Troutman Sanders

JUNE 7, 2022

Federal Activities: On June 3, the Federal Trade Commission (FTC) provided its annual report to the Consumer Financial Protection Bureau (CFPB) on its 2021 enforcement and related activities regarding the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA). State Activities.

Financial services 52

Financial services Education Trade Loans 52

Troutman Sanders

FEBRUARY 21, 2024

The court found that the defendants falsely promised to reduce homeowners’ mortgage payments and prevent foreclosures, defrauding distressed homeowners out of millions of dollars. On February 15, the CFPB published a blog recounting its action against a student loan debt relief business and a debt-settlement company.

Financial services 52

Financial services Student loans Student Loans Financial Institution 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. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

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.

Financial services 52

Financial services Garnishment Student loans Student Loans 52

Troutman Sanders

OCTOBER 26, 2020

The task force also adopted an updated report on trade-based money laundering and recognized progress by a number of jurisdictions. On October 23, lawmakers in the House of Representatives introduced a bill to exclude Paycheck Protection Program (PPP) loans from regulators’ calculations of the asset size of smaller banks.

Financial services 52

Financial services Financial Institution Foreclosure Banks 52

Troutman Sanders

NOVEMBER 24, 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. Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. On November 16, the U.S.

Financial services 52

Financial services Foreclosure Banks Loans 52

Troutman Sanders

NOVEMBER 16, 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. Please click here to visit this new interactive tool: [link]. Phase III, among other things, suspends jury trials through December 12.

Financial services 52

Financial services Foreclosure Banks Trade 52

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.

Financial services 52

Financial services Student loans Student Loans Debt collector 52

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. The department estimates the waiver will make roughly 22,000 borrowers immediately eligible to have their loans erased automatically.

Financial services 52

Financial services Loans Lender Foreclosure 52

Troutman Sanders

MARCH 29, 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. Pritzker signed Senate Bill 1792 (Illinois Predatory Loan Prevention Act) into law. For more information, click here.

Financial services 52

Financial services Fair Debt Collection Lender Foreclosure 52

Troutman Sanders

OCTOBER 16, 2023

On October 11, the Federal Trade Commission (FTC) announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. For more information, click here. The FTC has estimated that these fees can cost consumers tens of billions of dollars per year in unexpected costs.

Financial services 52

Financial services Student loans Student Loans Credit Unions 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. Companies also would be required to submit business-specific requirements, which pertain to information related to licensing a business.

Financial services 52

Financial services Student loans Student Loans Financial Institution 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. On September 28, Federal Trade Commission (FTC) Chair Lina M. For more information, click here. Among other provisions, S.B.

Financial services 52

Financial services Financial Institution Foreclosure Student loans 52

Collection Industry News

MAY 30, 2022

The CFPA includes a long list of exemptions to the CFPB’s authority, such as: merchants; retailers; accountants and tax preparers; attorneys engaged in the practice of law; persons regulated by the Securities and Exchange Commission; persons regulated by the Commodity Futures Trading Commission; and auto dealers.

Fair Debt Collection 40

Fair Debt Collection Foreclosure Retail Trade 40

Troutman Sanders

MARCH 1, 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 2020 review found that credit risk for large, syndicated loans has increased over the last year.

Financial services 52

Financial services Foreclosure Financial Institution Government 52

Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. In March of 2020, Burr published an article discussing the global pandemic’s impact on collection practices.

Financial Institution 52

Financial Institution Garnishment Collections Foreclosure 52

Fico Collections

AUGUST 3, 2022

In addition, homeowners are beginning to struggle to pay their mortgages, with foreclosure filings increasing by 153% in the first six months of 2022 compared to the same period last year. Finally, an FRI score can help a servicer determine how well a borrower is likely to perform with a loan modification.

Foreclosure 52

Foreclosure Loans Trade 52

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.

Financial services 52

Financial services Student loans Student Loans Foreclosure 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

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. On April 1, the CFPB issued a warning to mortgage servicers to take necessary steps to prevent a wave of foreclosures this fall.

Financial services 52

Financial services Financial Institution Foreclosure Garnishment 52

Troutman Sanders

DECEMBER 28, 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. For more information, click here.

Financial services 52

Financial services Foreclosure Government Debtor 52

Troutman Sanders

MAY 10, 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.

Financial services 52

Financial services Fair Debt Collection Foreclosure Debt collector 52

Credit Corp

MAY 1, 2021

The average American builds credit by opening a credit card account, acquiring student loan debt, or making car payments. Many people also live paycheck to paycheck , making it difficult to avoid applying for loans if they urgently need money. Get Your Free Credit Report Card. My Debt-Free Life Started Late in My Adult Life.

Credit Card Debt 98

Credit Card Debt Accrued Interest Loans Student loans 98

Troutman Sanders

JULY 20, 2020

The Federal Reserve Board approved two new loan options to provide support to a broad set of nonprofit organizations that were in sound financial condition prior to the pandemic. The SBA has prohibited banks from favoring a PPP loan application from a director or equity holder. For more information, click here.

Financial services 52

Financial services Loans Banks Financial Institution 52

Troutman Sanders

FEBRUARY 2, 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 notice through this system is the first step in initiating the majority of residential foreclosures in Maryland.

Financial services 40

Financial services Foreclosure Banks Debt collector 40

Jimerson Firm

DECEMBER 14, 2021

For example, “[a] mortgage servicing company is a debt collector under the FDCPA if it acquired the loan at issue while the loan was in default.” A person attempting to collect his or her “own” debt, is not a debt collector under the FDCPA. Bank of Am., 3d 1197, 1204 (M.D. 3) Damages available under the FDCPA. Tomlinson , No.

Debt collector 105

Debt collector Fair Debt Collection Consumer Collections Legal Rights 105

Troutman Sanders

MARCH 8, 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. Currently, any student loan debt canceled by the government can be considered taxable and levied at the borrower’s normal income tax rate.

Financial services 52

Financial services Retail Foreclosure Financial Institution 52

Troutman Sanders

JANUARY 30, 2023

On January 26, the Securities and Exchange Commission (SEC) rejected Cboe BZX Exchange’s (BZX) request to list and trade Ark 21Shares, the proposed spot-Bitcoin exchange traded fund (ETF) managed by asset managers ARK Investment Management and 21Shares (collectively hereinafter, the “trust). For more information, click here.

Financial services 52

Financial services Foreclosure Banks Trade 52

Troutman Sanders

FEBRUARY 8, 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. attorney’s office to stop judicial foreclosures and evictions on accounts previously referred to the DOJ.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Troutman Sanders

AUGUST 14, 2023

In its appeal, the SEC stated that it intended to seek certification of the court’s holding that certain “programmatic sales” over crypto-asset trading platforms in exchange for labor and services did not involve the offer or sale of securities. For more information, click here. For more information, click here.

Financial services 52

Financial services Foreclosure Banks Loans 52

Troutman Sanders

AUGUST 1, 2023

For example, the bill distinguishes a “digital asset” from a “digital commodity,” empowering the Securities and Exchange Commission (SEC) to regulate the former and the Commodity Futures Trading Commission (CFTC) to regulate the latter. On July 20, Federal Trade Commission (FTC) and the U.S. For more information, click here.

Financial services 52

Financial services Financial Institution Debt collector Fair Debt Collection 52

Troutman Sanders

AUGUST 24, 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. 1, 2020 through March 31, 2021, totaling $64 million in reported losses.”

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

FEBRUARY 16, 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 February 8, HB 32 was introduced in Ohio, seeking to place a moratorium on the collection of some student loans and health care debt.

Financial services 52

Financial services Student loans Student Loans Banks 52

Troutman Sanders

FEBRUARY 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. Borrowers deserve and desperately need relief from their Federal student loan burden, and they need that relief immediately.”

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

MAY 17, 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 May 13, the U.S. For more information, click here. For more information, click here.

Financial services 52

Financial services Foreclosure Collection Agencies Collections Agency 52

Troutman Sanders

OCTOBER 9, 2023

The FTC alleged that the defendants pretended to be affiliated with the Department of Education, charged illegal junk fees, and offered students loan forgiveness promises that were not fulfilled. On October 4, the Federal Trade Commission (FTC) held a roundtable to discuss the impact of artificial intelligence on creative fields.

Financial services 52

Financial services Student loans Student Loans Third-party Debt Collectors 52

Troutman Sanders

APRIL 12, 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 April 5, the CFPB proposed a set of rule changes to help prevent foreclosures as the emergency federal foreclosure protections expire.

Financial services 52

Financial services Debt collector Student loans Student Loans 52