Collection Industry News

MARCH 23, 2021

The report highlights efforts by the CFPB and the Federal Trade Commission (FTC) to protect consumers, particularly those who have suffered profound financial impacts due to the COVID-19 pandemic. The two judgments ordered nearly $15.2 In 2020, the CFPB engaged in four public enforcement actions, arising from alleged FDCPA violations.

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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.

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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.

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Troutman Sanders

MAY 9, 2023

On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam. For more information, click here. The FTC charged the defendants with taking tens of millions of dollars from people by falsely promising to eliminate or substantially reduce their credit card debt.

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Financial services Student loans Student Loans Loans 52

Troutman Sanders

MARCH 21, 2023

The bulletin details recent findings by CFPB examiners that certain loan servicers illegally returned loans to collections after bankruptcy courts discharged the loans. On March 6, eight AGs won judgments, totaling nearly $245 million in the U.S. For more information, click here. For more information, click here.

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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.

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Troutman Sanders

APRIL 26, 2021

Cosponsored by all 13 House Democrats on the subcommittee, the bill seeks to amend Section 13(b) of the Federal Trade Commission (FTC) Act to make the FTC’s authority “explicit” to obtain injunctive and equitable relief, including monetary redress for consumers. For more information, click here.

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Troutman Sanders

JUNE 14, 2023

On June 8, the Commodities Futures Trading Commission (CFTC) obtained a default judgment against a decentralized autonomous organization (DAO) Ooki Dao in the U.S. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. For more information, click here.

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Troutman Sanders

AUGUST 16, 2022

On August 11, the Federal Trade Commission (FTC) announced it will explore rules to crack down on harmful commercial surveillance and lax data security. As students, they took out student loans only to find themselves weighed down by debt and denied the relief they were promised.” For more information, click here.

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Troutman Sanders

OCTOBER 3, 2023

On October 2, Grayscale Investment submitted its filing to the Securities and Exchange Commission (SEC) to convert its Ethereum Trust into a spot exchange traded fund (ETF). On September 29, the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) filed a joint amicus brief in the U.S.

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Financial services Student loans Student Loans Trade 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.

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Troutman Sanders

AUGUST 9, 2021

On August 5, the Department of Education announced that it is extending the moratorium on federal student loan payments through January 31, 2022. Income-share agreements are a type of student loan, where the borrower receives a loan and then pays a percentage of his/her income after graduation.

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Financial services Student loans Student Loans Foreclosure 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.

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Financial services Foreclosure Student loans Student Loans 52

Troutman Sanders

MARCH 14, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. For more information, click here.

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Financial services Student loans Student Loans Loans 52

Troutman Sanders

MARCH 6, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. For more information, click here.

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Financial services Student loans Student Loans Loans 52

Troutman Sanders

JANUARY 19, 2021

Department of Education to continue excusing borrowers from making payments on their student loans in light of the COVID-19 pandemic. Chopra is currently a chairman on the Federal Trade Commission. The order also eases the state’s ban on wage garnishments on judgments entered before May 4, 2020.

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Financial services Garnishment Foreclosure Government 52

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.

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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. Constitution.

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Financial services Student loans Student Loans 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.

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Financial services Financial Institution Foreclosure Government 52

Troutman Sanders

FEBRUARY 13, 2024

On February 6, the Federal Trade Commission (FTC) announced that it will ban a group of student loan debt relief “scammers” (defendants) from the debt relief industry. The SEC alleges that the fraudulent scheme cost 15 students $1.2 on February 22. For more information, click here. For more information, click here.

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Troutman Sanders

OCTOBER 12, 2021

On September 20, the DOJ entered into a consent order with New Jersey Higher Education Student Assistance Authority (HESAA) to resolve claims that it violated the SCRA by obtaining unlawful default judgments against two military servicemembers. The consent order requires AHFC to refund over $1.58 million dollars to 714 servicemembers.

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