Troutman Sanders

DECEMBER 4, 2023

On December 1, the House of Representatives approved a resolution to repeal a Consumer Financial Protection Bureau (CFPB) rule that mandated banks to gather data on loan applications from women-owned, minority-owned, and small businesses to help lenders identify business development needs and opportunities.

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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).

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Troutman Sanders

NOVEMBER 21, 2022

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. Notable banking institutions and financial services providers will be participating in the pilot project. For more information, click here.

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Troutman Sanders

JANUARY 17, 2023

On January 13, the Federal Reserve Board (Fed) released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. On January 13, the Fed announced preliminary financial information, indicating that the Federal Reserve Banks had estimated net income of $58.4

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Troutman Sanders

JUNE 27, 2023

On June 21, the House Financial Services Committee announced its plan to advance two proposed new cryptocurrency laws in July 2023. The first is the final report on Project Rosalind, “an experiment exploring application programming interfaces (APIs) for retail central bank digital currency.” For more information, click here.

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Fico Collections

DECEMBER 9, 2021

For banks, credit unions, and other lenders, the sudden shift to digital-only interactions has introduced a variety of internal and external challenges, as well as some opportunities. Simply offering banking services through digital channels is not enough.

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Troutman Sanders

SEPTEMBER 11, 2023

Tempoe offered financing at the point of sale to customers at major retailers such as Sears and Kmart. Forty-one states and the District of Columbia are entering into a parallel multistate settlement addressing the same conduct.

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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.

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Troutman Sanders

JULY 19, 2023

On July 10, BIS published a paper that summarizes the findings of a recent BIS survey that asked 86 central banks whether they were working on a retail, wholesale, or both types of a central bank digital currency (CBDC). For more information, click here. For more information, click here.

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Troutman Sanders

JANUARY 30, 2023

The sweep focuses on retail, travel, and food service industries that have not complied with consumer opt-out requests or do not offer a way for consumers to opt out of the sale of their data. The sweep also seeks out those businesses that have failed to process consumer requests as required by the CCPA.

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Troutman Sanders

MAY 9, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan and would provide a framework for how these loans will be treated under the Truth in Lending Act. Strengthen Retail (Consumer) Investor Protections. For more information, click here.

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True Accord

MARCH 31, 2022

And lenders are happy to lend. Between extra cash on hand from government stimulus, pauses on many financial obligations and new cash flow budgeting options like BNPL taking the payments industry by storm, consumers actually did a pretty good job managing their finances in regard to repaying debts during the pandemic.

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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.

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Qualco

OCTOBER 25, 2023

Credit Lifecycle Automation & Open Banking Emerging technologies and the increased availability of data resources empower lenders to make informed credit decisions and offer improved services to a wider group of customers. Open Banking fundamentally transforms financial services by unlocking new insights into customers' lives.

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Troutman Sanders

OCTOBER 20, 2022

Please join Consumer Financial Services Partner Chris Willis and his colleagues and fellow Partners Mary Zinsner and Susan Flint as they discuss the current landscape of wire fraud scams in the financial services industry.

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Fico Collections

APRIL 21, 2023

Given the movement in the space, consumer-permissioned data seems like a no-brainer as the next generation of alternative data to round out lenders’ suite of existing sources. DDA data has the potential to be one of them for many lenders. Recent overdrafts or significant drops in deposits were strong indicators of financial stress.

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Troutman Sanders

SEPTEMBER 16, 2022

After analyzing public feedback, as well as information gathered from the five providers of Buy Now, Pay Later (BNPL) products, the Consumer Financial Protection Bureau (CFPB) issued a report, making it clear that the CFPB plans to increase regulation of the BNPL industry.

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Fico Collections

NOVEMBER 25, 2020

In this series of videos, hear directly from a lender who has succeeded. Petr Kapoun, chief risk officer at Home Credit Russia, part of the Home Credit Group, describes how the lender used loan pricing optimization software from FICO to optimize loan pricing. In his previous position, he led retail risk management at ?eska

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Fico Collections

MAY 18, 2023

The innovative pay-as-you-go solution allows Dock’s clients, including banks, fintechs, and retailers, to intercept fraudulent transactions and protect their operations, while also improving the user experience. “For You can read more about this story in the full media release. FICO® Falcon® Fraud Manager which protects more than 2.6

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Public Citizen

MAY 5, 2021

The survey is part of the larger annual survey of legal developments by the American Bar Association's Committee on Consumer Financial Services.

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Credit Corp

SEPTEMBER 13, 2023

One reason that lenders look at credit mix is to make sure that you can be responsible with multiple types of credit. Showing that you can handle different types of credit—and multiple credit accounts at once—indicates financial reliability to potential lenders. Lenders charge you interest on the amount you revolve.

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Fico Collections

JUNE 30, 2021

a is part of the Erste Group, one of the largest financial services providers in Central and Eastern Europe, which serves more than 16 million customers in seven countries. “As a responsible for retail banking. “We As a digital banking leader in Slovakia we are looking forward to this cooperation,” said Zden?k

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Fico Collections

MARCH 23, 2023

January saw inflation slightly pegged back compared to the end of 2022; retail sales also improved marginally in the new year. percent month on month — which could ring alarm bells for lenders. However, there was a spike in those customers missing two payments — 13.6

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Collection Industry News

SEPTEMBER 21, 2021

So-called embedded finance – a fancy term for companies integrating software to offer financial services – means Amazon can let customers “buy now pay later” when they check out and Mercedes drivers can get their cars to pay for their fuel. Embedded financial services takes the cross-sell concept to new heights.

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Fico Collections

NOVEMBER 23, 2021

Senthil has more than 20 years of technology experience in payments, banking and financial services leading and delivering large-scale technology initiatives and building enterprise-scale products and platforms. Armando has over 15 years of experience in financial services with a specialization in credit products for large lenders.

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Collection Industry News

APRIL 26, 2024

In a letter disclosed Wednesday, Devin Nunes, CEO of Truth Social owner Trump Media (DJT), alerted the GOP Chairmen of the House Ways and Means, Judiciary, Financial Services and Oversight Committees to the “urgent matter” of “potential manipulation” of the company’s share price. “We Read more here.

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True Accord

JANUARY 10, 2024

The Consumer Financial Protection Bureau (CFPB) has had its hands full overseeing actors across sectors–from regional and large banks to auto and online lenders to mortgage and credit agencies–in an ongoing effort to protect consumers in an ever-growing landscape of financial product offerings. trillion in Q3 2023, showing a 4.7%

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Fico Collections

JANUARY 15, 2021

The COVID-19 pandemic cast a huge shadow on the financial services worldwide. The FICO Blog posts last year reflected that – we wrote about everything from the impact on collections, proactive lender communications with consumers, issues with fraud, and of course, how FICO® Scores were impacted.

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Fico Collections

NOVEMBER 11, 2020

He has over 30 years’ experience working in senior roles across the technology, financial services and publishing industries and has a passion for using technology and pioneering approaches to drive outstanding business growth and customer retention. From 2007 he has specialized in financial services and consumer credit.

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Financial services Banks Debt Management Retail 52

Collection Industry News

OCTOBER 17, 2023

Some cards — retail store cards, in particular — charge more than 30%, said Ted Rossman, industry analyst for CreditCards.com. introduced a bill in September to cap credit card rates — also known as the annual percentage rate, or APR — at 18%, citing “higher financial burdens” shouldered by working people. “The Josh Hawley, R-Mo.,

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Fico Collections

FEBRUARY 12, 2023

What can financial institutions learn from TikTok? Making enjoyable financial services content isn’t easy, but the medium matters a lot. The assumption here when it comes to customer development is that lenders need to understand how to create a more open ended pricing strategy that considers numerous relationship factors.

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Better Credit Blog

FEBRUARY 19, 2021

Financial Services. If your loved one passed away while carrying debt in one of the industry’s above, you could be contacted by DCM Services to settle the account. Third-party collections agencies are called in when lenders and service providers are unable to collect payments from consumers. Healthcare.

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Better Credit Blog

AUGUST 7, 2020

Originally founded in 1985, Professional Finance Company is a medium-sized debt collection agency that offers services for debt recovery, self-pay early-out, and debt purchasing. They are a legitimate company and are currently headquartered in Greeley, CO.

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Fico Collections

JANUARY 8, 2021

Zeynep Salman pointed out that in financial services, it has brought about new appreciation for technology as well. The primary lesson from financial companies’ response to COVID-19 market trends is that financial challenges cannot be tackled in isolation. Five Things We Value More Because Of Covid-19.

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Fico Collections

JANUARY 10, 2023

Few things change faster in the financial services space than fraud trends. Matt recommended that lenders: Mitigate the risks now. Banks and financial institutions will have to refund unauthorised payments, unless their customers have broken the rules or been ‘grossly negligent.’ FICO Admin. Tue, 07/02/2019 - 02:45.

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Fico Collections

JANUARY 9, 2023

Every UK bank, lender and financial services firm is likely to have the FCA’s Consumer Duty front-of-mind right now. It gives a simple instruction that firms “must act to deliver good outcomes for retail customers”. Act in good faith towards retail consumers. FICO Admin. Thu, 12/19/2019 - 16:29. by Peter Lemon.

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Fico Collections

JUNE 21, 2022

Leading Turkish retail bank wins FICO ® Decisions Award for AI, machine learning & optimization using FICO decision optimization technology for credit limits. Akbank has demonstrated how a lender can build on its analytic capabilities with optimization to increase lending profit.”. KristinaRobinson@fico.com. Wed, 09/08/2021 - 16:52.

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