Troutman Sanders

AUGUST 17, 2020

Federal Activities: On August 12, 2020, the Consumer Financial Protection Bureau published Frequently Asked Questions (FAQs) and answers pertaining to compliance with the Payday Lending Rule. The FAQs explain what types of loans are covered, payment transfers, and payment notices. On August 11, 2020, the U.S.

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Financial services Student loans Student Loans Debt collector 52

Troutman Sanders

FEBRUARY 13, 2024

Gemini had alleged that Genesis pledged more than 61 million shares of Grayscale to secure loans, then defaulted on the loans. Genesis filed for Chapter 11 protection in January 2023 with $5.1 The SLOOS addressed changes in standards, terms, and the demand over bank loans over the past three months ( i.e. , Q4 of 2023).

Financial services 52

Financial services Student loans Student Loans Collection Agencies 52

Troutman Sanders

APRIL 18, 2023

Court of Appeals for the Fourth Circuit held that the Military Lending Act (MLA) does not govern loans borrowed in part to finance the purchase of a car, even when the loan covers additional related costs. On April 10, President Joe Biden signed HJR7 into law, declaring the end of the COVID-19 emergency installed on March 13, 2020.

Financial services 52

Financial services Financial Institution Loans Bankruptcy 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. On March 22, the SEC issued a Wells Notice to Nasdaq-traded cryptocurrency exchange Coinbase, Inc. For more information, click here. On March 23, the U.S.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

JUNE 22, 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. These borrowers will receive 100% loan discharges, resulting in approximately $500 million in relief. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

MARCH 15, 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. On March 11, President Joe Biden signed the $1.9 For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Foreclosure Government 52

Troutman Sanders

MAY 16, 2022

On May 11, the U.S. Senate voted 51-50 to confirm Alvaro Bedoya as a member of the Federal Trade Commission, requiring Vice President Kamala Harris to cast the tie-breaking vote. 3d 1 (2021), and it retroactively annuls lenders’ longstanding right to revoke their option to accelerate mortgage loans after default. Engel , 37 N.Y.3d

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Burr Forman

MARCH 11, 2021

The ARP was then sent to President Joe Biden’s desk and officially signed into law on March 11, 2021. Eligible entities also do not include any entity that is a publicly-traded company, which means the entity is majority owned or controlled by an entity that is an issuer, the securities of which are listed on a national securities exchange.

Construction 52

Construction Loans 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

Troutman Sanders

FEBRUARY 16, 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. On February 8, HB 32 was introduced in Ohio, seeking to place a moratorium on the collection of some student loans and health care debt.

Financial services 52

Financial services Student loans Student Loans Banks 52

Troutman Sanders

SEPTEMBER 21, 2020

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. On September 18, 2020, the Federal Reserve Board issued its Report on Economic Well-Being of U.S.

Financial services 52

Financial services Banks Government Acquisition 52

Troutman Sanders

OCTOBER 4, 2022

Federal Activities: On September 30, the Commodity Futures Trading Commission (CFTC) filed an enforcement action against crypto futures and spot market exchange Digitex and its founder and CEO Adam Todd. State Activities. The CFTC alleged that Digitex violated the Commodity Exchange Act by failing to register as a futures commission merchant.

Financial services 52

Financial services Trade Retail Banks 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. government.

Financial services 52

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. government.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

MAY 31, 2023

In a major initiative designed to improve global standards of regulation of crypto-assets, IOSCO has set out recommendations regarding how clients should be protected and how crypto trading should meet the standards that apply in public markets. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Banks Trade 52

Troutman Sanders

MARCH 28, 2022

Federal Activities: On March 24, the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2021 became available on the Federal Financial Institutions Examination Council’s HMDA platform for approximately 4,316 HMDA filers. The published data contains loan-level information filed by financial institutions.

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Financial services Financial Institution Credit Unions Credit Unions 52

Troutman Sanders

NOVEMBER 21, 2022

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. On November 11, the U.S. For more information, click here. For more information, click here. For more information, click here. On November 9, the U.S.

Financial services 52

Financial services Banks Lender Trade 52

Credit Corp

JULY 16, 2021

At the end of 2020, Whitestone had a debt-to-equity ratio of about 2.1x. The company was hit particularly hard by the pandemic—in 2020 Exxon Mobil reported a $20 billion loss in its upstream segment. The bank focuses on multi-family loans in New York City, particularly in buildings that are rent controlled. Enbridge Inc.

Acquisition 98

Acquisition Banks Trade Manufacturing 98

Troutman Sanders

DECEMBER 19, 2023

The consent order alleges that CoinList processed 989 transactions on behalf of users located in Crimea between April 2020 and May 2022, in violation of OFAC’s Russia/Ukraine sanctions. On December 11, the OCC published its 2023 Annual Report. For more information, click here. On December 12, the U.S. For more information, click here.

Financial services 52

Financial services Banks Debt collector Government 52

Troutman Sanders

JANUARY 20, 2022

On January 13, the Federal Trade Commission (FTC) settled charges against a business credit reporting company, arising from allegations that the company engaged in deceptive and unfair practices. On January 11, the FTC issued a blog post to help consumers take advantage of the U.S. On January 13, a group of U.S. paid to the states.

Financial services 52

Financial services Student loans Student Loans Debt collector 52

Troutman Sanders

FEBRUARY 2, 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. On January 21, the Federal Reserve Board approved reappointment of 12 Federal Reserve Bank presidents and 11 first vice presidents.

Financial services 40

Financial services Foreclosure Banks Debt collector 40

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. Currently, any student loan debt canceled by the government can be considered taxable and levied at the borrower’s normal income tax rate.

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Financial services Retail Foreclosure Financial Institution 52

Collection Industry News

FEBRUARY 21, 2022

11 minute read. It is much easier to verify which Robert Smith out of more than 34,000 Robert Smiths is the one with a particular defaulted loan or outstanding credit card balance when that particular Robert Smith’s date of birth and Social Security number is used to confirm his identity. 2020), rev’d on standing grounds,141 S.Ct.

Trade 40

Trade Law Firms Construction Government 40

Troutman Sanders

OCTOBER 15, 2021

In 2020, the FBI reported that business email compromise and other internet-enabled theft, fraud, and exploitation resulted in adjusted financial losses of $1.8 Even sophisticated parties and publicly traded companies are getting scammed. LEXIS 35604 at *11-12. [5] to what was the fraudster’s Wells Fargo account. 3] See Fla.

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Fico Collections

JANUARY 26, 2022

Experiment with trade-offs between decision factors and business constraints, simulate various scenarios and compare their impact on collections key performance indicators and contributions to the bottom-line. The payment deferrals enacted in 2020 will likely result in future repayment challenges once collection activities resume.

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Collections Student loans Student Loans Government 52

Fico Collections

APRIL 17, 2021

So, with the Oscars approaching on April 25, a group FICO employees were waiting for a Zoom meeting to begin and talking about 2020 Oscar nominees; of course, the conversation soon shifted to stories about their favorite movies with nerdy, geeky, and propeller-headish themes. Best Depiction of Data Integrity in Forecasting: Trading Places.

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