in the accounts receivable management industry, with requirements on how to safeguard customer information, went into effect on June 9.

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Financial Institution Student loans Student Loans Loans 65

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 Repossession Debt collector Lender 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 73

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.

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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.

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Financial Institution Banks Credit Unions Credit Unions 52

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.

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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.

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Financial Institution Banks Education Government 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.

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Financial Institution Repossession Debt collector Student loans 40

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

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Financial Institution Education Financial services Credit Unions 52

Account Recovery

FEBRUARY 28, 2024

The California Department of Financial Protection & Innovation has fined a fintech company $2.5 million for not responding to consumer complaints in a timely manner that constitutes a violation of California’s Consumer Financial Protection Law, the DFPI said.

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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.

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Financial Institution Banks 52

Account Recovery

APRIL 18, 2024

The Attorney General of New York yesterday announced that a financial institution will pay $700,000 in fines and penalties for illegally freezing customer accounts and sending debt collectors tens of thousands of dollars that should have been protected or exempt from garnishment.

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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.”.

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Financial Institution 40

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

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.

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Banks Financial Institution Fair Debt Collection Collections 244

Account Recovery

DECEMBER 19, 2023

Turner introduced a bill in the House of Representatives that would require financial institutions give customers the option to receive paper statements and prohibit financial institutions from […] Mike Turner [R-Ohio] is trying to preserve that opportunity for you. Last week, Rep.

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Account Recovery

FEBRUARY 14, 2024

There is yet another new startup in the industry that is using the power of artificial intelligence to help collect debts — Cambio, which is backed by Y Combinator, is leveraging AI to offer innovative solutions for both consumers and financial institutions.

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Startups Financial Institution Banks Collections 130

Consumer Finance

MARCH 16, 2021

On March 17, 2021, Consumer Financial Protection Bureau Acting Director Dave Uejio issued a statement regarding consumers’ access to Economic Impact Payment funds distributed through the American Rescue Plan.

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Financial Institution Debt collector Banks 97

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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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 (..)

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Financial Institution Financial services 130

Account Recovery

JANUARY 5, 2024

A trade group representing non-bank financial institutions that provide sales-based financing to businesses has filed a lawsuit against the Consumer Financial Protection Bureau claiming it has overstepped its authority by issuing a rule regulating how lenders must collect and submit data related to small business lending activities.

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Consumer Finance

JANUARY 23, 2024

The Consumer Financial Protection Bureau proposed to block financial institutions from one potential source of new junk fee revenue – fees on instantaneously declined transactions.

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Financial Institution Banks Financial services 139

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.

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Account Recovery

OCTOBER 12, 2023

The Consumer Financial Protection Bureau yesterday released guidance reminding financial institutions that they are not allowed to charge consumers for “basic information” about their accounts. A copy of the advisory opinion is […]

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Financial Institution Banks 147

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.

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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.

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Financial Institution Education Healthcare Collections 245

Consumer Finance

JANUARY 16, 2024

The CFPB today proposed a rule to rein in excessive overdraft fees charged by the nation’s biggest financial institutions.

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Financial Institution Banks Financial services 145

Account Recovery

OCTOBER 30, 2023

The Federal Trade Commission on Friday announced it has amended the Safeguards Rule that will require non-bank financial institutions to report data breaches to the agency.

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Financial Institution Trade Banks 130

Account Recovery

OCTOBER 27, 2023

A federal judge in Texas has expanded the stay against the Consumer Financial Protection Bureau’s plan to enforce a rule designed to combat gender and racial discrimination in small business lending to cover all financial institutions impacted by the rule.

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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 (..)

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Banks Financial Institution Judgment 245

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 (..)

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Banks Financial Institution 246

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 (..)

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Financial Institution Banks 243

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.

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Garnishment Financial Institution Banks 246

Account Recovery

AUGUST 25, 2023

In a development that was first reported by ACA International, the Nevada Financial Institutions Divisions is seeking feedback on the impact of forthcoming regulations related to a new licensing law that was enacted in the state. A copy of the questionnaire can be accessed by clicking here.

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