Troutman Sanders

MAY 16, 2022

Privacy and Cybersecurity Activities. 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. State Activities.

Financial services 52

Financial services Foreclosure Lender Judgment 52

True Accord

OCTOBER 11, 2022

The Questions: What are the major regulations lenders need to know about? What are the major laws and regulations lenders need to know that govern debt collection (and debt collection service providers)? For example, consumer privacy laws are popping up everywhere. What are the consequences of non-compliance?

Collections 85

Collections Debt collector Third-party Debt Collectors Fair Debt Collection 85

Credit Corp

MARCH 6, 2023

Portrait of a professional businessman standing in an office with colleagues in the background Businesses, lenders, landlords and even some employers use your credit score to determine your creditworthiness. Nearly every lender in the country uses credit reports to determine whether they approve a loan application.

Auto Insurance 98

Auto Insurance Debt collector Lender Law Firms 98

Credit Corp

OCTOBER 16, 2023

The credit score was invented in 1989 to make credit reports more actionable for lenders. Understanding the origins of the credit score can help you better comprehend why lenders use it and how to improve your financial situation. However, this does not influence our evaluations. Disclosure regarding our editorial content standards.

Lender 98

Lender Loans Credit Bureau Bankruptcy 98

Credit Corp

DECEMBER 6, 2022

Find the lowest rate when you compare rates from multiple lenders, even if your credit isn't perfect. Privacy Policy. Next, you want to gather all the necessary documents so you have everything ready when your lender requests them. Below is a look at the most common documents requested by lenders. Finding a Lender.

Loans 98

Loans Lender Banks Financial Institution 98

Troutman Sanders

JULY 25, 2023

The plaintiffs argued that a reporting requirement would enable the government to identify both parties in a transaction when coupled with public information on the blockchain, which infringes upon their right to keep information not subject to the disclosure private, and violating constitutional rights to privacy.

Financial services 52

Financial services Trade Repossession Lender 52

Troutman Sanders

MAY 31, 2022

Privacy and Cybersecurity Activities. According to the press release, the “Confidentiality of Medical Information Act (CMIA) applies to mobile apps that are designed to store medical information, including some fertility trackers, and establishes privacy protections that go beyond federal law.” State Activities.

Financial services 52

Financial services Education Creditors Collection Agencies 52

Troutman Sanders

FEBRUARY 25, 2022

Fostering competition among subprime lenders. The blog post outlines three primary ways the CFPB seeks to ensure a fair, transparent, and competitive auto lending market in the wake of the significant price changes: Ensuring affordable credit for auto loans; Monitoring practices in auto loan servicing and collections; and.

Loans 52

Loans Lender Trade Banks 52

Troutman Sanders

NOVEMBER 30, 2020

Privacy and Cybersecurity Activities. federal agencies commenced preliminary investigations into potential misconduct committed by various lenders when distributing $525 billion in pandemic aid under the Paycheck Protection Program (PPP). State Activities. Treasury Secretary Steven T. For more information, click here. Trust is vital.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Credit Corp

DECEMBER 14, 2022

While credit scoring models and lender standards differ, the average American credit score is often nestled firmly in a range that could be considered fair. Privacy Policy. What should you do if you have bad credit ? Less attention is paid to fair credit, which is ironic considering that’s where a large segment of consumers land.

Lender 97

Lender Banks 97

Credit Corp

MARCH 21, 2023

Yes, Navient is a real company with real contracts with student loan lenders. Get Your Free Credit Score & Monitoring Plus Weekly Updates From Our 50+ Experts Get It Now Privacy Policy What Does Navient Do? Note that Navient is not the lender.

Student loans 92

Student loans Student Loans Loans Lender 92

Troutman Sanders

AUGUST 9, 2021

Privacy and Cybersecurity Activities. Privacy and Cybersecurity Activities: On August 4, the Federal Trade Commission (FTC) warned consumers that identity thieves “are targeting millions of people nationwide with scam phishing texts aimed at stealing personal information, unemployment benefits, or both.” State Activities.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

AUGUST 7, 2023

According to the press release, “[t]he loan program improvements will increase small businesses’ ability to access funding to start up and grow through a broader network of lenders with streamlined lender procedures.” For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Manufacturing Loans 52

Troutman Sanders

SEPTEMBER 21, 2020

Privacy and Cybersecurity Activities. Federal Activities: On September 18, 2020, the Federal Reserve Board updated its frequently asked questions (FAQs) to clarify the Board’s and Department of Treasury’s expectations for lenders underwriting the Main Street Lending Program. State Activities. For more information, click here.

Financial services 52

Financial services Banks Government Acquisition 52

Public Citizen

OCTOBER 31, 2020

Regulatory status of “Fintech” (internet based) lenders, “earned wage advances,” and use of expanded creditworthiness factors by fintech lenders potentially resulting in discrimination. FTC’s record-breaking privacy enforcement action against tech giant Facebook. New California comprehensive consumer privacy legislation.

Creditworthiness 53

Creditworthiness Law Firms Lender Debt collector 53

Troutman Sanders

DECEMBER 10, 2021

Zinsner has handled every type of litigation impacting financial institutions, including lender liability, Uniform Commercial Code, bank operations, consumer finance, fiduciary matters, and state consumer protection statutes.

Financial Institution 52

Financial Institution Education Banks Trade 52

Troutman Sanders

FEBRUARY 16, 2023

Companies operating these digital platforms appear to shoppers as if they provide objective lender comparisons, but may illegally refer people to only those lenders paying referral fees. For more information, click here. For more information relating to the NYDFS’ order, click here. For more information, click here.

Financial services 52

Financial services Lender Banks Education 52

Credit Corp

JULY 13, 2020

A lender noticed that you’ve had a recent, slightly unusual cash deposit in your bank account. Why do lenders care about cash deposits? It’s pretty simple—lenders need to make sure that your income, along with any additional assets, are legitimate. Why Does Your Lender Care About Deposits? But there’s one small hiccup.

Lender 90

Lender Loans Banks Personal loans 90

Troutman Sanders

OCTOBER 11, 2021

Privacy and Cybersecurity Activities. On September 30, the CFPB published Data Point Report: Subprime Auto Loan Outcomes by Lender Type , examining interest rate and default risk trends across different types of subprime auto lenders. State Activities. Federal Activities: On October 8, the U.S. For more information, click here.

Financial services 52

Financial services Loans Lender Foreclosure 52

Troutman Sanders

MARCH 29, 2021

Privacy and Cybersecurity Activities. On March 25, Senators Chris Van Hollen and Sherrod Brown, along with Representative Chuy Garcia, announced legislation to repeal the Office of the Comptroller of the Currency’s True Lender Rule through the use of the Congressional Review Act. State Activities.

Financial services 52

Financial services Fair Debt Collection Lender Foreclosure 52

Credit Corp

MARCH 23, 2023

Ask if Lenders Will Remove Paid-Off Items From Your Report Many lenders report past-due accounts to credit reporting agencies to entice customers to pay their debts. Once you pay your debt off, the lender may be willing to remove this debt from your credit report. Contact your lender directly to make this request.

Lender 98

Lender Loans Debt Consolidation Creditors 98

True Accord

MAY 19, 2021

Similar to other facets of consumer protection like privacy regulation, I expect that the rules coming out of the DFPI may end up impacting consumers nationwide.”. TrueAccord empowers many of the estimated 77 million consumers who are in debt every year to get on a path to better financial health. To learn more, go to [link].

Collections 95

Collections Financial Institution Debt collector Lender 95

Better Credit Blog

APRIL 2, 2022

The site uses built-in algorithms to offer you real-time, pre-qualified personal loan rates from about a dozen different lenders. 6.79% – 149% depending on your credit and the lender you choose. Fiona works as an aggregator for personal loan lenders ; it does not actually fund any personal loans itself. Loan Terms.

Personal loans 80

Personal loans Loans Student loans Student Loans 80

Collection Industry News

NOVEMBER 2, 2020

But the report also emphasized that this expansion in access to and distribution of consumer financial data “raises a number of concerns, particularly with respect to data security, privacy, and unauthorized access.”. Privacy Expectations and the Movement and Sharing of Information. That industry is broader than one may think.

Financial services 40

Financial services Credit Unions Credit Unions Lender 40

Troutman Sanders

JUNE 22, 2021

Privacy and Cybersecurity Activities. On June 14, the CFPB released a report analyzing the differences in lending patterns for lenders below and above the 100-loan, closed-end threshold set by the 2020 Home Mortgage Disclosure Act (HDMA). Privacy and Cybersecurity Activities: On June 17, U.S. State Activities.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

JUNE 7, 2022

Privacy and Cybersecurity Activities. In exchange, he falsely promised that he would reduce people’s mortgage loan payments, get loan forbearance so they could delay making loan repayments, and prevent lenders or mortgage services from foreclosing on customers. State Activities. However, he failed to provide any of these services.”

Financial services 52

Financial services Education Trade Loans 52

Troutman Sanders

APRIL 18, 2022

Privacy and Cybersecurity Activities. Privacy and Cybersecurity Activities: On April 11, Connecticut’s Senate Judiciary Committee voted 25-14 in favor of passing S.B. 6, a comprehensive privacy bill that most closely resembles the Colorado Privacy Act (CPA). State Activities. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52

Better Credit Blog

MAY 3, 2022

Privacy Guard : Best Three Bureau Credit Monitoring. Some creditors prioritize Experian credit reports over others, so if you’re planning to work with a lender that values your Experian score in the next few months, you can benefit by choosing this service. Privacy Guard. Privacy Guard Features. month thereafter.

Financial Institution 80

Financial Institution Credit Bureau Lender Banks 80

Troutman Sanders

JANUARY 19, 2021

Privacy and Cybersecurity Activities. 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. Check out lenders before sharing personal information.

Financial services 52

Financial services Garnishment Foreclosure Government 52

Troutman Sanders

OCTOBER 4, 2021

Privacy and Cybersecurity Activities. 424 would, among other provisions, place new documentation requirements on any collection activity concerning student loans for private lenders. Privacy and Cybersecurity Activities: On September 30, the U.S. State Activities. Among other provisions, S.B. For more information, click here.

Financial services 52

Financial services Financial Institution Foreclosure Student loans 52

Troutman Sanders

MARCH 11, 2024

On March 4, the Small Business Administration (SBA) announced the next generation of the SBA’s Lender Match tool for small businesses to connect to capital through SBA’s network of approved banks and private lenders. state to enact a comprehensive privacy law. For more information, click here. For more information, click here.

Financial services 52

Financial services Garnishment Lender Banks 52

Troutman Sanders

SEPTEMBER 7, 2021

Privacy and Cybersecurity Activities. If finalized, this rule would require lenders to disclose information about their lending to small businesses. State Activities. Federal Activities: On September 1, the U.S. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Collection Industry News

DECEMBER 8, 2022

Critics say the messages could be lost online or lead to invasions of privacy and a proliferation of new scams. Lenders had argued that the change was needed, given that the Fair Debt Collection Practices Act, which regulates the industry, became law in 1977 – long before the creation of social media and cell phone texts.

Creditors 40

Creditors Debtor Debt collector Fair Debt Collection 40

Collection Industry News

DECEMBER 1, 2022

Critics say the messages could be lost online or lead to invasions of privacy and a proliferation of new scams. Lenders had argued that the change was needed, given that the Fair Debt Collection Practices Act, which regulates the industry, became law in 1977 – long before the creation of social media and cell phone texts.

Creditors 40

Creditors Debtor Debt collector Fair Debt Collection 40

Troutman Sanders

JULY 19, 2023

Data Privacy Framework. State Activities: On July 14, California Attorney General (AG) Rob Bonta announced an investigative sweep aimed at determining whether several large employers within the state are in compliance with the state’s Consumer Privacy Act. For more information, click here. The decision concludes that the U.S.

Financial services 40

Financial services Lender Trade Banks 40

Troutman Sanders

SEPTEMBER 14, 2020

Privacy and Cybersecurity Activities. On September 9, 2020, the Deputy Superintendent of the New York Department of Financial Services issued guidance to New York state-regulated mortgage lenders and servicers regarding fees paid to register mortgages in default. State Activities. For more information, click here.

Financial services 52

Financial services Collections Trade Lender 52

Troutman Sanders

JUNE 27, 2022

Privacy and Cybersecurity Activities. Historically, the CFPB confines itself to “true lender” litigation against participants in high-rate programs involving Native American tribal parties (and not banks) already challenged by state enforcement authorities. State Activities. For more information, click here.

Financial services 52

Financial services Banks Trade Government 52