True Accord

JANUARY 10, 2024

The fourth quarter marked the resumption of student loan payments for 22 million Americans, but repayment results were low. million borrowers missed their student loan payment —that’s 40% of loan holders. quarterly increase while auto loan balances rose by $13 billion and now stand at $1.6 a year ago.

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Student loans Student Loans Loans Banks 58

Nerd Wallet

JUNE 26, 2022

The “buy now, pay later” transaction is simple: Shoppers are offered an installment loan at the point of purchase, spreading the cost of the product across several payments. Buy now, pay later financing has become a go-to payment method at most major retailers for everything from clothing and. Anna Helhoski writes for NerdWallet.

Retail 103

Retail Loans Student loans Student Loans 103

Troutman Sanders

OCTOBER 3, 2023

On September 29, the Commodity Futures Trading Commission (CFTC) announced that it filed charges against eight Florida-based entities for fraudulently claiming to be CFTC-registered futures commission merchants and retail foreign exchange dealers. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Trade 52

Troutman Sanders

APRIL 17, 2023

District Court for the Southern District of Florida arguing that the Equal Credit Opportunity Act’s (ECOA) prohibition on discrimination covers every aspect of an applicant’s dealings with a creditor, not just the specific terms of a loan (like the interest rate or fees). Health Career Institute, LLC, et al. Townstone Financial, Inc.

Student loans 94

Student loans Student Loans Repossession Loans 94

Troutman Sanders

MARCH 28, 2023

On March 20, the CFPB announced that approximately 4,394 HMDA filers can now obtain their 2022 Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data on the Federal Financial Institutions Examination Council’s HMDA Platform. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Financial Institution 52

Collection Industry News

NOVEMBER 22, 2023

.” Digital applications now help millions of people to send money to friends and family, as well as to help them make a variety of consumer retail payment transactions. Such applications also have gained a significant volume of in-person retail spending. Read today’s Notice of Proposed Rulemaking.

Credit Unions 40

Credit Unions Credit Unions Student loans Student Loans 40

Troutman Sanders

JANUARY 17, 2023

In November 2022, Genesis announced that it will prohibit retail investors from withdrawing their cryptocurrency deposits from Gemini Earn accounts due to liquidity risks. Supreme Court in support of the Biden administration’s student loan forgiveness plan.

Financial services 52

Financial services Student loans Student Loans Education 52

Credit Corp

NOVEMBER 18, 2020

If you used your card once at a retail store, they’ll still have your information on file. Loans and Leases. Somebody with your personal information might try to apply for a loan online. The FTC has also reported fraud instances related to student loans and payday loans. Get Credit Repair Help.

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Student loans Student Loans Loans Financial Institution 112

Troutman Sanders

MAY 9, 2023

On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels.

Financial services 52

Financial services Student loans Student Loans Loans 52

Credit Corp

AUGUST 26, 2020

According to the National Retail Foundation, the cost of returning to public school is about $697 per household every year. You might take out a small personal loan to cover new band equipment, for example, or use a credit card to buy school supplies. Research student loan options. How Expensive Back to School Really Is.

Education 98

Education Student loans Student Loans Creditworthiness 98

Troutman Sanders

JANUARY 23, 2024

billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes to income-driven repayment (IDR) forgiveness and public service loan forgiveness (PSLF) made by the administration. On January 19, the Biden-Harris administration announced the approval of $4.9 On January 16, the U.S.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

Collection Industry News

JANUARY 13, 2024

Auto loan and mortgage debt increased by 4%, while student loan debt saw a modest rise of 1.6%. Household debt in the “Other” category — which includes retail cards and other consumer loans — also saw a substantial increase of 7.7% A lower interest rate would allow some borrowers to refinance high-interest loans.

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Credit Card Debt Student loans Student Loans Bankruptcy 40

Collection Industry News

MAY 19, 2023

During the first quarter, the increases in debt were seen across practically all categories, with larger (and new record) balances for mortgages, home equity lines of credit, auto loans, student loans, retail cards and other consumer loans.

Credit Card Debt 52

Credit Card Debt Student loans Student Loans Loans 52

Credit Corp

JUNE 27, 2021

According to Forbes, consumers owed $323 billion on personal loans in 2020. The banks limited loan opportunities because of the increasing risk of default. While having a good credit score doesn’t mean you’ll get approved for every loan, it can increase the chances of approval. Starting and Owning a Business. Conclusion.

Student loans 98

Student loans Student Loans Loans Personal loans 98

Troutman Sanders

SEPTEMBER 11, 2023

Tempoe offered financing at the point of sale to customers at major retailers such as Sears and Kmart. State Activities: On September 7, the California Department of Financial Protection and Innovation (DFPI) announced the launch of the Student Loan Empowerment (SLE) Project, a new $7.25 The SLE Project will award $7.25

Financial services 52

Financial services Student loans Student Loans Banks 52

Fico Collections

APRIL 28, 2022

According to the research from Cornerstone Advisors , these point-of-sale short-term installment loans with low credit amounts have been increasing in popularity during recent years for retail purchases like clothing, household goods, electronics, and more.

Loans 98

Loans Consumer Credit Credit Bureau Student loans 98

Troutman Sanders

OCTOBER 22, 2021

The Consumer Bankers Association (CBA), a trade group of retail financial institutions, recently sent a letter to the Consumer Financial Protection Bureau (CFPB) director, requesting increased supervision of financial technology companies (fintechs). Second, it argued that a lack of supervision puts consumers at risk.

Student loans 52

Student loans Student Loans Lender Financial Institution 52

Fico Collections

DECEMBER 6, 2022

One more unknown is how the expiration of student loan payment deferment and the upcoming loan cancellation will impact the overall cash flow of consumers. Debt is also becoming more expensive with the Federal Reserve continuing to increase interest rates. Sources: University of Michigan, U.S. Bureau of Labor Statistics, U.S.

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Student loans Student Loans Loans Retail 52

Better Credit Blog

AUGUST 7, 2020

Whether you’re in the market for a mortgage, auto loan, or credit card, your application can result in a hard inquiry on your credit report, which can damage your credit score for years. Synchrony offers several financial products, from CDs, MMAs, and IRAs to credit cards and loans through partnerships with other lenders.

Retail 52

Retail Lender Debt collector Banks 52

Troutman Sanders

NOVEMBER 4, 2021

The report catalogued the percentage of auto loan, student loan, credit card, and retail card accounts opened between 2012 and 2019 in which a dispute flag appeared on the applicant’s credit report.

Student loans 59

Student loans Student Loans Retail Loans 59

True Accord

MARCH 31, 2022

For one, the consumer credit market is looking strong with signs of expansion, specifically, originations for credit cards and personal loans are increasing. As a result, originations for credit cards and personal loans have returned to pre-pandemic levels and have been holding fairly constant over the last two quarters.

Lender 58

Lender Personal loans Foreclosure Loans 58

Troutman Sanders

NOVEMBER 21, 2023

On November 16, the Justice Department, in close coordination with the Department of Education, announced a successful first year of the new process for handling cases in which individuals seek to discharge their federal student loans in bankruptcy. For more information, click here. For more information, click here.

Financial services 52

Financial services Retail Banks Collections 52

Troutman Sanders

JULY 26, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. For more information, click here. On July 16, Massachusetts Attorney General Healey issued a press release that “the U.S.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

Collection Industry News

NOVEMBER 8, 2021

The report catalogued the percentage of auto loan, student loan, credit card, and retail card accounts opened between 2012 and 2019 in which a dispute flag appeared on the applicant’s credit report.

Student loans 40

Student loans Student Loans Retail Loans 40

Credit Corp

MARCH 1, 2021

Or, perhaps it’s a student who needs to earn a little extra money to help pay student loans. Retail Sales Rep. Retail sales reps require strong customer service skills, and attention to detail will go a long way. Retail sales reps earn about $12+ an hour. Bartenders.

Retail 101

Retail Education Student loans Student Loans 101

Troutman Sanders

JANUARY 25, 2022

On January 20, the FTC issued an advisory opinion, stating that the Holder Rule does not prevent a plaintiff from recovering attorneys’ fees and costs against a “loan holder,” where another state, local, or federal law permits the recovery as some courts have incorrectly concluded.

Financial services 52

Financial services Student loans Student Loans Trade 52

Troutman Sanders

JUNE 21, 2023

On June 20, the Federal Trade Commission (FTC) sent letters to 50 online marketplaces nationwide, notifying them about their obligation to comply with the new Integrity, Notification, and Fairness in Online Retail Marketplaces for Consumers Act — or the INFORM Consumers Act — as soon as it takes effect on June 27.

Financial services 52

Financial services Collection Agencies Collections Agency Trade 52

Better Credit Blog

OCTOBER 14, 2020

Asset Recovery Solutions isn’t a lender, provider, or retailer itself, so getting a letter or call stating that you owe them money may have you concerned about the company’s legitimacy. While you might not be familiar with Asset Recovery Solutions, it collects on a wide range of debts, such as: Auto loans. Retail debt.

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Debt collector Collection Agencies Collections Agency Retail 52

Troutman Sanders

OCTOBER 30, 2023

This bill would instruct the Consumer Financial Protection Bureau (CFPB) and the Government Accountability Office to conduct a study on BNPL and EWA services to help determine the degree to which consumers are utilizing both services for retail purchases. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Trade Banks 52

Troutman Sanders

OCTOBER 4, 2022

On September 29, the Consumer Financial Protection Bureau (CFPB) released a special edition of Supervisory Highlights on recent examination findings, covering the practices of student loan servicers and schools that lend to students directly. For more information, click here.

Financial services 52

Financial services Trade Retail Banks 52

Credit Corp

JULY 17, 2021

Unfortunately, college is expensive and often results in expensive student loans. Many small businesses would be happy to get a college student. Think gas stations, retail, offices, and restaurants. These janitorial jobs are suitable for college students because they offer flexibility. Final Thoughts.

Student loans 98

Student loans Student Loans Retail Loans 98

Troutman Sanders

OCTOBER 17, 2022

On October 13, the CFPB, the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000. For more information, click here. 1701 , et seq.).

Financial services 52

Financial services Banks Student loans Student Loans 52

Better Credit Blog

AUGUST 24, 2021

You’ve likely also heard that a good credit score is essential to getting a mortgage, or a good deal on a personal loan for a car. Simply put, lenders will use this number to make a determination about how likely you are to pay back a loan, based on your history of paying off your credit cards. Ok, got it.

Lender 59

Lender Loans Personal loans Student loans 59

Troutman Sanders

NOVEMBER 30, 2020

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. House of Representatives that would extend the payment pause and interest waiver for government-held federal student loans.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Troutman Sanders

DECEMBER 12, 2023

billion in student loan debt relief for 80,300 borrowers. The guidance focuses on the risk management of BNPL loans, which are payable in four or fewer installments and carry no finance charges. The Bitstamp listing enables retail traders to access EURCV, joining Tether and Circle’s USDC in the stablecoin market.

Financial services 52

Financial services Banks Collection Agencies Collections Agency 52

Troutman Sanders

DECEMBER 19, 2023

On December 12, the FTC announced that it had finalized a new rule — the Combating Auto Retail Scams (CARS) Rule — addressing two types of illegal tactics consumers allegedly face when buying a car: bait-and-switch tactics and hidden junk fees. For more information, click here. For more information, click here.

Financial services 52

Financial services Banks Debt collector Government 52

Troutman Sanders

MARCH 8, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The stimulus package includes a provision that would end the current policy of considering any student debt forgiven taxable income.

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Financial services Retail Foreclosure Financial Institution 52