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COVID-19 Collections Impact Bulletin: State Responses (December 2020 Update)

Burr Forman

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. Colorado – On June 29, 2020, the Colorado legislature enacted Senate Bill 20-211.

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U.S. House Passes Comprehensive Debt Collection Improvement Act

Burr Forman

Prohibiting servicers of private education loans from reporting an adverse item of information relating to the nonpayment of the loan for an established period of time. Prohibiting servicers of private education loans from reporting an adverse item of information relating to the nonpayment of the loan for an established period of time.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

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 April 13, U.S. For more information, click here. State Activities: On April 14, Illinois Governor J.B.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On October 11, an automotive management company settled claims by the Department of Justice (DOJ) alleging that the company had violated the False Claims Act by knowingly providing false information in support of its Paycheck Protection Program (PPP) loan forgiveness application. For more information, click here.

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What Is COAF on My Credit Report?

Better Credit Blog

Hard inquiries are often the result of a credit card or a loan application, and COAF is no exception. COAF may appear on your report after you apply for an auto loan or buy a car with funding from Capital One. Your report may also show a hard inquiry from COAF if you agreed to be a cosigner for someone else’s car loan application.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On July 27, the Senate passed its version of the National Defense Authorization Act (NDAA) bill, which includes a provision that tightens oversight over financial institutions engaged in crypto trading and takes aim at crypto mixers and “anonymity-enhancing” crypto assets. For more information, click here.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

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. State Activities. Privacy and Cybersecurity Activities. Federal Activities: On September 1, the U.S. For more information, click here.