Troutman Sanders

JANUARY 30, 2023

The Federal Deposit Insurance Act (FDIA) generally prohibits insured state banks, but not uninsured state member banks, from acting as principal in activities that are not permissible for national banks. The policy statement becomes effective upon publication in the Federal Register.

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Banks 52

FFGN COLLECT NY

JANUARY 15, 2024

At the same time, many businesses adopted deceptive subscription marketing policies that make services easy to sign up for but difficult to cancel. Companies must also provide an acknowledgment on signing that includes the cancellation policy and how to cancel the subscription.

Credit Unions 97

Credit Unions Credit Unions Financial Institution Government 97

Fraser

JUNE 9, 2021

On May 28, 2021, the Equal Employment Opportunity Commission (“EEOC”) issued new guidance for employers regarding employment vaccination programs. As discussed below, the EEOC’s updated guidance provides additional information concerning key issues such as whether: Employers may mandate vaccines.

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Troutman Sanders

MAY 4, 2023

Please join Troutman Pepper Partner Chris Willis and his colleagues Alan Wingfield, James Kim, and Taylor Gess for the first installment of a special two-part series about the Consumer Financial Protection Bureau’s (CFPB) recent policy statement on abusiveness. CFS Partner James Kim leads the firm’s fintech industry group.

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Retail Trade Financial Institution Financial services 52

Troutman Sanders

FEBRUARY 6, 2024

As for fair lending, examiners will review policies and practices for redlining, marketing, and pricing discrimination risk factors. For auto lending, examiners will review disclosures and policies to ensure compliance with the Truth in Lending Act (TILA) as implemented by Regulation Z.

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Credit Unions Credit Unions Lender Loans 52

Credit Corp

DECEMBER 9, 2020

You’ll be on your own for covering the resulting costs and may have to deal with other issues. Look for an insurance policy to cover the gaps. To protect yourself and cover this gap, you’ll want to purchase an additional policy or a policy that adds rideshare coverage to your personal policy.

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Auto Insurance 105

Troutman Sanders

JANUARY 9, 2024

Specifically, Governor Hochul plans to propose legislation to require BNPL providers to be licensed in the state and to authorize the New York State Department of Financial Services to propose and issue regulations for the industry.

Lender 52

Lender Loans Banks Financial services 52

Jimerson Firm

JULY 1, 2020

When lenders take life insurance policies as collateral for loans, they need to be aware of what needs to occur to place a claim in the event their borrower dies. This blog posts addresses those issues as they are regularly found in practice in the State of Florida.

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Jimerson Firm

AUGUST 4, 2021

Florida’s old summary judgment standard compelled courts to grant summary judgment only if “no genuine issue as to any material fact” remained. The court considered the entire record and if there was the “slightest doubt” that a material issue remained, summary judgment was not warranted. State Farm Fla. Guild of America, Inc.,

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Judgment 98

Fraser

OCTOBER 28, 2022

These laws are meant to address certain voting-related issues, such as ballot box integrity, that have led to controversy in the past. If you have questions about these bills, or election law issues in general, please contact a member of our election law team. The U.S. .

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Burr Forman

NOVEMBER 4, 2021

The ETS becomes effective immediately and requires employers to establish, implement, and enforce an acceptable vaccination policy by December 5, 2021. The ETS applies to private employers who are not covered by an OSHA-approved State Plan and who have 100 or more employees. Who is Covered by the ETS?

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Healthcare 97

Troutman Sanders

DECEMBER 8, 2023

Under the CFDL, providers are required to give certain disclosures similar to consumer transactions, such as the amount of funding the small business will receive, the APR, a payment amount (if applicable), the term, details related to prepayment policies, and (for products without a monthly payment) an average monthly cost.

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Judgment Trade Loans Banks 52

Collection Industry News

OCTOBER 10, 2022

The CFPB, in a notice published in the Federal Register on September 27, 2022, announced that it was rescinding its No-Action Letter and Compliance Assistance Sandbox policies (Policies). The CFPB also determined that the existing Policies failed to meet appropriate standards for transparency and stakeholder participation.

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PDC Flow

FEBRUARY 16, 2024

The script should require that staff members: Clearly state to the consumer how the payment description will appear on the consumer’s bank statement. Clearly state the cancellation policy, a customer service phone number, and hours they can call if they have questions about their payment.

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Banks Collection Agencies Collections Agency Collections 78

Troutman Sanders

SEPTEMBER 13, 2023

On September 11, the Consumer Financial Protection Bureau (CFPB) announced that it issued a consent order against Tempoe, LLC, a nonbank consumer finance company, for alleged violations of the Consumer Financial Protection Act (CFPA), Consumer Leasing Act, and Regulation M. million in outstanding balances.

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Retail Financial services 52

Troutman Sanders

JUNE 21, 2022

On June 8, the New York State Department of Financial Services (NYDFS) issued new “ Guidance on the Issuance of U.S. Dollar-Backed Stablecoins ,” establishing a first-of-its-kind state standards for USD-backed stablecoins issued by entities subject to regulation by the NYDFS. dollar,” less any fees.

Financial services 59

Financial services Collateral Government 59

PDC Flow

MARCH 23, 2021

Just as important, you must know the latest risk management strategies to keep issues to a minimum. If you aren’t clear, concise and thoughtful about remote work and office safety policies, you may be at risk for a wide variety of claims. HIPAA and privacy issues upon accidental disclosure of covid-positive staff.

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Collection Agencies Collections Agency Education Collections 97

True Accord

SEPTEMBER 17, 2022

Debt collection is highly regulated and must adhere to different regulations and laws like the FDCPA, Regulation F, and unique state laws—including regulations that may not be specifically focused on debt collection but still apply to the practice. What are the components of a Compliance Management System?

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Collections Debt collector Government 79

True Accord

SEPTEMBER 30, 2022

Anyone working in the collections space should be familiar with the federal Fair Debt Collection Practices Act (“FDCPA”) and its regulation, Regulation F; but did you know that there are multiple debt collection laws and regulations at the state and local level too? Another example is communication frequency limitations.

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Debt collector Fair Debt Collection Collections 82

Collection Industry News

FEBRUARY 7, 2022

Leaders from two of the organizing groups say there is still much work to be done in this area and they hope to advance public policies addressing systemic challenges to lower-income citizens who encounter medical emergencies. So really for us, the next priority is, how do we develop public policy that addresses this in the long term?

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Garnishment Collections Government 52

Burr Forman

MARCH 23, 2021

The Supreme Court of the United States decided Goodyear Dunlop Tires Operations, S.A. Brown in 2011 and, in that opinion, reiterated that companies are only subject to general personal jurisdiction where they are “essentially at home in the forum state.” [1] Washington , 326 U.S. Similarly, the claims in Sodexo , 2021 WL 254240 (S.D.

Auto Insurance 52

Auto Insurance 52

Fraser

OCTOBER 27, 2022

The US Department of Labor recently issued a Notice of Proposed Rulemaking that, if adopted, would change the standard for analyzing a worker’s classification as either an employee or independent contractor. The IRS Publication states the employer in making its determination, “must examine the relationship between the worker and the business.

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Acquisition 75

Troutman Sanders

MAY 9, 2022

CDIA’s fifth annual industry wide conference is an essential event to convene, connect, and hear from world-class speakers on the most relevant and critical issues facing the industry. This is the only conference that connects the entire consumer reporting ecosystem!

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Burr Forman

NOVEMBER 5, 2021

Excerpt from the article: “Hiring employees to work remotely in states with recreational marijuana laws can raise complex issues. An employer who hires an employee in a state with recreational marijuana laws should ensure that its hiring practices align with state law.

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Jimerson Firm

FEBRUARY 10, 2022

If a bank or credit union charges off an uncollectable debt, the lender will likely issue a 1099-C tax form to the debtor and receive a corresponding tax deduction for the uncollectable amount. A lender’s defined policy includes both written policies and established business practices. Charging Off” Uncollectable Debt.

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Lender Credit Unions Credit Unions Collections 98

Burr Forman

SEPTEMBER 27, 2021

The White House recently announced that travel restrictions for all international travelers entering the United States by air will change in early November 2021. A specific date for the policy change has not been announced, and the White House is expected to issue an official policy in the coming days.

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Troutman Sanders

JUNE 3, 2022

NYDFS is instructing VC Entities that they must have policies, processes, and procedures in place to assess counterparty exposure in virtual currency funds transfers. Nevertheless, if the control measures are outsourced, NYDFS expects documented policies and procedures to be in place.

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Financial services Banks 52

Troutman Sanders

SEPTEMBER 18, 2023

The FAQs are a resource issued by the CFPB to help small business lenders and finance companies understand and comply with the Rule, which implements section 1071 of the Dodd-Frank Act. Specifically, the CFPB states that when the amount borrowed is low and the enrollment fee is high, students can face annual percentage rates as high as 237%.

Financial services 52

Financial services Trade Banks Credit Unions 52

Troutman Sanders

MARCH 16, 2023

The CFPB’s Bulletin weighs in on this split of authority among federal courts on this issue in favor of greater availability of discharge for certain types of private student loans. Consequently, examiners identified instances where servicers resumed collecting on loans that had been discharged.

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Student loans Student Loans Loans Bankruptcy 52

Troutman Sanders

JULY 21, 2022

District Court for the District of Delaware issued a decision that should draw the attention for banks that charge overdraft fees for overdraft protection. The credit union argued that its policy was accurately explained by the federally mandated overdraft opt-in form in combination with two other documents provided to customers.

Credit Unions 52

Credit Unions Credit Unions Financial Institution Banks 52

Troutman Sanders

MAY 5, 2023

On April 19, the Superior Court of Connecticut issued an opinion affirming the Connecticut Department of Banking’s (DOB) decision to issue a $750,000 fine against a mortgage lender for allowing its unlicensed employees to engage in activities that required a license. 1st Alliance appealed the decision to state trial court.

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Lender Loans Banks 52

Troutman Sanders

FEBRUARY 6, 2024

The FCC will provide new tools to state attorneys general (AG) across the U.S. The proposal also includes a policy statement to clarify the OCC’s review of applications under the Bank Merger Act (BMA). On January 22, the FTC issued an Opinion and Final Order that Intuit Inc., For more information, click here.

Financial services 52

Financial services Banks Trade Financial Institution 52

PBWT

AUGUST 29, 2022

This complaint alleged that the liquidating trustee had failed both to (i) keep a directors and officers’ insurance policy in effect and (ii) bring the suit against that former officers and directors before the policy lapsed. The first issue was whether the ESOP trustee had standing. 700, 702 (Bankr. ” Id.

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Creditors Debtor Bankruptcy 65

Troutman Sanders

MAY 5, 2022

The Supervisory Highlights detail issues identified by CFPB examination teams across a wide number of segments of the consumer financial services industry. This is yet another emphasis point on this issue, about which the CFPB released a bulletin earlier this year. Final payment amounts after deferral.

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Financial Institution Repossession Debt collector Lender 52

UK debt collections

JANUARY 4, 2024

Prevention is Key The best way to tackle the issue of how to chase unpaid invoices is to prevent them from happening in the first place. Establish a late fee policy and make sure it is clearly stated in your contract. This will come in handy if the issue escalates to legal action.

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Collection Agencies Collections Agency Collections Lawyers 59

Troutman Sanders

MARCH 30, 2023

As promised (and discussed here ), the Consumer Financial Protection Bureau (CFPB) issued its final rule under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). Section 1071 amended the Equal Credit Opportunity Act (ECOA) to impose significant data collection requirements on small business creditors.

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Lender Loans Financial services Creditors 52

Jimerson Firm

JANUARY 11, 2023

When the State of Florida first conveyed title to state owned lands, it was customary for the state to reserve an interest in all oil, gas and minerals on the property. Once these properties began to be improved with commercial and residential developments, these rights raised significant issues for developers and their lenders.

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Lender Education Government Construction 52