Collection Industry News

MARCH 7, 2022

These factors have made it harder for renters to keep up with their payments, and in turn, many landlords—especially smaller-scale property owners —are struggling to make up income and cover payments to lenders. Census Bureau’s 2020 American Community Survey and the U.S. After spiking at 21.4% Median household income: $87,016.

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Government Retail Education Lender 98

Fico Collections

JUNE 14, 2021

Missed payments were still below historical trends, probably due to increased savings and government support, which continues to blur the picture of card users struggling with debt issues, making it more difficult for lenders to manage. Limits are £37 lower than April 2020.

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Retail Government Credit Card Debt Lender 52

Troutman Sanders

SEPTEMBER 14, 2020

Federal Activities: On September 10, 2020, the Criminal Division of the Justice Department announced that it had reached 57 criminal prosecutions for fraud in connection with the Paycheck Protection Program in under six months since its enactment. State Activities. Privacy and Cybersecurity Activities. Attorneys around the country.

Financial services 52

Financial services Collections Trade Lender 52

Burr Forman

JANUARY 11, 2021

The President signed new stimulus legislation into law on December 27, 2020. Beginning January 11, 2021, Borrowers who seek a First Draw PPP Loan under the new law can apply through community financial institutions exclusively allowed to make First Draw PPP Loans. The Economic Aid Act authorizes funds of $284.5 PPP Loan Amounts.

Loans 52

Loans Financial Institution Trade 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

Katabat

JULY 6, 2021

In recent months employers were having to compete with the government handing out money, and that makes it very hard to attract workers.” While noting an uptick in mortgage applications for Millennials, the article reads: “Lenders should take note. On a brighter note, Millennials now see lenders in a more positive light.

Lender 52

Lender Creditors Government 52

Katabat

JULY 6, 2021

In recent months employers were having to compete with the government handing out money, and that makes it very hard to attract workers.” While noting an uptick in mortgage applications for Millennials, the article reads: “Lenders should take note. On a brighter note, Millennials now see lenders in a more positive light.

Lender 52

Lender Creditors Government 52

Troutman Sanders

JANUARY 11, 2021

On January 8, the Small Business Administration and the Treasury Department announced that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. The PPP will open to all participating lenders shortly thereafter. For more information, click here.

Financial services 52

Financial services Foreclosure Collection Agencies Collections Agency 52

Troutman Sanders

NOVEMBER 21, 2022

According to the CFPB, greater visibility into market trends would allow lenders and investors to spot emerging opportunities, improve risk management practices, and ultimately expand access to credit and refinancing. On November 11, the U.S. The CFPB will be accepting comments on its proposal until December 19. On November 9, the U.S.

Financial services 52

Financial services Banks Lender Trade 52

Fico Collections

NOVEMBER 3, 2022

Thu, 11/03/2022 - 11:30. Elsewhere, in markets like Turkey, where inflation is running at +70%, it’s only government intervention that’s delaying an indebtedness crisis. As a result, lenders’ collections’ books are already growing. Bruce Curry has been named to the Credit 500 in 2020, 2021 and 2022. FICO Admin.

Collections 52

Collections Creditors Debt Consolidation Debt Recovery 52

Troutman Sanders

MARCH 28, 2023

Department of Education announced that it will hold virtual public hearings on April 11-13 to receive stakeholder feedback on potential issues for future rulemaking sessions. The final rule rescinds HUD’s 2020 rule, governing Fair Housing Act disparate impact claims and restores the 2013 discriminatory effects rule. and 682.416.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Fico Collections

JANUARY 10, 2023

Tue, 01/10/2023 - 11:30. Matt recommended that lenders: Mitigate the risks now. As Sarah Rutherford explained, a cross-party Treasury Select Committee has called on the UK government to do more to ensure that the victims of authorised push payment scams are reimbursed. FICO Admin. Tue, 07/02/2019 - 02:45.

Financial Institution 52

Financial Institution Banks Education Retail 52

Troutman Sanders

JANUARY 19, 2021

On January 13, the Small Business Administration reopened the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 a.m. billion of their estimated 2020 net income to the U.S. On December 31, 2020, the U.S.

Financial services 52

Financial services Garnishment Foreclosure Government 52

Fico Collections

JANUARY 26, 2022

The payment deferrals enacted in 2020 will likely result in future repayment challenges once collection activities resume. While Government will likely take a hand in directing the pace of some collection activities, others will be determined by the debt holder. Collection Predictions 2021: Uncertainty and Opportunity.

Collections 52

Collections Student loans Student Loans Government 52

Troutman Sanders

MAY 31, 2023

The FTC and the State of Florida sued the telemarketing company and its owners in July 2020, alleging that they charged consumers as much as $3,995 for their debt relief services, making claims that they were affiliated with major credit card companies and could save consumers thousands of dollars by securing reduced interest rates.

Financial services 52

Financial services Financial Institution Banks Trade 52

Troutman Sanders

JANUARY 23, 2024

The department alleged that from at least 2015 through at least 2020, Patriot avoided providing mortgage services to majority-Black and Hispanic neighborhoods in Memphis and discouraged people seeking credit in those communities from obtaining home loans. Department of Justice announced that Patriot Bank agreed to pay $1.9

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

MAY 16, 2022

On May 11, the U.S. On May 9, the Consumer Financial Protection Bureau (CFPB) published an advisory opinion to affirm that the Equal Credit Opportunity Act bars lenders from discriminating against customers after they have received a loan, not just during the application process. For more information, click here.

Financial services 52

Financial services Foreclosure Lender Judgment 52

Fico Collections

JANUARY 25, 2022

The 5 top posts for decision management on the FICO Blog last year dealt with digital transformation in insurance, automated originations, responsible AI, model governance and, strangely enough, movies! Model Governance: Yapi Kredi Takes Advanced Approach . Read the full post: Model Governance: Yapi Kredi Takes Advanced Approach .

Government 52

Government Banks Acquisition Lender 52

Troutman Sanders

DECEMBER 12, 2023

Department of Housing and Urban Development (HUD) announced an extension of the public comment date for its Notice of Proposed Rulemaking that would remove criminal conviction restrictions for fair housing testers by nine days, to January 11, 2024. For more information, click here. billion in student loan debt relief for 80,300 borrowers.

Financial services 52

Financial services Banks Collection Agencies Collections Agency 52

Troutman Sanders

FEBRUARY 13, 2024

Genesis filed for Chapter 11 protection in January 2023 with $5.1 Supreme Court unanimously ruled that government agencies can be sued for violations of the Fair Credit Reporting Act (FCRA). However, the Court upheld the Third Circuit’s decision that the FCRA allows for suits against “any person,” including government agencies.

Financial services 52

Financial services Student loans Student Loans Collection Agencies 52