Troutman Sanders

DECEMBER 20, 2023

Many colleges offer co-branded financial products to students and alumni, such as deposit accounts and credit cards. However, the CFPB’s research showed that colleges’ financial products may charge students higher or atypical fees. million in revenue from over 650,000 student bank accounts.

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Troutman Sanders

APRIL 20, 2022

Before that, he served as the CFPB’s student loan ombudsman under former Director Richard Cordray. And former CFPB Director Richard Cordray now just happens to serve as the Department’s chief operating officer for federal student aid.

Education 52

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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.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

FEBRUARY 21, 2024

On February 15, the CFPB published a blog recounting its action against a student loan debt relief business and a debt-settlement company. The CFPB alleged that the defendants charged thousands of consumers with federal student loans approximately $9.2 For more information, click here. For more information, click here.

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Public Citizen

JULY 9, 2021

Consumers were also deprived of the full benefit of the economic impact payments as a result of overdraft practices at some financial institutions, and not all student loan borrowers were able to get the timely information and assistance they needed from their student loan servicer to get the full benefit of the variety of federal loan forgiveness, (..)

Student loans 40

Student loans Student Loans Financial Institution Debt collector 40

Credit Corp

SEPTEMBER 16, 2020

Make sure your bank will report payments to the three major credit bureaus before opening this type of loan. Peer-to-Peer Loans. Peer-to-peer loans are made by an individual investor or groups of investors instead of traditional financial institutions, with the accrued interest going back to the investors.

Student loans 105

Student loans Student Loans Personal loans Loans 105

Troutman Sanders

APRIL 19, 2021

Senator Ted Cruz introduced the Financial Institution Customer Protection Act of 2021, which seeks to prohibit financial institutions from denying services to law-abiding businesses, such as companies in the accounts receivable management industry. On April 13, U.S.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Better Credit Blog

JUNE 1, 2022

In those cases, student loans can be a valuable resource. If you’re looking for a loan to help fund your education, you have plenty of options. Read on to learn which types of student loan might work best for you. Table of Contents: Federal Student Loans. Private Student Loans.

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Student loans Student Loans Loans Lender 71

Troutman Sanders

OCTOBER 16, 2023

NSF fees are distinct from overdraft fees, which financial institutions charge when they pay, rather than decline, a payment when the account lacks sufficient funds. On October 11, the CFPB published its analysis regarding the nonsufficient fund (NSF) fee practices of a number of banks and credit unions.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

JULY 7, 2021

On June 30, the Federal Financial Institutions Examination Council (FFIEC) issued a new booklet in the FFIEC Information Technology Examination Handbook series, titled, “Architecture, Infrastructure, and Operations.” For more information, click here. For more information, click here.

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Financial services Financial Institution Student loans Student Loans 52

Fico Collections

APRIL 28, 2023

government and financial institutions to implement significant guard rails and safety net programs for consumers such as the government stimulus, extended unemployment benefits, and payment accommodations. Credit Risk and FICO Score Trends? At the start of the pandemic, uncertainty surrounded where the U.S.

Student loans 52

Student loans Student Loans Consumer Credit Lender 52

Collection Industry News

MAY 3, 2021

As part of its risk-based prioritization process for 2020, the CFPB focused its fair lending supervision efforts on mortgage origination, small business lending, and student loan origination. The report highlights the CFPB’s work in 2020 around fair lending during the COVID-19 pandemic and its resulting economic consequences.

Student loans 40

Student loans Student Loans Financial Institution Loans 40

Troutman Sanders

DECEMBER 23, 2022

These modifications include: Amendments to definitions: The proposed regulations will not apply to: A person or entity already exempted from the California Consumer Financial Protection Law under Section 90002 of the Financial Code. A student loan servicer. Any matter under litigation.

Student loans 52

Student loans Student Loans Financial Institution Debt collector 52

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.

Financial services 52

Financial services Financial Institution Trade Banks 52

Troutman Sanders

OCTOBER 25, 2023

The CFPB plans to issue supplemental rulemakings with respect to other consumer financial products and services, such as mortgage, automobile, and student loans. Third parties, even if not financial institutions, would be required to establish data security programs that comply with the Gramm-Leach-Bliley Act Safeguards Rule.

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Burr Forman

MAY 20, 2021

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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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 Unions 40

Credit Unions Credit Unions Student loans Student Loans 40

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).

Student loans 52

Student loans Student Loans Lender Financial Institution 52

Troutman Sanders

OCTOBER 4, 2021

424 would, among other provisions, place new documentation requirements on any collection activity concerning student loans for private lenders. On September 25, Michigan Attorney General Dana Nessel issued a press release regarding the September 26 implementation of the Financial Exploitation Prevention Act.

Financial services 52

Financial services Financial Institution Foreclosure Student loans 52

Credit Corp

JUNE 1, 2021

Monthly expenses might include student loan payments, car payments, and credit card payments. Pay Student Loan Debt. Department of Education has extended loan payment forbearance, zero percent interest accrual, tax-free employer contribution benefits, and its pause on collections.

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Student loans Student Loans Credit Card Debt Loans 97

Troutman Sanders

SEPTEMBER 7, 2021

Department of the Treasury’s Community Development Financial Institutions Fund announced $5 billion in new markets tax credits that it hopes will spur investment and economic growth in low-income urban and rural communities nationwide. State Activities. Privacy and Cybersecurity Activities. Federal Activities: On September 1, the U.S.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Burr Forman

DECEMBER 4, 2020

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. This order was extended until December 31, 2020.

Financial Institution 52

Financial Institution Garnishment Collections Foreclosure 52

Troutman Sanders

DECEMBER 20, 2022

On December 15, the Office of the Comptroller of the Currency, along with the Federal Financial Institutions Examination Council, released revised procedures for how its examiners will investigate financial institutions for Fair Debt Collection Practices Act compliance, incorporating Regulation F changes into their review.

Financial services 52

Financial services Student loans Student Loans Loans 52

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?

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Loans Student loans Student Loans Retail 96

Debt RR

AUGUST 3, 2020

Common reasons for bank account garnishment in Texas include: Private creditors: These are banks, credit unions, credit card companies, peer-to-peer lenders, hard money loan providers, and other financial institutions. This is submitted to the financial institution that will remit payment from the debtor’s bank accounts.

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Credit Corp

SEPTEMBER 13, 2023

If you don’t have a credit history to show that you know how to manage credit or have derogatory marks on your report, credit card companies may be reluctant to loan you money via a credit card. Secured credit cards are different because rather than borrowing from a financial institution, you borrow from yourself.

Collection Agencies 105

Collection Agencies Collections Agency Loans Financial Institution 105

Troutman Sanders

OCTOBER 19, 2021

The Office of Enforcement will be responsible for oversight of enforcement actions against postsecondary schools that participate in the federal student loan, grant, and work-study programs. On October 26, the Nevada’s Financial Institutions Division is holding a workshop on regulations pertaining to medical debt collections and S.B.

Financial services 52

Financial services Student loans Student Loans Debt collector 52

Troutman Sanders

MAY 9, 2023

The first of its kind, the strategy examines the phenomenon of financial institutions de-risking and its causes, and it identifies those greatest impacted. Department of the Treasury issued the 2023 De-Risking Strategy, as mandated by Congress in the Anti-Money Laundering Act of 2020. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52

Credit Corp

NOVEMBER 18, 2020

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. Loan application fraud is a challenge to track, but the impact is someone racking up debt in your name.

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Student loans Student Loans Loans Financial Institution 111

National Service Bureau

JUNE 23, 2015

Through this report, the Fed wishes to provide “ a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans and delinquencies. Student loans topped the list, increasing every year since 2011. Auto loans: $0.95

Student loans 40

Student loans Student Loans Credit Card Debt Collection Agencies 40

Troutman Sanders

MARCH 22, 2021

Department of Education announced that about 72,000 student loan borrowers, who were defrauded by their schools, will receive student loan forgiveness that could total $1 billion. Current provisions in federal law will allow federal borrowers to seek cancellation if their institution engaged in certain misconduct.

Financial services 52

Financial services Garnishment Student loans Student Loans 52

Troutman Sanders

APRIL 5, 2021

Federal Activities: On April 1, the Consumer Financial Protection Bureau (CFPB) announced it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in consumer financial markets, including mortgages, credit reporting, credit cards, and prepaid cards.

Financial services 52

Financial services Financial Institution Foreclosure Garnishment 52

Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

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Credit Corp

JUNE 12, 2023

If you’re considering taking out a personal loan, here’s all you need to know to ensure you’re making the right money moves to fund your future investment. What Is a Personal Loan? A personal loan is money borrowed from a bank, credit union, or other financial institution that can be used for virtually any personal expense.

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Personal loans Loans Lender Debt Consolidation 97

Credit Corp

MAY 30, 2023

So, financial institutions view you as a higher credit risk. Pay Down Debt If you have any credit accounts that weren’t part of your bankruptcy, make sure you continue to repay these loans as quickly as possible. For larger credit accounts, such as student loans, paying off 70% right away may not be possible.

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Troutman Sanders

NOVEMBER 30, 2020

On November 19, Governor Michelle Bowman, Board of Governors of the Federal Reserve System, delivered a speech at the 2020 Financial Stability Conference hosted by the Federal Reserve Bank of Cleveland and the Office of Financial Research. For more information, click here. For more information, click here.

Financial services 52

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Better Credit Blog

MAY 20, 2022

How Personal Loans Affect Your Credit Score. Personal Loan Alternatives. Should You Get a Personal Loan? What Are Personal Loans? Personal loans are installment loans offered by a bank, credit union, or other financial institution to an individual borrower. Reasons to Get a Personal Loan.

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