True Accord
JULY 13, 2023
The ending of various pandemic-era benefits including the pause on student loan payments will impact consumers in the coming months. The amendments lay out a more prescriptive recipe for the safeguards financial institutions must have in place around collecting, storing and transmitting consumer information. 9%) to $17.05
Troutman Sanders
MARCH 28, 2023
On March 20, the CFPB announced that approximately 4,394 HMDA filers can now obtain their 2022 Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data on the Federal Financial Institutions Examination Council’s HMDA Platform. For more information, click here. For more information, click here.
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Collection Industry News
NOVEMBER 22, 2023
The rule proposed today would ensure that these nonbank financial companies – specifically those larger companies handling more than 5 million transactions per year – adhere to the same rules as large banks, credit unions, and other financial institutions already supervised by the CFPB.
Credit Corp
JULY 25, 2023
Good credit is important because it helps you secure loans, mortgages, rentals, and other important financial goals. Financial institutions perform a credit check before approving applications, and use your credit history to determine available options, associated fees, and interest rates. Why Is Credit Important?
Troutman Sanders
OCTOBER 30, 2023
The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. financial institutions. For more information, click here.
Troutman Sanders
OCTOBER 22, 2021
The Consumer Bankers Association (CBA), a trade group of retail financial institutions, recently sent a letter to the Consumer Financial Protection Bureau (CFPB) director, requesting increased supervision of financial technology companies (fintechs).
Credit Corp
NOVEMBER 18, 2020
If you used your card once at a retail store, they’ll still have your information on file. Somebody with your personal information might try to apply for a loan online. The FTC has also reported fraud instances related to student loans and payday loans.
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