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Banking is not an industry; banking is not the real economy. The big banks especially are economic and political behemoths that remain unpopular and poorly understood in the popular imagination. Opinion polls show voters favor breaking them up, and some shareholders do too. While Wall Streeters may bemoan the fact

The Ninth Circuit recently clarified when a trustee of a deed of trust acts as a debt collector under the Fair Debt Collection Practices Act (“FDCPA”).[1] In a break from other courts of appeal, the Ninth Circuit held that when a trustee carries out the contractual and statutory requirements

The potential of alternative data in consumer lending decisions continues to be a hot topic in Washington, D.C., with the latest evidence seen in developments related to the Community Reinvestment Act (CRA). When federal banking agencies recently revised their Q&As for CRA compliance, their focus on the use of

The student loan crisis in the US is getting much worse — student loan debt is over $1.3 trillion and is increasing by more than $2,700 per second. Lenders cannot ignore the impact of that debt on individual borrowing. Latest research shows that: The number of US consumers aged

There’s a statutory right for some cardholders to raise claims and defenses they have against the merchant against the card issuer.   Section 170(a) of the Truth in Lending Act, 15 USC 1666i, permits a cardholder raise any claims or defenses it has against the merchant against the card issuer,

On September 8, 2016, the Fifth Circuit Court of Appeals issued an opinion interpreting the Fair Debt Collection Practices Act (“FDCPA”)1in a way that further constrains the actions of debt collectors. The Fair Debt Collection Practices Act Congress enacted the FDCPA to protect consumers against abusive debt collection

The OCC, Federal Reserve and FDIC recently adopted final revisions to the Interagency Questions and Answers Regarding Community Reinvestment (Q&A) based on proposals the agencies issued September 10, 2014. The revisions – which clarify nine Q&As, revise four Q&As and adopt two new Q&As – provide guidance as to how

As a credit consultant, many will approach with questions regarding bankruptcies and other financial issues. There is a recently launched non-profit organization that can be a useful resource for you to direct these question too. UpSolve.org is a nonprofit startup working to “modernize legal aid.”  They are using technology to

The major credit reporting agencies have a big change in the works that could bolster a lot of people’s credit scores. As part of its National Consumer Assistance Plan (the result of a settlement brokered with 31 state attorneys general back in 2015), Equifax, Experian and TransUnion are planning to significantly reduce the

As part of its National Consumer Assistance Plan (the result of a settlement brokered with 31 state attorneys general back in 2015), Equifax, Experian and TransUnion are planning to significantly reduce the amount of tax-lien and civil-judgment information found in consumer credit files. Details have yet to be finalized however testing is