Credit Governance

August 28, 2024 by Various Authors , Troutman Pepper in CFPB

CFPB Says Earned Wage Access Products Are Subject to the Truth in Lending Act

Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed interpretive rule opining that earned wage access (EWA) products — whether provided through employer partnerships or marketed directly...

March 21, 2023 by Joann Needleman, Stephanie R. Hager, Kevin Dooley Kent in Credit Governance

In the Wake of the Demise of Silicon Valley Bank and Signature Bank: What Fintechs, Private Equity, and Banks Need to Know

This article was originally published here by Clark Hill, and is reposted here with permission. Joann Needleman is a member of the Consumer Relations Consortium's Legal Advisory Board. You can...

January 18, 2023 by Joann Needleman in Credit Governance

[Podcast] Credit Eco To Go: Can We Achieve Consistency to the Complex?

For fintech lenders, debt sale is the obvious way to handle collections & recovery. It’s quicker than the other options and, if you partner with a good debt buyer, it’s...

September 8, 2022 in CFPB

[Video] Should You Stop Credit Reporting?

Recent actions by the CFPB – including the $19M penalty against Hyundai – substantially increased the risk for creditors and debt collectors for furnishing consumer information to credit reporting agencies....

August 11, 2022 by Erin Kerr in CFPB

The CFPB's New Credit Furnishing Standard Is a "Moving Target"

Creditors and lenders don’t have to report data to the credit bureaus, but consumers have a strong incentive to remedy past-due or charged off accounts that affect their credit scores,...

July 28, 2022 by Erin Kerr in CFPB

3 Lessons from The CFPB’s $19M Enforcement Action against Hyundai

The CFPB recently ordered Hyundai Capital America (Hyundai) to pay $19 million for widespread credit reporting failures, their largest FCRA case against an auto servicer. Hyundai is one of the...

May 23, 2022 by Erin Kerr in Compliance

The Pros & Cons of Selling Debt - 4 Key Questions

If a downturn hits and delinquencies and charge-offs rise as expected, lenders will have to take a hard look at their past-due accounts and consider their loss mitigation options carefully....

May 19, 2022 by Erin Kerr in CFPB

Fintechs: It’s Time to Focus on Recoveries. Here’s How.

When the downturn arrives, lenders must be willing to change their approach dramatically. It is a familiar shift for more established financial institutions, but for fintechs, it's all new. Instead...

May 12, 2022 by Dave Hanrahan in CFPB

Kredit's Hanrahan on FinTechs and the Need to Get Better at Customer Service and Support Fast

The CFBP's turn to nonbank supervision was fast, but not unexpected, says Dave Hanrahan, CEO and Founder of Kredit. Digital recovery and debt collection is now just another (painful) customer...

May 4, 2022 by Colene McNinch in CFPB

Creditors: Can You Outsource Risk by Outsourcing Collections? Not Anymore.

Outsourcing collections means outsourcing risk, right? Wrong. There have always been risks associated with creditors and lenders outsourcing services like debt collection, but with the implementation of Regulation F, and...