Account Recovery

AUGUST 13, 2021

Credit card lenders and financial institutions are apparently a little leery of the state of the economy and consumer’s ability to meet their financial obligations and are keeping balance limits largely stationary for the time being, except for one group of consumers — and it’s probably not the group you would guess — according (..)

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Troutman Sanders

OCTOBER 27, 2023

In a major victory for small business lenders, yesterday the U.S. Supreme Court reverses the Fifth Circuit in Community Financial Services Association v CFPB (CFSA case), which found the CFPB’s funding structure unconstitutional. A discussion of the preliminary injunction issued by that Texas federal court on July 31 can be found here.

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Lender Credit Unions Credit Unions Financial Institution 52

Qualco

APRIL 15, 2024

THE NEW ERA OF CONSUMER LENDING In today ’ s rapidly evolving financial landscape, the significant increase in consumer lending presents new challenges for financial institutions, particularly in managing collections. INTRODUCING QCR ACCELERATOR The QCR Accelerator is a collections solution developed by QUALCO.

Collections 84

Collections Financial Institution Debt Recovery Unsecured Debt 84

Jimerson Firm

FEBRUARY 10, 2022

When account owners have an account that reflects a negative balance, the lender is faced with a myriad of options and obligations with regard to the pursuit of that debt. Lenders that charge off a debt trigger issuance of the 1099-C when their defined policy leads the lender to discontinue collection activity and discharge a debt.

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Lender Credit Unions Credit Unions Collections 98

Troutman Sanders

JANUARY 20, 2023

22-(R22-011) , concluding earned wage access (EWA) products that are fully non-recourse and no-interest are not “consumer lender loans” under Arizona law. Thus, those who make, procure, or advertise EWA products are not required to be licensed as a “consumer lender” by Arizona’s Department of Insurance and Financial Institutions.

Lender 52

Lender Loans Financial Institution Consumer Credit 52

Troutman Sanders

OCTOBER 25, 2023

On October 24, the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) finally issued their long-awaited final rule modernizing how they assess lenders’ compliance under the Community Reinvestment Act (CRA).

Banks 52

Banks Lender Credit Unions Credit Unions 52

Troutman Sanders

JULY 28, 2023

Previously, a license was required for a lender seeking to take advantage of the usury authority provided by the NILA and also for any person that holds or acquires any rights of ownership, servicing, or other forms of participation in a loan under the NILA. Legislative Bill 92 took effect on June 7, 2023.

Loans 52

Loans Banks Financial Institution Lender 52

Fico Collections

JULY 19, 2021

Lenders face a myriad of challenges these days. A pooled model is a scoring model built on “pools” of historical data from many financial institutions. No data is required from the customer because it’s built on pools of historical data from other financial institutions. What Is a Pooled Model?

Lender 52

Lender Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

APRIL 20, 2022

In its recent blog post, the CFPB is clearly signaling that the practice of withholding transcripts as a debt collection tactic does not make much sense to the Bureau, stating: “It is particularly perplexing, as it can undermine rather than enhance a student’s likelihood of repaying.”

Education 52

Education Lender Student loans Student Loans 52

Troutman Sanders

JULY 25, 2023

One of the aspects of the proposed rule that changed dramatically when the Final Rule was issued was a series of new provisions and sections of the Official Commentary prohibiting small business lenders from discouraging applicants from providing the data required to be collected by the Final Rule.

Financial Institution 52

Financial Institution Lender Loans Collections 52

Troutman Sanders

MAY 2, 2023

CFS Partner Lori Sommerfield brings more than two decades of experience in representing a wide range of banks, financial institutions, and financial services companies in fair lending and responsible banking regulatory compliance.

Financial Institution 97

Financial Institution Fair Debt Collection Financial services Law Firms 97

Credit Corp

MARCH 25, 2024

In essence, interest rates work by determining how much a borrower must pay a lender while using a loan. When it comes to money in savings accounts , interest works to your benefit—financial institutions will pay you for the privilege of using your funds. How Are Interest Rates Calculated? Why Is Your Credit Score Important?

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Lender Loans Financial Institution Banks 59

Nerd Wallet

MAY 9, 2022

Minority business loans are available from many lenders. But getting funding from a traditional financial institution may be tougher for minority business owners due to issues like unconscious bias, insufficient credit and limited banking history. In fact, a 2019 report.

Loans 68

Loans Financial Institution Lender Banks 68

Credit Corp

MAY 10, 2023

Your credit score is an important aspect of your financial health and is oftentimes used by lenders, landlords, and even employers to determine your creditworthiness. Hard inquiries , also known as hard pulls, are typically made by lenders and other financial institutions and can harm your credit score.

Creditworthiness 97

Creditworthiness Lender Financial Institution Loans 97

Nerd Wallet

MAY 23, 2022

According to the Federal Reserve’s 2021 Small Business Credit Survey, banks remain the most common source of credit for small businesses — compared with options such as online lenders, community development financial institutions or credit unions. Randa Kriss writes for NerdWallet.

Banks 67

Banks Loans Credit Unions Credit Unions 67

Consumer Finance Watch

MARCH 9, 2022

Eng, Cheryl S. Chang, and Jessica A.

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Lender Loans Financial Institution 40

Troutman Sanders

NOVEMBER 15, 2022

The Safeguards Rule requires nonbanking financial institutions to develop, implement, and maintain a comprehensive information security program to keep their customers’ information safe. In the letter, the SBA states: “[S]mall financial institutions will need to modify their methods for evaluating these.

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Credit Counselor Financial Institution Credit Unions Credit Unions 52

Consumer Finance Watch

SEPTEMBER 14, 2021

Eng, and Chenxi Jiao Lenders, mortgage servicers, and other financial institutions should take note that the New York State legislature has extended the COVID-19 Emergency Eviction and Foreclosure Prevention Act (“CEEFPA”) and the COVID-19 Emergency Protect Our Small Businesses … Continue reading →

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Foreclosure Financial Institution Lender 96

Roths Child Law

DECEMBER 13, 2023

Your credit score is the number that financial institutions will use to determine how trustworthy you are as a borrower. This is a card that you obtain by giving a down payment to the lender. One of the most important things to remember about bankruptcy is that it does not ruin your financial future forever.

Bankruptcy 52

Bankruptcy Financial Institution Lender Loans 52

Sawin & Shea

FEBRUARY 28, 2024

Types of personal loans include: Installment Plan Payday Peer-to-Peer Lending Cosigner /Guarantor Debt Consolidation Variable Rate Fixed Rate During your bankruptcy proceeding, at least a portion of these loans will be discharged, whether you borrowed from brick-and-mortar or online lenders. Unsecured loans don’t have collateral.

Personal loans 52

Personal loans Bankruptcy Chapter 13 bankruptcy Loans 52

Troutman Sanders

AUGUST 31, 2023

Chris, Lori, and Joe discuss who benefits from the injunction and what it means for those who do not, advocacy efforts by other financial institution trade groups to level the playing field, the impact on small business borrowers, when we can expect a resolution, and until then, how small business lenders should move forward.

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Financial Institution Trade Lender Banks 52

Debt Collection Answers

FEBRUARY 21, 2024

This article aims to shed light on what pre-screen firm offers entail, their significance, and how debt consolidation lenders acquire your information to send those enticing marketing mailers. Two entities that may send debt consolidation loan mailers are Symple Lending and Secure One Financial. How does the Pre-Screening Process Work?

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Debt Consolidation Loans Lender Financial Institution 40

Nexa Collect

SEPTEMBER 15, 2020

The financial pressures have triggered feverish increases in the number of loan impairments for residential and commercial real estate loans. The more impaired a loan becomes, the greater the chance that the borrower will default, causing partial or total losses for the lender. The largest lender in the U.S.,

Collection Agencies 130

Collection Agencies Collections Agency Collections Lender 130

Nerd Wallet

AUGUST 12, 2020

While a “C” average may feel middle-of-the-road on an academic scale, nailing the five C’s of credit is the key to getting business funding from banks and other financial institutions. Jackie Zimmermann is a writer at NerdWallet. Email: articles@nerdwallet.com.

Collateral 88

Collateral Financial Institution Lender Banks 88

Micro Bilt

OCTOBER 20, 2021

Whether you're a financial institution, a private lender, you can't be too careful when it comes to verifying the identity of your customers. We all love the convenience of making purchases, opening accounts, and applying for jobs from our computers or smartphones.

Financial Institution 63

Financial Institution Lender 63

Troutman Sanders

OCTOBER 6, 2022

Glen Trudel is a consumer financial services, banking, and business attorney who counsels financial institutions, marketplace lenders, fintech entities, and other companies on both regulatory and transactional matters.

Acquisition 52

Acquisition Financial Institution Lender Financial services 52

Troutman Sanders

JANUARY 19, 2023

In addition to outlining the CFPB’s efforts to remediate appraisal bias, Deputy Director Martinez highlighted the critical role lenders play in ensuring valuations are accurate. The CFPB has warned that lenders that fail to ensure borrowers can seek a reconsideration of their home valuation risk violating federal law.

Financial Institution 52

Financial Institution Lender Government 52

True Accord

JULY 27, 2020

Banks, lenders, and other financial players are accelerating their digital transformation roadmaps, shortening years’ worth of development into mere months, in an attempt to service consumers at scale while managing the complexities of our new normal and the limitations of outdated infrastructure.

Financial services 99

Financial services Financial Institution Lender Banks 99

Troutman Sanders

APRIL 6, 2023

Caleb Rosenberg focuses his practice on helping small business finance companies, banks, fintech companies, and licensed lenders navigate regulatory risks posed by state and federal laws. He has experience performing regulatory due diligence on financial technology companies and assisting clients in responding to regulatory inquiries.

Financial Institution 52

Financial Institution Financial services Lender Banks 52

Jimerson Firm

JANUARY 31, 2023

As lenders and depositories, banks and credit unions are subject to numerous regulatory schemes under both federal and Florida law. Under the SBA lender regulations, any SBA lenders (“Lenders”) must maintain “ethical compliance.” This article does not aim to analyze all potential regulatory schemes. 13 CFR § 120.410.

Credit Unions 52

Credit Unions Credit Unions Banks Financial Institution 52

Troutman Sanders

MAY 16, 2023

Transcript: CFPB’s Section 1071 Final Rule (Part 2): Deep Dive on Data Collection and Discouragement Stay tuned for Part 3, which focuses on specific areas for consideration, including those especially troublesome for small business lenders.

Collections 52

Collections Law Firms Financial Institution Lender 52

FFGN COLLECT NY

OCTOBER 14, 2021

Worries from the credit card processor and/or their lender that they won’t be repaid. The laundry list of situations that constitute a default makes it far easier for a buyer to “default,” which enables the lender to accelerate payment, penalties, and the like. That is unless you are put out of business by the lender.

Loans 98

Loans Lender Financial Institution Banks 98

Troutman Sanders

FEBRUARY 2, 2023

Caleb Rosenberg focuses his practice on helping banks, fintech companies, finance companies, and licensed lenders navigate regulatory risks posed by state and federal laws. He has experience performing regulatory due diligence on financial technology companies and assisting clients in responding to regulatory inquiries.

Financial Institution 52

Financial Institution Financial services Lender Banks 52

Qualco

NOVEMBER 7, 2023

Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. Consequently, financial institutions operate within an economy marked by contraction and sustained inflationary pressures.

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Financial Institution Debtor Loans Collateral 100

Credit Corp

MAY 30, 2023

Whether you’re looking to buy a house, lease a car, or get a loan, lenders need to check your credit. In some cases, these lenders will remove the reports without conducting a formal dispute. Step 4: Begin the Dispute Process You can file a formal dispute if the lender doesn’t remove the inquiry from your informal request.

Lender 98

Lender Loans Financial Institution Debt Consolidation 98

Troutman Sanders

JUNE 14, 2022

In a recent post , the Consumer Financial Protection Bureau (CFPB) discussed its ongoing efforts to investigate and curtail alleged abuses of the military allotment system by lenders. CFPB has continued to scrutinize lenders’ use of the allotment system to identify abuses and efforts to circumvent regulations.

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Lender Financial Institution 52

Troutman Sanders

AUGUST 7, 2023

According to the press release, “[t]he loan program improvements will increase small businesses’ ability to access funding to start up and grow through a broader network of lenders with streamlined lender procedures.” For more information, click here. For more information, click here.

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Financial services Financial Institution Manufacturing Loans 52