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

Financial services Manufacturing Debt Management Debtor 52

Troutman Sanders

OCTOBER 30, 2023

On October 26, a House Financial Services subcommittee drafted legislative proposals related to the buy now, pay later (BNPL) and earned wage access (EWA) market. financial institutions. For more information, click here. For more information, click here. The letter asks the GAO to examine the role U.S.

Financial services 52

Financial services Financial Institution Trade Banks 52

Troutman Sanders

OCTOBER 16, 2023

On October 11, an automotive management company settled claims by the Department of Justice (DOJ) alleging that the company had violated the False Claims Act by knowingly providing false information in support of its Paycheck Protection Program (PPP) loan forgiveness application. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

FEBRUARY 27, 2023

Overall, the report found that credit risks for syndicated loans — large loans originated by multiple banks — were moderate at the end of the review period. While risks to borrowers impacted by COVID-19 have declined, they remain high for leveraged loans, as well as the entertainment, recreation, and transportation services industries.

Financial services 52

Financial services Banks Loans Retail 52

Jimerson Firm

JULY 22, 2020

That trend holds true in the financial services industry, despite such lawsuits being more commonly associated with lower paid jobs. Below, we discuss three of the most common wage and hour issues that commonly arise in the financial services industry. Marketing, servicing or promoting the employer’s financial products.

Financial services 94

Financial services Law Firms Judgment Loans 94

Nerd Wallet

OCTOBER 25, 2022

The financial services company Figure is no longer offering new personal loans. Instead, the company is focusing on home lending options like home loans and refinancing and home equity lines of credit. Figure used to offer online personal loans to good-credit borrowers, with loan sizes from $5,000 to $50,000.

Personal loans 90

Personal loans Loans Financial services 90

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

Troutman Sanders

AUGUST 7, 2023

Small Business Administration (SBA) began implementing additional policies aimed at expanding small business access to capital by modernizing SBA’s signature 7(a) and 504 loan programs. Banks reported that lending standards are currently on the tighter end of the range for all loan categories. For more information, click here.

Financial services 52

Financial services Financial Institution Manufacturing Loans 52

Troutman Sanders

SEPTEMBER 27, 2022

On September 22, the Consumer Financial Protection Bureau (CFPB) announced its request for public input on ways to spur new mortgage products that help households. The CFPB invites insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing, especially for borrowers with smaller loan balances.

Financial services 52

Financial services Loans Trade Student loans 52

Troutman Sanders

SEPTEMBER 5, 2023

In addition to levying a civil penalty, the settlement also requires the company to take certain action in the event it continues to engage in the mortgage-loan servicing business within the state. million in disgorgement, prejudgment interest, and a civil penalty. For more information, click here. For more information, click here.

Financial services 52

Financial services Banks Trade Home Insurance 52

Troutman Sanders

MAY 9, 2023

On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels.

Financial services 52

Financial services Student loans Student Loans Loans 52

Better Credit Blog

NOVEMBER 2, 2020

Then you may start to hear from a company called Action Financial Services. Action Financial Services is a debt collection agency that may have been hired by the original owner of your debt. In order to pursue you for the debt, Action Financial Services has to first open up a collections account on your credit report.

Financial services 74

Financial services Debt collector Collection Agencies Collections Agency 74

Troutman Sanders

SEPTEMBER 18, 2023

Supreme Court reverses the Fifth Circuit in the Community Financial Services Association (CFSA) v CFPB case, which found the CFPB’s funding structure unconstitutional and, therefore, rules promulgated by the CFPB invalid. Department of Health and Human Services, and the U.S. CFPB will dissolve if the U.S.

Financial services 52

Financial services Trade Banks Credit Unions 52

Troutman Sanders

DECEMBER 20, 2022

On December 13, the CFPB and the Federal Housing Finance Agency published updated loan-level data for public use through the National Survey of Mortgage Originations. d/b/a Premier Student Loan Center, a student-loan debt-relief company. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

AUGUST 22, 2022

On August 16, the CFPB director issued a statement on the announcement regarding the cancellation of loans for ITT Tech students. For more information, click here. For more information, click, here. For more information, click here.

Financial services 52

Financial services Financial Institution Trade Banks 52

Troutman Sanders

DECEMBER 12, 2022

On December 7, the Consumer Financial Protection Bureau (CFPB) released research, revealing that Reserve and National Guard members called to active duty are paying an extra $9 million in interest every year because they are not always receiving the benefit of their right-to-rate reductions under the Servicemembers Civil Relief Act (SCRA).

Financial services 52

Financial services Financial Institution Banks Lender 52

Nerd Wallet

NOVEMBER 9, 2020

Baby boomers now owe the most student debt, according to new data from the financial services company Fidelity. Their average outstanding loan balance: $75,000. The research says that’s due in part to federal parent PLUS loans. According to the most recent data from the Department of Education, more than 3.5

Student loans 145

Student loans Student Loans Loans Education 145

Troutman Sanders

SEPTEMBER 20, 2021

Justin Balser , an experienced litigator and compliance attorney, has joined Troutman Pepper’s nationally recognized Consumer Financial Services Practice Group as a partner. He previously served as legal counsel and advisor to senior management at Lehman Brothers’ mortgage subsidiary, Aurora Loan Services LLC.

Financial services 52

Financial services Financial Institution Loans Lender 52

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.

Financial services 52

Financial services Banks Lender Trade 52

Troutman Sanders

DECEMBER 27, 2022

On the other hand, the CFRAC assists FSOC in receiving information and analysis on climate-related financial risks from a broad array of stakeholders, including but not limited to, the financial services industry, nongovernmental research institutions, and academia. For more information, click here.

Financial services 52

Financial services Banks Trade Retail 52

Jimerson Firm

MARCH 24, 2021

These unexpected issues can sometimes derail the process and disrupt the lender’s ability to promptly and fully recover the loan balance, such as: The foreclosure is contested by the borrower. The post Banking & Financial Services Industry Webinar: Properly Handling Mortgage Foreclosures appeared first on Jimerson Birr.

Foreclosure 52

Foreclosure Financial services Banks Financial Institution 52

Better Credit Blog

SEPTEMBER 9, 2020

Have you noticed a company called Phoenix Financial Services on your credit report? You may even be turned down for loans and credit cards because of it. What is Phoenix Financial Services? Originally founded in 2014, Phoenix Financial Services is a small debt collection agency out of Indianapolis, IN.

Financial services 52

Financial services Debt collector Collection Agencies Collections Agency 52

Troutman Sanders

JUNE 13, 2022

On June 7, the Federal Reserve announced it will release a second tool to help community financial institutions implement the Current Expected Credit Losses (CECL). On June 8, the New York Department of Financial Services issued new compliance requirements for issuers of U.S. For more information, click here.

Financial services 52

Financial services Financial Institution Debt collector Loans 52

Troutman Sanders

OCTOBER 4, 2022

On September 29, the Consumer Financial Protection Bureau (CFPB) released a special edition of Supervisory Highlights on recent examination findings, covering the practices of student loan servicers and schools that lend to students directly. For more information, click here. For more information, click here.

Financial services 52

Financial services Trade Retail Banks 52

Account Recovery

OCTOBER 22, 2021

million of student loans to Maximus, which will take over Navient’s contract with the Department going forward. Navient announced its decision to stop servicing loans under the Next Generation Financial Services Environment program, or NextGen, last month. The move … The post Ed.

Student loans 246

Student loans Student Loans Education Financial services 246

Better Credit Blog

FEBRUARY 5, 2021

If you’re wondering what BCA Financial Services is and why it’s on your credit report, the guide below is for you. With all of life’s financial obligations and the busyness of day to day life, it can be all too easy to let a payment slip through the cracks. About BCA Financial Services. BCA Financial Services, Inc.

Financial services 60

Financial services Collection Agencies Collections Agency Debt collector 60

Troutman Sanders

OCTOBER 26, 2022

As background, Rhinebeck engages in indirect automobile lending, i.e., provides automobile dealers with the terms by which it will agree to immediately purchase loans from dealers. on loans up to 66 months, 2% on loans 67 to 75 months, and 1.5% on loans 76 to 84 months at the dealer’s sole discretion.

Financial services 52

Financial services Banks Loans Retail 52

Troutman Sanders

NOVEMBER 2, 2020

In particular, the minimum loan size for three Main Street facilities available to for-profit and nonprofit borrowers was reduced from $250,000 to $100,000, and the fees were adjusted to encourage the provision of these smaller loans. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Loans Credit Unions 52

Troutman Sanders

JUNE 7, 2022

On May 26, North Carolina Attorney General Josh Stein issued a press release, indicating his office had won a permanent ban against an individual and his businesses from offering debt relief, debt settlement, foreclosure assistance, and mortgage loan modification services to North Carolinians.

Financial services 52

Financial services Education Trade Loans 52

Troutman Sanders

SEPTEMBER 19, 2022

The five firms surveyed in the report originated 180 million loans, totaling over $24 billion in 2021 — a near ten-fold increase from 2019. The report finds that the industry grew rapidly during the pandemic, but borrowers may receive uneven disclosures and protections. For more information, click here.

Financial services 52

Financial services Trade Government Banks 52

Troutman Sanders

MAY 2, 2022

The 28,0000 borrowers who enrolled in the schools from 2009 through its closure in February 2016 will receive loan discharges based on borrower defense findings, totaling approximately $238 million. For more information, click here.

Financial services 52

Financial services Judgment Trade Education 52

Troutman Sanders

AUGUST 9, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. For more information, click here. For more information, click here. For more information, click here. On August 3, the Washington, D.C.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

OCTOBER 4, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Among other provisions, S.B. For more information, click here and here. For those interested in reading the complete order, click here.

Financial services 52

Financial services Financial Institution Foreclosure Student loans 52

Troutman Sanders

DECEMBER 21, 2021

Department of Education’s decision to terminate its federal student loan contracts with private collection agencies. State Activities: On December 15, the New York Department of Financial Services released a notice of proposed rulemaking (NPRM) for third-party debt collectors and debt buyers. For more information, click here.

Financial services 52

Financial services Credit Unions Credit Unions Third-party Debt Collectors 52

Troutman Sanders

APRIL 4, 2022

On March 30, the Consumer Financial Protection Bureau (CFPB) sanctioned Edfinancial for deceiving student loan borrowers about their eligibility for Public Service Loan Forgiveness, and the steps they could have taken to obtain loan cancellation.

Financial services 52

Financial services Loans Banks Student loans 52

Troutman Sanders

FEBRUARY 23, 2022

Federal Activities: On February 18, the Consumer Financial Protection Bureau (CFPB) released a bulletin, detailing student loan servicers’ obligation to halt unlawful conduct on borrowers’ eligibility and benefits under the Public Service Loan Forgiveness Waiver. Department of Education forgiving $71.7

Financial services 52

Financial services Student loans Student Loans Government 52

Troutman Sanders

SEPTEMBER 14, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. For more information, click here. On September 7, CFPB Acting Director Dave Uejio issued a statement after the U.S.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52