Jimerson Firm

FEBRUARY 2, 2021

If a borrower defaults on a SBA loan, the lender or CDC must assess the environmental risk of contamination before conducting any liquidation action that could result in a loss, or otherwise increase the risk of loss, due to the actual or alleged presence of contamination. SOP 50 10 5(E), Appendix 2. SOP 50 57 2 ; SOP 50 55.

Lender 76

Lender Collateral Loans Foreclosure 76

Jimerson Firm

FEBRUARY 18, 2021

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Accordingly, lenders making construction loans or those whose loan will be secured by a mortgage on real property, must be aware of notices of commencement and their requirements under Fla. .

Construction 98

Construction Lender Loans Banks 98

Troutman Sanders

MARCH 28, 2023

Court of Appeals for the Second Circuit held that the Consumer Financial Protection Bureau’s (CFPB) funding structure is constitutional — splitting from the U.S. Court of Appeals for the Fifth Circuit’s decision in Community Financial Services Association of America v. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Fico Collections

DECEMBER 20, 2021

It’s the time of year for predictions, and with the insights gained from 2021, I am ready to offer a few public policy forecasts for those in the financial services industry. Perhaps no area in the financial services space has seen more change and attention in the past few months than overdraft practices.

Financial services 52

Financial services Debt collector Banks Fair Debt Collection 52

Troutman Sanders

MAY 9, 2023

On May 4, the White House published technology standard document “United States Government National Standards Strategy for Critical and Emerging Technology.” For more information, click here. competitiveness and national security ….” For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

OCTOBER 11, 2021

On September 30, the CFPB published Data Point Report: Subprime Auto Loan Outcomes by Lender Type , examining interest rate and default risk trends across different types of subprime auto lenders. For more information, click here.

Financial services 52

Financial services Loans Lender Foreclosure 52

Troutman Sanders

SEPTEMBER 14, 2020

On September 9, 2020, the Deputy Superintendent of the New York Department of Financial Services issued guidance to New York state-regulated mortgage lenders and servicers regarding fees paid to register mortgages in default. ” The webinar is available here.

Financial services 52

Financial services Collections Trade Lender 52

Troutman Sanders

AUGUST 9, 2021

On August 3, Federal Reserve Board announced that it will extend the comment period for its proposal to govern funds transfers over the Federal Reserve Banks’ FedNow Service until September 9. The FedNow Service is a new 24x7x365 service that will support instant payments in the United States and is expected to be available in 2023.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

SEPTEMBER 7, 2021

On September 1, the Consumer Financial Protection Bureau (CFPB) proposed a new rule designed to help small businesses gain access to credit by increasing transparency in the lending marketplace. If finalized, this rule would require lenders to disclose information about their lending to small businesses.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

True Accord

MARCH 31, 2022

For many families, government stimulus through child tax credits (which ended in December) was helpful in covering the gaps in income from pandemic losses, but it wasn’t enough to prepare them to take on new expenses and restart all the financial obligations that were temporarily on hold. And lenders are happy to lend.

Lender 57

Lender Personal loans Foreclosure Loans 57

Troutman Sanders

NOVEMBER 30, 2020

federal agencies commenced preliminary investigations into potential misconduct committed by various lenders when distributing $525 billion in pandemic aid under the Paycheck Protection Program (PPP). These preliminary investigations indicate that some lenders could face civil and/or criminal charges relating to the PPP.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Troutman Sanders

SEPTEMBER 21, 2020

Federal Activities: On September 18, 2020, the Federal Reserve Board updated its frequently asked questions (FAQs) to clarify the Board’s and Department of Treasury’s expectations for lenders underwriting the Main Street Lending Program. For more information, click here.

Financial services 52

Financial services Banks Government Acquisition 52

Troutman Sanders

JULY 20, 2020

Like most industries today, Consumer Financial Services businesses are being significantly impacted by the novel coronavirus (COVID-19). The advisory provides system administrators with a variety of tools and information they can use to review and mitigate potential security risks by this government actor.

Financial services 52

Financial services Loans Banks Financial Institution 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

Troutman Sanders

OCTOBER 26, 2020

Federal Activities: On October 23, the Financial Action Task Force concluded its 32nd plenary meeting and continued to focus on the impact of the COVID-19 pandemic on detecting and countering fraud, including attempts to defraud government-backed stimulus programs. For more information, click here. .”

Financial services 52

Financial services Financial Institution Foreclosure Banks 52

Troutman Sanders

JANUARY 11, 2021

To promote access to capital, initially, only community financial institutions can make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. – 12:00 noon PST. The event consists of two separate panels.

Financial services 52

Financial services Foreclosure Collection Agencies Collections Agency 52

Collection Industry News

MAY 18, 2021

2547 was sponsored by House Financial Services Committee Chairwoman Rep. While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. The bill, H.R. Maxine Waters (D-Calif.),

Lender 40

Lender Foreclosure Collections Debt collector 40

Troutman Sanders

JULY 27, 2020

Many private student loan lenders are providing options for reducing or suspending payments as well. National Security Agency and other intelligence groups when regulators released a joint cybersecurity advisory to “expose the malicious activity by [Russian Intelligence Services]” targeting COVID-19 research and vaccine development.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

Collection Industry News

MARCH 17, 2024

More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. The government will look to stop these exploitative tactics and more.

Garnishment 40

Garnishment Collections Debt collector Student loans 40

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.

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Collections Law Firms Financial Institution Lender 52

FFGN COLLECT NY

JANUARY 10, 2024

More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. The government will look to stop these exploitative tactics and more.

Garnishment 52

Garnishment Collections Debt collector Student loans 52

UK debt collections

OCTOBER 4, 2021

An EY survey of 712 UK SMEs has found 88 per cent received financial aid from lenders or the government and 51 per cent described recovering from the pandemic as one of the ‘main challenges’, indicating that they will likely require ongoing support.

Loans 84

Loans Financial services Lender Government 84

Troutman Sanders

JANUARY 5, 2023

GAP is designed to cover a portion of this remaining balance or “gap” owed to the lender on the finance agreement. The indirect auto lender’s refund obligations vary based upon the state in which the transaction originated. Troutman Pepper Consumer Financial Services Team. Jeremy Rosenblum. Caleb Rosenberg. Ketan Bhirud.

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Credit Unions Credit Unions Financial services Repossession 52

Collection Industry News

OCTOBER 2, 2023

The Supreme Court is set to hear oral arguments Tuesday in a case with the potential to gut the Consumer Financial Protection Bureau, a watchdog agency created in the wake of the 2008 financial crisis. Community Financial Services Association of America — hinges on the constitutionality of the agency’s funding.

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Government Credit Unions Credit Unions Trade 40

Fico Collections

JULY 21, 2022

Karen Bennetts, of NAWBO and Owner & Founder of Little Red Bird, and Katie Vlietstra Wonnenberg, vice president for Government Relations and Public Affairs of NASE, also joined me on the panel. Your personal credit and financial history matters. 75% of small business owners use their own personal credit to get started.

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Education Financial services Financial Institution Banks 98

Consumer Finance Watch

MARCH 27, 2020

directing institutions regulated by New York’s Department of Financial Services (“NY DFS”) to provide financial relief to New York consumers experiencing financial hardship as a result of the pandemic. On March 21, 2020, in response to the COVID-19 pandemic, Governor Cuomo issued Executive Order 202.9,

Financial Institution 40

Financial Institution Financial services Loans Banks 40

Fico Collections

MARCH 7, 2023

In banking and financial services within North America, our research shows that AI is an even higher priority now than 12 months ago for 52% of financial services organisations. Systems used in banking and financial services are firmly in scope and could be enforced as early as the second half of 2024.

Financial services 52

Financial services Banks Government Acquisition 52

Jimerson Firm

JANUARY 26, 2021

In Florida, lenders typically obtain an “assignment of rents” if the property produces income by collecting rent, such as an apartment complex, rental home, rental space, or office building. An “assignment of rents” allows the lender to collect the rent payments, if the borrower defaults on their loan payments. 697.07 (2). Section 697.07

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Foreclosure Lender Loans Collections 96

Fico Collections

JUNE 23, 2023

In October 2022 , the FHFA validated and approved FICO® Score 10 T for use by Fannie Mae and Freddie Mac, two government-sponsored enterprises that guarantee most of the mortgages in the US. offering continuity and stability for lenders, investors, and consumers. mortgages, auto loans, credit cards, etc.)

Lender 52

Lender Consumer Credit Financial services Government 52

Troutman Sanders

JANUARY 26, 2023

Troutman Pepper Consumer Financial Services Team Stefanie Jackman Stefanie takes a holistic approach to working with clients both through compliance counseling and assessment relating to consumer products and services, as well as serving as a zealous advocate in government inquiries, investigations, and consumer litigation.

Financial services 52

Financial services Consumer Credit Financial Institution Government 52

Jimerson Firm

SEPTEMBER 22, 2020

Parts 1-3 of this series explored alternative pre-foreclosure loss mitigation options for lenders including acceleration and enforcement of personal guarantees. This article explores Section 697.07, Florida Statutes, which governs the assignment of rents. Assignment of Rents under Section 697.07, Florida Statutes. Conclusion.

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Foreclosure Lender Law Firms Collections 98

Fico Collections

JULY 12, 2021

Loans, grants, and job protection schemes provided by governments around the world during the past 18 months have eased the financial burden of the pandemic, for both businesses and their consumers. Lenders have benefitted from state measures which have so far helped limit near-term loan defaults.

Collections 52

Collections Lender Banks Repossession 52

Fico Collections

JANUARY 5, 2023

FICO has been the pioneer in incorporating data from outside the credit bureaus, like cash flow data, to obtain a clearer and more accurate picture of consumer financial risk. This approach helps reduce risk for financial institutions, offering expanded access to credit along with reliability and predictive power. See all Posts.

Financial Institution 52

Financial Institution Financial services Lender Banks 52

Qualco

NOVEMBER 30, 2021

That makes clear the need for financial institutions to apply different recovery strategies according to the segment a customer is included. From France and Germany to Spain and the United Kingdom, governments have imposed moratoria to protect and facilitate distressed customers. How can this be achieved in practice? NEW PODCAST.

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Collections Financial Institution Lender Creditors 92

Jimerson Firm

FEBRUARY 15, 2021

Although Florida foreclosures are governed by Chapter 702 of the Florida Statutes , foreclosing lenders must also check the local rules of the court where the lawsuit is filed to make sure that they comply with any additional requirements. In addition, foreclosing lenders in Duval county will be required to pay an additional $140.00

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Foreclosure Judgment Lender Government 98

Qualco

NOVEMBER 30, 2021

That makes clear the need for financial institutions to apply different recovery strategies according to the segment a customer is included. From France and Germany to Spain and the United Kingdom, governments have imposed moratoria to protect and facilitate distressed customers. How can this be achieved in practice? NEW PODCAST.

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Collections Financial Institution Lender Creditors 90

Fico Collections

SEPTEMBER 15, 2022

The Saudi Credit Bureau (SIMAH) , a leader in credit bureau information management in the Middle East and North Africa (MENA), has administered the successful rollout and adoption of the FICO® Score by lenders in the country, enabling millions more Saudi customers to receive loans from banks. Analytics Tailored To The Market.

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