Troutman Sanders

MARCH 2, 2022

On February 28, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a bulletin and accompanying press release , highlighting an issue that the agency has written about frequently over the past several years: inadvertent repossessions. Failing to cancel active repossession orders when a consumer files for bankruptcy.

Repossession 52

Repossession Retrieval Bankruptcy Loans 52

Credit Corp

APRIL 26, 2024

A property is foreclosed or repossessed. For example, you don’t need to file a 1099-C form if you loaned your brother $1,000 and then told him on his birthday you’ve decided he doesn’t have to pay you back. So, if your debt isn’t canceled via repossession, bankruptcy or other such processes, cancellation could happen at any time.

Repossession 59

Repossession Creditors Bankruptcy Foreclosure 59

Qualco

NOVEMBER 7, 2023

Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. This scenario underscores the pressing need for resilient and adaptable strategies in managing loan portfolios.

Financial Institution 90

Financial Institution Debtor Loans Collateral 90

Troutman Sanders

JULY 27, 2023

The Bureau last did this in 2016 by announcing in Supervisory Highlights that auto finance companies should prohibit repossession agents from charging personal property storage and retrieval fees, and the Bureau followed that announcement with both supervisory activity and a consent order in 2020 on the same subject.

Collections 52

Collections Lender Repossession Debt collector 52