Troutman Sanders

JANUARY 30, 2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: Federal Activities State Activities Federal Activities: On January 29, Acting Comptroller of the Office of the Comptroller of Currency (OCC) Michael J.

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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

MARCH 11, 2024

The blog post posited that closing costs significantly impact a borrower’s financial commitment and, potentially, monthly payments and identified a “noticeable increase” in closing costs, with median total loan expenses on home purchase loans increasing by 21.8% between 2021 and 2022. For more information, click here.

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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.

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Troutman Sanders

DECEMBER 19, 2023

District Court of the Southern District of New York denied bankrupt digital asset services company Celsius Network Inc.’s On December 12, Minnesota Attorney General Keith Ellison announced that his office obtained a settlement with a California student loan debt relief company. For more information, click here.

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Fico Collections

NOVEMBER 30, 2022

Profitability and Customer Financial Health in Retail Banking. Here’s how to strike a balance that delivers long-term benefits for customers' financial health. In my recent Forbes article , I explored a vision for the future of retail banking where the customer’s complete financial wellness is at the center of decision making.

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Troutman Sanders

JUNE 21, 2023

On June 20, the Federal Trade Commission (FTC) sent letters to 50 online marketplaces nationwide, notifying them about their obligation to comply with the new Integrity, Notification, and Fairness in Online Retail Marketplaces for Consumers Act — or the INFORM Consumers Act — as soon as it takes effect on June 27.

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UK debt collections

AUGUST 16, 2022

Adding further pressure to many companies is the repayment of the Government-backed Covid support loans granted to help them survive the pandemic. Support Services. General Retailers. Financial Services. Food & Drug Retailers. Real Estate. Automotive. Manufacturing. Bars & Restaurants.

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Troutman Sanders

OCTOBER 17, 2022

On October 13, the CFPB, the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000. For more information, click here. 1701 , et seq.).

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Troutman Sanders

OCTOBER 26, 2022

In addition to a $950,000 fine and mandatory restitution to impacted borrowers, the consent order includes remediation requiring Rhinebeck to develop a compliance plan providing for updates to its automobile lending policy to limit dealer markups on retail installment contracts purchased by the bank.

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Nexa Collect

NOVEMBER 26, 2022

Transaction information such as account numbers, payment history, loan balances and information from court records or consumer reports. The GLBA covers any institutions that provide financial services, including : Handling loans. Providing financial advising. Loan balances. Handling savings. Credit union.

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Qualco

OCTOBER 25, 2023

Artificial Intelligence and Machine Learning automate credit scoring, making loan approvals swifter and more accurate. Open Banking fundamentally transforms financial services by unlocking new insights into customers' lives. By Guy Statter , Country Manager, UK & Ireland at QUALCO.

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Credit Corp

SEPTEMBER 13, 2023

Basically, credit scoring models want to see that you can manage different types of financing, most notably revolving accounts, such as a credit card, and installment accounts, such as a mortgage or auto loan. You are not required to pay the loan in full each month. Why Does Your Mix of Accounts Matter?

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True Accord

AUGUST 24, 2022

The rise of interest in BNPL is also likely influenced by increased financial uncertainty, high-interest rates and a downward trend in credit card approval. As consumers show preference for digital financial services, BNPL continues to grow and become available at more retailers. . Why are BNPLs Popular with Gen Z?

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Troutman Sanders

MARCH 24, 2023

Indiana Attorney General Todd Rokita and the Indiana Department of Financial Institutions announced a settlement in excess of $250,000 with Integrity Acceptance Corp., As part of the settlement, the entities will forgive $223,685 in loans, pay $33,991 in restitution, and pay $33,000 in civil penalties and costs to the state.

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Troutman Sanders

MAY 4, 2023

CFS Partner Alan Wingfield focuses his practice on financial services litigation and consumer law compliance counseling. He helps businesses with the myriad federal and state consumer protection laws, as well as laws regulating financial services and other types of consumer-facing companies.

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Fico Collections

SEPTEMBER 30, 2022

They have been chosen because of their unique knowledge and extensive expertise across financial services, technology, business, engineering and science. Douglas Blakey, editor, Retail Banker International. Burcu currently leads credit analytics and retail credits at Akbank, one of the largest retail banks in Turkey.

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Troutman Sanders

MARCH 3, 2023

According to the CFPB, on average, BNPL borrowers were much more likely to be highly indebted, revolve on their credit cards, have delinquencies in traditional credit products, have lower credit scores, and use high-interest financial services such as payday, pawn, and overdraft compared to non-BNPL borrowers.

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Credit Corp

DECEMBER 29, 2020

Need a small business loan to get your business off the ground? To secure credit card processing for your small business, you will need to find the right payment merchant services provider who will sign you up for a merchant account. The right financial services software can help you do this all in one place.

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Fico Collections

JUNE 30, 2021

a , the largest commercial bank in Slovakia, has chosen FICO® Decision Optimizer to increase profitability and improve portfolio management for its cash loan portfolio. 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.

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Troutman Sanders

OCTOBER 25, 2023

The final rule retains several key aspects of the proposed rule issued in June 2022, such as flexibility in retail lending evaluations for banks with less than $600 million in assets and new data collection and reporting requirements for banks over $2 billion in assets. Provide clarity and consistency in the application of the regulations.

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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. Credit performance is deteriorating on BNPL loans.

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True Accord

MARCH 31, 2022

For one, the consumer credit market is looking strong with signs of expansion, specifically, originations for credit cards and personal loans are increasing. As a result, originations for credit cards and personal loans have returned to pre-pandemic levels and have been holding fairly constant over the last two quarters.

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Fico Collections

APRIL 21, 2023

We found that preliminary credit performance on those booked loans exceeded what was expected from the increase in the score itself, albeit on limited data. However, you conducted a test where you offered ALL applicants for a retail credit product the opportunity to provide DDA data permissioned by them for consideration.

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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. Watch this video on why decision optimization is becoming a core technology in financial services. Loan Pricing Optimization: Secrets of Success. ?eská

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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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Fico Collections

FEBRUARY 12, 2023

Home Blog FICO Top 5 Customer Development Posts of 2022: Digital Banking and Pricing Opti The most popular posts in our Customer Development category dealt with digital banking, optimizing credit line increases, loan pricing and machine learning for credit risk models. What can financial institutions learn from TikTok?

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Fico Collections

SEPTEMBER 27, 2021

Delivering a new solution as an alternative to overdraft may arrive faster than previous new service introductions within retail banking. Within bank chartered financial institutions, new product introductions are cautiously considered and for the most part are incremental improvements within existing financial services.

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Collection Industry News

MARCH 30, 2025

The growth in the historic period can be attributed to rising consumer debt levels, economic downturns, growth in unsecured loans, expanding credit access, and elevating regulatory compliance requirements. Due to rising living expenses, easier access to credit, and post-pandemic reliance on loans, consumer debt levels are increasing.

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True Accord

JANUARY 10, 2024

The fourth quarter marked the resumption of student loan payments for 22 million Americans, but repayment results were low. million borrowers missed their student loan payment —that’s 40% of loan holders. quarterly increase while auto loan balances rose by $13 billion and now stand at $1.6 a year ago.

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Collection Industry News

OCTOBER 5, 2021

Whilst the new payment method originally took off in Europe, it has slowly sept into the US market as startups, like Affirm , have gone public and found success, and Square , the San Francisco based financial services and digital payments company, bought Australia’s Afterpay in $29billion deal, to benefit off BNPL’s growth.

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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. FICO Loan Origination Solution Awarded Best-In-Class.

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Fico Collections

JANUARY 15, 2021

The COVID-19 pandemic cast a huge shadow on the financial services worldwide. three of our top five posts explain, medical conditions or diseases have no impact on a consumer’s FICO® Score, nor do loan forbearances or deferred payment agreements. And as our fourth most popular post explains, the average U.S.

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Fico Collections

MAY 27, 2021

OCBC , a multinational banking and financial services corporation headquartered in Singapore, launched an online 60-minute mortgage approval service for Singaporeans using FICO® Origination Manager. During the country’s lockdown, $700 million in loans were signed up using the service. Financial Inclusion.

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Fico Collections

MAY 19, 2021

Newer financial services providers are even more challenged, as well as telcos new to payment processing and retail finance. Bust-out fraud , also known as hit and run, can happen on many types of financial services. It’s quick and sometimes easy, with credit cards and loans being the easiest prey today.

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Fico Collections

MAY 19, 2021

Newer financial services providers are even more challenged, as well as telcos new to payment processing and retail finance. Bust-out fraud , also known as hit and run, can happen on many types of financial services. It’s quick and sometimes easy, with credit cards and loans being the easiest prey today.

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Better Credit Blog

AUGUST 7, 2020

This can impact your ability to qualify for loans or apply for credit cards. 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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