Account Recovery

SEPTEMBER 10, 2024

Why it matters: As the student loan repayment landscape evolves, debt collectors and financial institutions need to understand borrower challenges to develop effective collection strategies and support financial wellness initiatives.

Student loans 130

Student loans Student Loans Loans Debt collector 130

Nexa Collect

NOVEMBER 26, 2022

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. When consumers turn to a financial institution for services, they want to know that their private information is being kept safe and sound. None of us want our information shared with companies we do not approve of.

Collection Agencies 130

Collection Agencies Collections Agency Financial Institution Collections 130

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?

Financial Institution 52

Financial Institution Banks Debtor Creditors 52

Nexa Collect

JUNE 21, 2023

Gramm-Leach-Bliley Act (GLBA) : This act requires financial institutions, including debt collection agencies, to explain their information-sharing practices to their customers and to safeguard sensitive data.

Collections Agency 130

Collections Agency Collection Agencies Collections Financial Institution 130

Troutman Sanders

JANUARY 11, 2024

Sheri, a member of our Employee Benefits and Executive Compensation practice, provides our listeners with a 30,000-foot view of what equity incentive plans typically look like at a public company, such as a publicly traded bank or another financial institution.

Trade 52

Trade Financial Institution Government Banks 52

Burr Forman

OCTOBER 15, 2021

In remarks this week at SEC Speaks, SEC Investor Advocate Rick Fleming mused that the “gamification” of securities trading might pose an undue risk that exploits a potential loophole in Regulation Best Interest (“Reg. He has over 35 years of experience representing financial institutions in litigation, regulatory, and compliance matters.

Trade 52

Trade Retail Financial Institution Education 52

Troutman Sanders

SEPTEMBER 5, 2023

The current situation … poses serious compliance challenges for the membership of the Trades, as institutions that are identically subject to the [Final] Rule are now effectively subject to different compliance and implementation dates. Supreme Court term expected in July 2024.”

Trade 52

Trade Credit Unions Credit Unions Financial Institution 52

True Accord

JUNE 6, 2023

Where data has its own intrinsic value and where data breaches and cyberattacks are a risk for every business, the Safeguards Rule under the Gramm-Leach-Bliley Act (GLBA) provides financial institutions, including those in the accounts receivable management industry, with guidance on how to safeguard customer information.

Financial Institution 98

Financial Institution Credit Unions Credit Unions Accounts Receivables Management 98

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

Collection Industry News

MAY 15, 2025

As result of FTC lawsuit, federal court issues temporary restraining order halting scheme that sent fictitious debt collection notices to consumers nationwide As a result of a Federal Trade Commission lawsuit, a federal court hastemporarily haltedthe operations and frozen the assets of a phantom debt collection scheme and its operators.

Consumer Credit 40

Consumer Credit Garnishment Law Firms Collections 40

Nexa Collect

DECEMBER 12, 2021

The two special features of DeFi are: 1 It generated a robust global financial system on the crypto space geared by open-source technology. 2 It allows anyone to build financial applications without centralization of control. Similarly, users have more control over their data when compared to traditional financial institutions.

Collateral 130

Collateral Banks Financial Institution Financial services 130

Troutman Sanders

AUGUST 15, 2023

This filing comes just three days after CUNA and the National Association of Federally-Insured Credit Unions (NAFCU) sent a joint letter to the CFPB urging it to stay enforcement and implementation of the Final Rule for all covered financial institutions until after the U.S. CFPB (discussed here ).

Credit Unions 52

Credit Unions Credit Unions Trade Financial Institution 52

Collection Industry News

JANUARY 17, 2022

Credit union and banking trade groups sent a joint letter to CFPB Director Rohit Chopra on Thursday to ask for additional data collection, development and analysis before making new overdraft policy recommendations. The post Trades Ask CFPB for More Data on Overdraft Protection Policy appeared first on Collection Industry News.

Trade 40

Trade Credit Unions Credit Unions Financial Institution 40

Troutman Sanders

AUGUST 9, 2023

Supreme Court’s final decision in Community Financial Services Association (CFSA) v CFPB.

Credit Unions 52

Credit Unions Credit Unions Trade Financial Institution 52

Credit Corp

DECEMBER 14, 2020

1960s: Credit reporting bureaus “sponsored” by banks or other financial institutions didn’t share information outside of their networks. Today, financial institutions have rules and policies to comply with different regulations and to protect their bottom lines. It’s not surprising.

Financial Institution 105

Financial Institution Lender Consumer Credit Creditors 105

True Accord

JUNE 29, 2023

The GLBA Data Protection Law The Gramm-Leach-Bliley Act, or GLBA, is a federal regulation to control how financial institutions collect, store, and transmit consumer information.

Collections 98

Collections Financial Institution Debt collector Debt Recovery 98

UK debt collections

APRIL 21, 2022

Investigators uncovered that Junaid Dar legitimately applied for a Bounce Bank Loan after he submitted accurate financial statements and in May 2020, received £13,000. However, Dar also applied for additional loans by applying to two separate financial institutions.

Loans 92

Loans Bankruptcy Financial Institution Creditors 92

FFGN COLLECT NY

MARCH 15, 2022

In 2015, the Federal Trade Commission came down on Chase for robo-signing affidavits. Chase was one of 13 financial institution censured for robo-signing documents in support of debt collection suits and foreclosure. Such is the case again with Chase. But robo-signing wasn’t just happening within Chase.

Collections 98

Collections Judgment Foreclosure Financial Institution 98

Nexa Collect

NOVEMBER 1, 2021

Security and Exchange Commission (SEC) treats cryptocurrencies as securities, Commodities and Futures Trading Regulator (CFTC) considers cryptocurrencies as commodities, and. have seized billions of dollars worth of cryptocurrencies to stop tax evasion, money laundering, false filling of tax returns, and trading illegal goods.

Debtor 130

Debtor Creditors Government Banks 130

Hudson Weir

OCTOBER 18, 2024

For instance, the insolvency practitioner may recommend a Company Voluntary Arrangement (CVA) if the business is able to keep trading while paying back its debts. What happens next depends on the company’s prospects. CVAs typically last up to five years but can bring a company out of debt.

Loans 52

Loans Creditors Collateral Financial Institution 52

Troutman Sanders

OCTOBER 31, 2023

On October 27, the Federal Trade Commission (FTC) announced a final rule amending the Standards for Safeguarding Customer Information (Safeguards Rule) under the Gramm-Leach-Bliley Act. The amendment will go into effect 180 days after publication of the final rule in the Federal Register.

Financial Institution 52

Financial Institution Acquisition Trade Financial services 52

Troutman Sanders

JANUARY 18, 2022

On January 10, the Federal Trade Commission’s final rule , amending the Standards for Safeguarding Customer Information (Safeguards Rule) under the Gramm-Leach-Bliley Act (GLBA), became effective. Exempts financial institutions that collect customer information from fewer than 5,000 consumers from certain requirements.

Financial Institution 52

Financial Institution Trade Credit Bureau Government 52

Troutman Sanders

JULY 17, 2023

Deceptive advertisements, market manipulation, misappropriation of customer funds, and “Ask Me Anything (AMA)” sessions served as the catalysts of a civil enforcement action the Federal Trade Commission (FTC) recently filed against bankrupt digital asset services provider Celsius Network LLC (Celsius) and its co-founders on July 13.

Financial Institution 52

Financial Institution Trade Bankruptcy Fair Debt Collection 52

CSA

APRIL 3, 2020

The CSA, the UK trade body for debt collection and debt purchase, has issued a detailed response to the Government in light of calls from a number of debt charities to call a halt to all collection activities and potentially write off billions of pounds of debt.

Trade 40

Trade Collections Government Financial Institution 40

Troutman Sanders

NOVEMBER 15, 2022

As we previously posted , on January 10, the Federal Trade Commission’s (FTC) final rule amending the Safeguards Rule under the Gramm-Leach-Bliley Act became effective. The updated Safeguards Rule will require more specific criteria for what safeguards financial institutions must implement as part of their information security programs.

Credit Counselor 52

Credit Counselor Financial Institution Credit Unions Credit Unions 52

Troutman Sanders

AUGUST 2, 2022

But the American Bankers Association and Bank Policy Institute say the amendment as applied to financial institutions would duplicate existing regulations under the Dodd-Frank Act, while also requiring the turnover of a substantial amount of cybersecurity-related data that could prove dangerous in the wrong hands.

Banks 52

Banks Financial Institution Government Trade 52

Troutman Sanders

OCTOBER 27, 2023

Supreme Court reverses the Fifth Circuit in Community Financial Services Association v CFPB (CFSA case), which found the CFPB’s funding structure unconstitutional. In a major victory for small business lenders, yesterday the U.S. CFPB injunction and those that were not covered, but the Bureau had not granted such petitions to date.

Lender 52

Lender Credit Unions Credit Unions Financial Institution 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.

Financial Institution 52

Financial Institution Trade Lender Banks 52

Titan Consulting

SEPTEMBER 22, 2020

By revising the Telemarketing Sales Rule (TSR), the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC), along with state Attorneys General set forth a strict set of regulations that standardize the way all financial services companies in the debt relief industry must operate.

Debt settlement 98

Debt settlement Bankruptcy Unsecured Debt Credit Card Debt 98

Troutman Sanders

JANUARY 25, 2024

As the financial landscape continues to evolve, financial institutions and fintech businesses, including payment processors and money transmitters, are facing increased regulatory scrutiny and heightened consumer expectations.

Financial Institution 52

Financial Institution Trade 52

Credit Corp

DECEMBER 19, 2021

Payment terms, interest rates, and rewards vary between financial institutions, but neither Visa nor Mastercard is inherently better. Both organizations are publicly traded —in May 2021, Visa had a $497.5 Issuers are financial institutions that actually issue cards. How Are Visa and Mastercard Similar?

Banks 98

Banks Financial Institution Retail Trade 98

Troutman Sanders

OCTOBER 3, 2023

Under the CFPB’s proposed timeline, SERs have only a few weeks to review the outline, which includes highly complex and sweeping changes to the FCRA that will fundamentally alter current practices and compliance regimes for businesses and financial institutions.” The trade groups requested a two-week extension to provide feedback.

Credit Unions 52

Credit Unions Credit Unions Financial Institution Trade 52

Troutman Sanders

FEBRUARY 27, 2023

Department of Education (ED) released an announcement about updates that postsecondary institutions must make to their cybersecurity and data protection policies in order to comply with the Federal Trade Commission’s amended Standards for Safeguarding Customer Information (Safeguards Rule), a component of the Gramm-Leach-Bliley Act (GLBA).

Education 52

Education Financial Institution Financial services Trade 52

Troutman Sanders

MAY 11, 2023

Chris and Kim explore the uptick in enforcement actions over the last year, the claims made in these cases, the SEC-imposed requirements and penalties on these companies, what we can expect going forward from the financial services regulators, and what financial institutions should do now to get ahead of these types of enforcement actions.

Financial Institution 52

Financial Institution Trade Financial services 52

Burr Forman

SEPTEMBER 24, 2021

The People’s Bank of China (“PBOC”) announced this morning that it is banning crypto currencies and related services, including “trading, order matching, token issuance and derivatives for virtual currencies are strictly prohibited.” Tom is licensed in Tennessee, Texas, and Louisiana. See attorney profile.

Financial Institution 52

Financial Institution Trade Banks 52

Troutman Sanders

JULY 14, 2023

If passed, the Responsible Financial Innovation Act would: Create definitions for crypto assets, payment stablecoins, smart contracts, distributed ledger technology, and similar important industry terms; Allocate enforcement authority for new crypto asset consumer protection requirements amongst the Commodity Futures Trading Commission (CFTC), Securities (..)

Financial Institution 52

Financial Institution Credit Unions Credit Unions Trade 52

Troutman Sanders

FEBRUARY 17, 2022

The report examines developments and associated vulnerabilities relating to three segments of crypto-asset markets: unbacked crypto-assets (such as Bitcoin); stablecoins; and decentralized finance (DeFi) and crypto-asset trading platforms.

Financial Institution 52

Financial Institution Trade Banks 52