Troutman Sanders

JULY 13, 2023

The law applies to both consumer-directed wage access services and employer-integrated wage access services, but in either case the amount being provided to the consumer must be earned by the consumer at the time of the advance. Reporting a consumer’s nonpayment to a consumer reporting agency or debt collector.

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Collection Industry News

MAY 18, 2021

Despite objections from CUNA and NAFCU, the House of Representatives passed the Comprehensive Debt Collection Improvement Act on Thursday. 2547 was sponsored by House Financial Services Committee Chairwoman Rep. The bill, H.R. Maxine Waters (D-Calif.), passed the House with a 215-207 vote.

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Collection Industry News

MARCH 28, 2022

The Department has also begun licensing debt collectors. The first change under the CCFPL was a new name for the Department which was formerly the Department of Business Oversight. OFTI participated in more than a dozen public events to publicize OFTI’s activities and extend the invitation to meet.

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Collection Industry News

MARCH 15, 2021

SACRAMENTO – More than a year into the COVID-19 pandemic, the California Department of Financial Protection and Innovation (DFPI) continues to expand efforts to protect consumers from financial impacts of the lethal virus that has ravaged the state’s economy and killed more than 53,000 Californians.

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Troutman Sanders

DECEMBER 19, 2023

On December 7, the New York Supreme Court denied a request seeking review of the New York Department of Financial Services’ (NYDFS) January 18 amendment to the state’s regulation governing the maximum rates that check-cashing businesses may charge their customers, and dismissed allegations raising the regulation’s unconstitutionality.

Financial services 52

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True Accord

JANUARY 10, 2024

In Q4, the CFPB issued statements and proposed rules relating to accelerating open banking , oversight of big tech companies and other digital financial service providers, and discrimination concerns. For lenders, service providers and debt collectors, guaranteeing repayment will still be a challenge as we start into 2024.

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Troutman Sanders

JUNE 14, 2023

On June 8, the board of governors for the Federal Reserve (the Fed), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and the OCC requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions.

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Troutman Sanders

MARCH 14, 2023

For example, Buy Now, Pay Later borrowers are more likely to be highly indebted or have revolving balances or delinquencies on their credit cards compared to consumers who do not use Buy Now, Pay Later products. On March 2, the Federal Trade Commission (FTC) issued a proposed order, banning online counseling service BetterHelp, Inc.

Financial services 52

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Troutman Sanders

MARCH 6, 2023

For example, Buy Now, Pay Later borrowers are more likely to be highly indebted or have revolving balances or delinquencies on their credit cards compared to consumers who do not use Buy Now, Pay Later products. On March 2, the Federal Trade Commission (FTC) issued a proposed order, banning online counseling service BetterHelp, Inc.

Financial services 52

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Troutman Sanders

OCTOBER 9, 2023

On October 5, the Consumer Financial Protection Bureau (CFPB) announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. Supreme Court heard oral argument in Community Financial Services Association of America v.

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Troutman Sanders

JUNE 21, 2022

On June 16, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on 2021 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,338 U.S. financial institutions. Covered institutions include banks, savings associations, credit unions, and mortgage companies.

Financial services 52

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Troutman Sanders

JANUARY 9, 2024

On January 2, the CFPB published a blog titled, “Holding Debt Collectors Responsible for False Statements.” In that case, after an individual filed for bankruptcy, a debt collector sent the consumer a collection letter that said the consumer could be sued if they did not pay the debt — a process the CFPB believes is against the law.

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