Collection Industry News

OCTOBER 10, 2022

The CFPB released a special edition of Supervisory Highlights on student loan servicing practices of loan servicers and schools lending to students directly. In particular, examiners observed servicers misrepresenting eligibility dates and the requisite number of payments to qualify for relief.

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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.

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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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Account Recovery

SEPTEMBER 3, 2020

A number of financial services trade organizations, including ACA International, are calling on the Federal Communications Commission to require that telecom companies notify businesses when their calls are being blocked or labeled as spam.

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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.

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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

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.

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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.

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Consumer Financial Services Law

MAY 7, 2017

The CFPB’s most recent monthly report on consumer complaints spotlights student loans. Student loans continue to reflect the highest increase in change from last year– a 325% increase when comparing January-March 2017 to the same period in 2016. The report is a high level snapshot of trends in consumer complaints.

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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.

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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.

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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

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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.

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Troutman Sanders

AUGUST 30, 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. This action brings the total amount of loan discharges approved by the DOE since January 2021 to $9.5

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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.

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Troutman Sanders

OCTOBER 19, 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. On October 4, the CFPB announced that the deadline to request initial forbearance for loans backed by the U.S.

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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.

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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.

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Troutman Sanders

SEPTEMBER 7, 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.

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Troutman Sanders

JULY 7, 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. The rules cover loans on principal residences, generally exclude small servicers, and will take effect on August 31.

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Troutman Sanders

JULY 27, 2020

On July 22, 2020, the CFPB issued tips in a blog post directed to co-signors of private student loan debt during the COVID-19 emergency. The CARES Act offers relief for those with federal student loans. Many private student loan lenders are providing options for reducing or suspending payments as well.

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Troutman Sanders

SEPTEMBER 27, 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 21, the U.S. For more information, click here.

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Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

APRIL 19, 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. The company was operating without registering as a debt settlement service provider as required by Minnesota law.

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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.

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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.

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Troutman Sanders

MARCH 22, 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. As of March 18, the department intends to issue full loan discharges for borrowers with approved borrower defense claims.

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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.

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Troutman Sanders

OCTOBER 25, 2021

The CFPB and DOJ allege that this bank discriminated against Black and Hispanic neighborhoods by deliberately not marketing, offering, or originating home loans to consumers in majority Black and Hispanic neighborhoods. For more information, click here. For more information, click here. For more information, click here.

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Troutman Sanders

OCTOBER 11, 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. Department of Education announced the establishment of an Office of Enforcement within Federal Student Aid (FSA).

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True Accord

APRIL 5, 2023

Meanwhile, eyes are on the Big Apple as the New York Department of Financial Services (DFS) and the New York City Department of Consumer and Worker Protection are simultaneously engaged in amending their consumer debt collection rules. The final amended rule will go into effect on July 20, 2023. year over year in February 2023.

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Troutman Sanders

OCTOBER 19, 2020

On October 13, the Federal Trade Commission (FTC) warned consumers of scammers pretending to promise student loan debt relief. Due to the pandemic, people with federal student loans have some protections, but others claim to provide additional governmental protections for a fee. For more information, click here.

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Troutman Sanders

APRIL 25, 2022

On April 19, the Department of Education announced actions to “fix longstanding failures in the student loan programs.” “The credit reporting system should not be used as a weapon to coerce patients into paying medical bills they do not owe.” For more information, click here. These actions are estimated to provide assistance to 3.6

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Troutman Sanders

NOVEMBER 30, 2020

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. House of Representatives that would extend the payment pause and interest waiver for government-held federal student loans.

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Troutman Sanders

APRIL 5, 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. The published data contain loan-level information filed by financial institutions, modified to protect privacy.

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Collection Industry News

SEPTEMBER 27, 2022

BUSINESS WIRE)–An annual survey from Discover ® Student Loans revealed that 58% of parents with college-bound students didn’t plan on applying for federal aid, but now have changed their minds. Parents bear a lot of the stress of paying for college, but so do students. financial services. RIVERWOODS, Ill.–(BUSINESS

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Troutman Sanders

SEPTEMBER 15, 2023

According to the data reviewed by the CFPB, 87% of the institutions in the sample offer tuition payment plans directly to students, with 60% of those institutions offering payment plans, outsourcing some repayment functions to third-party financial service providers.

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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. To accomplish this goal, the governor’s office has proposed a crackdown on predatory business practices within the state.

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