Troutman Sanders

FEBRUARY 6, 2024

On January 29, the OCC requested comment on a proposal to update its rules for business combinations involving national banks and federal savings associations. On January 29, the OCC requested comment on a proposal to update its rules for business combinations involving national banks and federal savings associations.

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Nexa Collect

OCTOBER 12, 2020

Going to medical school doesn’t guarantee that you how to handle your finances. Newly minted physicians earn high incomes but have large amounts of student debt, and generally require specialized insurance. But this ignores the biggest drag on their savings — student debt. Therefore they need life insurance policies that match.

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Troutman Sanders

FEBRUARY 21, 2024

The updated rule broadens the CFPB officials eligible to evaluate appeals, the options for resolving an appeal, the matters subject to appeal, and makes additional clarifying changes. On February 15, the CFPB published a blog recounting its action against a student loan debt relief business and a debt-settlement company.

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Financial services Student loans Student Loans Financial Institution 52

Taurus Collect

MARCH 7, 2022

Debt collection is the approach of pursuing payments of debts owed by different entities (individuals or businesses). It occurs when a collection agency or a company attempts to collect past-due debts from borrowers. How do debt collectors work? Capacity to dispute the debt in question, along with stipulations.

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Collection Industry News

FEBRUARY 1, 2022

Bombarded with calls and letters from bill collectors, Nila Payton can’t recall precisely how she ended up owing $4,000 in medical debt to her employer, UPMC. In an emailed response to the Post-Gazette, UPMC declined to respond to questions about the union survey or provide the number of workers who owe medical debt.

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Troutman Sanders

DECEMBER 5, 2022

On November 30, the Federal Trade Commission (FTC) announced that it has temporarily shut down a credit card debt relief program and its affiliated companies that allegedly took millions from consumers by falsely promising to eliminate or substantially reduce their credit card debt. OCC Acting Comptroller Michael J.

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Troutman Sanders

DECEMBER 7, 2021

On November 30, Regulation F of the Fair Debt Collection Practices Act became effective. The advisory provides information about developing relevant policies and procedures; educating account holders; and training and supporting staff. For more information, click here. For more information, click here. For more information, click here.

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Troutman Sanders

MAY 9, 2023

On May 3, the Securities and Exchange Commission (SEC) published a final ruling on changes made to the Form PF. The ruling stated that the SEC was still assessing a proposed definition for the term “digital asset.” It also offers recommended policy options to combat it. For more information, click here.

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Financial services Student loans Student Loans Loans 52

Credit Corp

JULY 7, 2021

Consolidate Your Credit Card Debt. Get out of debt faster and save money in interest with a debt consolidation loan. Privacy Policy. Medical Providers : Medical bills rarely appear on your credit report unless you fail to pay it, but it’s a good idea to provide your doctors and dentists with your new name.

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Troutman Sanders

APRIL 25, 2022

The CFPB is clearly signaling that the practice of withholding transcripts as a debt collection tactic does not make much sense to the Bureau, stating: “It is particularly perplexing, as it can undermine rather than enhance a student’s likelihood of repaying.” On April 20, the CFPB issued a report spotlighting medical billing challenges.

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Financial services Student loans Student Loans Education 52

Sawin & Shea

DECEMBER 29, 2021

Every state has different property exemption rules. The good news is that we can still help you with your debts by filing a Chapter 13, or reorganization, case if non-exempt assets would cause a problem in a Chapter 7 filing. Insurance: Insurance benefits and policies can also be exempt.

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Troutman Sanders

JANUARY 28, 2021

Med-1 Solutions , Judge Sweeney II of the District Court for the Southern District of Indiana granted summary judgment for the defendant, regarding the plaintiff’s allegation that the defendant violated the Fair Debt Collection Practices Act by reporting her debt to TransUnion after the plaintiff disputed the debt.

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Fico Collections

NOVEMBER 30, 2022

While the financial services industry would welcome the growth, the concern is that the share of debt transitioning into delinquency is also showing an increasing trend. Graph 1 : Quarterly credit card debt in the United States from 1st quarter 2010 to 2nd quarter 2022 ($ Billion) . may be emerging. Identify high-risk customers.

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Financial Institution Credit Card Debt Collections Banks 52

Payment Savvy

JULY 21, 2020

Check out our simple to succeed in running a successful debt collection agency to get the juices flowing. Working within a debt collection agency – before opening one of your own – is essential. Working within a debt collection agency – before opening one of your own – is essential. Gain Experience.

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Collection Agencies Collections Agency Collections Accounts Receivables Management 52

Credit Corp

JUNE 1, 2021

Depending on where you fall on the Millennial spectrum, you may be just starting in the professional world, starting a family, entering middle management, or even working your way out of debt. Include a line item in the budget for any credit card debt. Pay down debt. Set House Rules. Pay Student Loan Debt.

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Student loans Student Loans Credit Card Debt Loans 97

Troutman Sanders

JULY 20, 2020

Federal Activities: On July 17, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it issued a Compliance Assistance Statement of Terms Template (CAST Template) under its Compliance Assistance Sandbox (CAS) Policy to Build Commonwealth, Inc (Commonwealth). The order pertains only to a debt owed to the city of Chicago.

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Troutman Sanders

JANUARY 11, 2022

The defendants will be permanently banned from the merchant cash advance and debt collection industries, and they must pay $675,000 to settle FTC charges that they used deceptive and illegal means to seize assets from small businesses, nonprofits, and religious organizations. For more information, click here.

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Troutman Sanders

JULY 7, 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. Some consumers reported facing homelessness because of the negative impact of an eviction on their credit history reported by debt collectors.

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Troutman Sanders

MARCH 29, 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 22, the CFPB released the 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA).

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Troutman Sanders

SEPTEMBER 27, 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. Coast Professional, Inc., and ConServe. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

NOVEMBER 21, 2022

The deadline for complying with some of the updated requirements of the Safeguards Rule is now June 9, 2023. million toward purchasing residents’ medical debt. For more information, click here. On November 15, the CFPB filed a petition for a writ of certiorarito the U.S. For more information, click here. On November 11, the U.S.

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Credit Corp

JUNE 3, 2020

When you borrow money, you are legally required to repay the debt. This can include utility companies, medical professionals, cell phone service providers and auto mechanic shops. This can include utility companies, medical professionals, cell phone service providers and auto mechanic shops. One of those options is to sue you.

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Troutman Sanders

SEPTEMBER 14, 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. Under the proposal, the OCC would go back to the previous 1995 regulations for the Community Reinvestment Act (CRA), a 1977 fair lending law.

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Financial services Student loans Student Loans Foreclosure 52

Debt Guru

MARCH 26, 2020

But surprise expenses are not the exception to the rule. Check your insurance policy to determine your copays for well visits, sick visits, urgent care/ER visits, and prescriptions. They also need regular veterinary care, vaccines, preventative medicines, and even unexpected medical needs, and all of that can be quite costly.

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Home Insurance Debt Management 69

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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Troutman Sanders

SEPTEMBER 25, 2023

The CFPB’s plan could also impose stricter rules for obtaining consumer consent, and increase compliance requirements and risks for both new and existing members of the FCRA-regulated consumer data ecosystem. CFPB Director Rohit Chopra indicated that a proposed rule would likely be issued in 2024. For more information, click here.

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Troutman Sanders

DECEMBER 19, 2023

Coinbase’s petition requested the SEC to propose and adopt rules to, among other things, “identify which digital assets are securities.” On December 13, by a vote of 4-1, the Federal Communications Commission (FCC) adopted new rules aimed at “closing the ‘lead generator’ robocall/robotexts loophole.” For more information, click here.

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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. This Bulletin serves as an update to that non-exhaustive compilation of information.

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Financial Institution Garnishment Collections Foreclosure 52

Troutman Sanders

MARCH 11, 2024

On March 5, the CFPB finalized a rule to cut excessive credit card late fees by closing a loophole exploited by large card issuers. The rule will curb fees that cost American families more than $14 billion a year. If enacted, the bill would, among other things, prohibit medical debts from being reported on consumers’ credit reports.

Financial services 52

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Troutman Sanders

JUNE 7, 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 final rule adopted the Board’s proposed rule on January 8, 2021 without change, with the rule taking effect on July 29.

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Financial services Foreclosure Trade Collections 52

Troutman Sanders

FEBRUARY 21, 2023

On February 15, the SEC issued a proposed rule that broadens the application of SEC’s current custody rule (Rule 206(4)-2 under the Advisers Act) and redesignates that rule as new Rule 223-1 under the Advisers Act. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Banks 52

Troutman Sanders

MARCH 28, 2022

On March 22, the Federal Reserve Board invited comment on an interagency proposal to update policies and procedures, governing administrative proceedings for supervised financial institutions. On March 22, the Consumer Financial Protection Bureau (CFPB) issued policy guidance on potentially illegal practices related to consumer reviews.

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Troutman Sanders

JUNE 14, 2023

The proposed guidanceadvises on policies that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the original appraisal. million penalty to the CFPB’s victims relief fund.

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Collection Industry News

JANUARY 24, 2022

collection or reporting of medical debt, will hold debt collectors. accountable for failing to comply with the Fair Debt Collection. medical bills for services arising from care provided at. rule here and the first NSA regulation here.). In the Bulletin, the CFPB reminds debt collectors that “a.

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Debt collector Collections Fair Debt Collection Healthcare 40

Troutman Sanders

FEBRUARY 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. The rule would also clarify the existing activities-based test in Regulation EE. For more information, click here.

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Financial services Student loans Student Loans Financial Institution 52

True Accord

OCTOBER 12, 2022

Simultaneously, regulatory activity in the debt collection space has also been on a roll as organizations try to make sense of how technology can (and should) be used to innovate the industry. in August , driven by increases in food, shelter and medical care costs, and despite falling gas prices. And that cost keeps rising.

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Collection Industry News

FEBRUARY 21, 2022

Illegal conduct by a student loan servicer can be ruinous for borrowers who miss out on the opportunity for debt cancellation,” said CFPB Director Rohit Chopra. “We This includes payments made through the Federal Family Education Loan (FFEL) and Federal Perkins Loan Programs, which did not previously count under the old PSLF rules.

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