Troutman Sanders

DECEMBER 20, 2022

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) filed an amicus brief in the Eleventh Circuit in support of a plaintiff-appellant who filed a Section 1681s-2(b) claim against a furnisher for failing to conduct a reasonable investigation under the Fair Credit Reporting Act.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

JULY 26, 2021

On July 20, the House of Representatives passed the Consumer Protection and Recovery Act, which aims to revive the Federal Trade Commission’s (FTC) authority to return money to consumers harmed by companies found to engage in deceptive practices. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

Better Credit Blog

APRIL 3, 2022

Debt buyers like Portfolio Recovery Associates, LLC, buy hundreds of accounts at a time from credit card companies like CapitalOne and Discover and from student loan servicers and lenders. The Federal Trade Commission (FTC) could levy fines against debt collectors that violate your rights.

Debt collector 87

Debt collector Collection Agencies Collections Agency Garnishment 87

Troutman Sanders

APRIL 19, 2021

On April 15, the Federal Trade Commission (FTC) announced the first enforcement action taken under the new COVID-19 Consumer Protection Act (COVID-19 CPA), which imposes monetary penalties on violators. 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

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

FEBRUARY 8, 2021

On February 3, the Federal Trade Commission (FTC) provided the Consumer Financial Protection Bureau a summary of its activities enforcing the Equal Credit Opportunity Act. The debt collection rule is currently scheduled to go into effect on November 30, 2021. For more information, click here. For more information, click here.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Burr Forman

DECEMBER 4, 2020

The Department of Business Oversight issued guidance on March 21, 2020 that work from home prohibitions would not be enforced against escrow agents, finance lenders and servicers, student loan servicers, or residential mortgage lenders and servicers, thus allowing collection efforts to continue. More information may be found here.

Financial Institution 52

Financial Institution Garnishment Collections Foreclosure 52

Troutman Sanders

JUNE 22, 2021

Federal Activities: On June 18, the Federal Housing Administration (FHA) announced updates to its student loan monthly payment calculations to help provide greater access to affordable single-family FHA-insured mortgage financing for creditworthy individuals with student loan debt, which has a disproportionate impact on people of color.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

AUGUST 31, 2020

Federal Activities: During the week of August 24, 2020, the Consumer Financial Protection Bureau (CFPB) updated pages relating to student loans and its guidance on protecting credit during COVID-19. Pritzker extended Executive Order 2020-25, which includes limits on garnishments and wage deductions.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Troutman Sanders

MAY 23, 2023

Earlier this month, the Federal Trade Commission (FTC) modified its Telemarketing Sales Rule (TSR) guidance webpage to clarify the requirements for obtaining consent to deliver calls with prerecorded messages and the elements of assisting and facilitating liability. administrative penalty for operating as an unlicensed student loan servicer.

Financial services 52

Financial services Banks Debtor Education 52

Troutman Sanders

JULY 7, 2021

The plaintiffs, who include landlords and real estate trade associations from Alabama and Georgia, argue that the CDC exceeded its authority by imposing the ban. On June 30, Maine Governor Janet Mills declined to veto a new law that expands consumer protections against garnishments. For more information, click here.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Better Credit Blog

AUGUST 31, 2020

It is enforced by the Federal Trade Commission , a federal agency that protects consumers and maintains fair competition in the marketplace, including debt collection attempts. Consumer debts: The FDCPA applies to all consumer debts, like credit cards, student loans, and medical bills, but it does not apply to commercial debts.

Fair Debt Collection 53

Fair Debt Collection Third-party Debt Collectors Collections Debt collector 53

Troutman Sanders

APRIL 5, 2021

Department of Education announced an expansion of the moratorium on federal student loan interest and collections on all defaulted loans under the Federal Family Education Loan program. Guidance outlines expectations and priorities, as well as articulates views regarding appropriate practices for a specific subject.

Financial services 52

Financial services Financial Institution Foreclosure Garnishment 52

Troutman Sanders

MARCH 15, 2021

Citing a need to “weather the current public health and economic crises,” the states asked the Department of Education to reverse using the Privacy Act of 1974 to preclude state regulators from obtaining documents needed for regulatory oversight and to reverse federal preemption of oversight for student loan account servicers.

Financial services 52

Financial services Financial Institution Foreclosure Government 52