Troutman Sanders

APRIL 27, 2023

As discussed here , on April 7, the Washington State legislature passed HB 1051, also known as the Robocall Scam Protection Act, expanding the scope of existing provisions of Washington’s consumer protection laws regulating robocalls and telephone solicitations to prohibit abusive telephone communication practices.

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Hudson Weir

NOVEMBER 21, 2023

Transfer of Undertakings Protection of Employment regulations came into force in 2006, replacing the 1981 regulations of the same name. Amendments were made to these regulations again in 2014. In this guide, we will cover TUPE regulations. What is the aim of TUPE regulations? What is TUPE?

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Trade Creditors Collections 52

Troutman Sanders

MARCH 18, 2024

On February 20, the Wisconsin Senate passed House Bill (HB) 574 to regulate earned wage access (EWA) products and services. HB 574 expressly exempts EWA offered by licensees under the new law from the licensed loan company provisions in Wis. EWA providers must be licensed to offer EWA services in the state.

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Credit Unions Credit Unions Banks Debt collector 52

Troutman Sanders

OCTOBER 25, 2023

The last meaningful, comprehensive revision to the CRA regulations occurred in 1995. Although the final rule becomes effective on April 1, 2024, the final rule provides for a transition period for the new regulations.

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Banks Lender Credit Unions Credit Unions 52

Troutman Sanders

JANUARY 18, 2024

As to courtesy overdraft services, the proposed rule would limit the overdraft fee a covered financial institution may charge to align with the institution’s costs. These courtesy overdraft services would remain exempt from TILA/Regulation Z. the charge for returning each item). the charge for returning each item).

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Financial Institution Banks Loans 52

Troutman Sanders

JANUARY 23, 2023

The bill also expanded the SLA anti-evasion provision to closely track those provisions in Illinois and Maine that went into effect in 2021. These charges must be included even if they would be excluded under the Regulation Z finance charge calculation.

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Loans Lender Debtor Banks 52

Troutman Sanders

JANUARY 17, 2024

Per a November 2023 Congressional Research Service (CRS) Report , Hamas has been soliciting cryptocurrency donations since at least 2019, but the scale and effectiveness of these efforts are uncertain. This attention continues amid debates on virtual asset governance and the need for additional regulation.

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Financial Institution Government Banks Financial services 52

FFGN COLLECT NY

MAY 24, 2022

Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. Senate bill S2632 is another overt action taken by New York state to limit the entry of judgments without due process to the borrower or debtor.

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Financial services Judgment Debtor Creditors 52

Troutman Sanders

JANUARY 12, 2024

Under current law, Maryland’s Commercial Law title includes both the usury law and substantive regulations on licensed lenders under the Maryland Consumer Loan Law and Credit Grantor articles. On January 10, HB 254 , entitled the True Lender Act, was introduced before the Maryland House of Delegates. discussed here.

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Jimerson Firm

OCTOBER 24, 2023

Employers must ensure that they provide employees with leave benefits in compliance with all federal and state regulations. One such lesser-known Florida regulation, Section 741.313, Florida Statutes (the “Act”), mandates employees are provided with leave for certain purposes after encountering domestic violence events.

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Judgment Manufacturing Financial services Construction 59

Troutman Sanders

JUNE 3, 2022

On June 1, the California Department of Financial Protection and Innovation (DFPI) released an invitation for comment on the DFPI’s regulatory approach to crypto asset-related financial products and services, as well as the potential regulation of such products and services under the California Consumer Financial Protection Law (CCFPL).

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Education 52

PDC Flow

OCTOBER 12, 2023

No matter what business you’re in, taking payments brings more regulations you must follow. For instance, companies that use recurring payment processing services need to maintain Regulation E compliance. But how do you know when Regulation E applies to a transaction within your business? Who Must Comply?

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Financial Institution Financial services Banks 52

Troutman Sanders

MARCH 6, 2024

On February 15, Massachusetts became the latest state to introduce legislation to regulate earned wage access (EWA) products and services. The bill is pending before the Joint Financial Services Committee. HB 4456 would apply to both direct-to-consumer EWA services and employer-integrated EWA services.

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Credit Unions Credit Unions Banks Debt collector 52

Troutman Sanders

JULY 13, 2023

On July 7, Missouri Governor Mike Parson signed SB 103 into law, which prohibits any person from offering earned wage access (EWA) services without registering with the Division of Finance and paying an annual $1,000 fee. Comply with applicable provisions of the federal Electronic Funds Transfer Act.

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Credit Unions Credit Unions Debt collector Loans 52

Troutman Sanders

NOVEMBER 3, 2023

On November 1, New York Governor Kathy Hochul announced that the state’s Department of Financial Services (NY DFS) has amended its Cybersecurity Regulations to “enhance cyber governance, mitigate risks, and protect New York businesses and consumers from cyber threats.” Highlights of the amendments are summarized below.

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Government Financial services Banks 59

Troutman Sanders

JULY 25, 2023

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities State Activities Federal Activities: On July 21, the Chairman of the U.S. The FSC will meet on July 26 to markup H.R.

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Collection Industry News

SEPTEMBER 19, 2022

On August 30, the Commissioner of the California DFPI issued a notice of rulemaking proposing new regulations and amendments to current regulations implementing the state’s student loan servicing laws. Members of the public can submit comments to the regulator on these proposed laws until October 28, 2022.

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Student loans Student Loans Loans Education 40

Troutman Sanders

APRIL 26, 2022

On April 25, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it would begin invoking a provision in Dodd-Frank, previously used only infrequently, to conduct supervisory examinations over a greater number of nonbank financial companies that may “pose risks to consumers.”.

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Jimerson Firm

MARCH 19, 2021

Lenders must ensure compliance with all relevant State and Federal laws and regulations to preserve their remedies for recovery. Additionally, specific Federal regulations may also apply and provide additional requirements for lenders holding VA loans or FHA loans, or provide protections for service members. Florida State Laws.

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Troutman Sanders

JANUARY 25, 2024

Insured state and federally chartered banks and credit unions are exempt from the provisions of the proposed law, which is currently before the Committee on Labor, Commerce, and Industry for review. The bill would prohibit providers of covered installment and deferred-deposit (i.e.,

Loans 52

Loans Credit Unions Credit Unions Banks 52

Troutman Sanders

MARCH 17, 2023

According to the Consent Judgment , Safe Home Security provided home security monitoring services for a monthly fee over a fixed term, usually three or five years. They are also ordered to provide credit for monitoring charges if a home security system is nonfunctional and cannot be serviced within 15 days. million of outstanding debt.

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Third-party Debt Collectors Collections Debt collector Judgment 52

True Accord

SEPTEMBER 2, 2021

You can check out the full webinar on-demand , but key takeaways to listen for include: Regulation F outlines the first-ever guidance for digital communication efforts in collections – effectively giving the green light to make alternative collection efforts more mainstream.

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Collections Fair Debt Collection Collection Agencies Collections Agency 88

Troutman Sanders

JANUARY 23, 2024

These discharges are the result of fixes to income-driven repayment (IDR) forgiveness and public service loan forgiveness (PSLF) made by the administration. For more information, click here. On January 19, the Biden-Harris administration announced the approval of $4.9 billion in additional student loan debt relief for 73,600 borrowers.

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Financial services Credit Unions Credit Unions Financial Institution 52

Public Citizen

MAY 27, 2021

The statute also authorized the Bureau to regulate consumer financial arbitration "if the Bureau finds that such a prohibition or imposition of conditions or limitations is in the public interest and for the protection of consumers." " Any such regulation would also have to be consistent with the Bureau's arbitration study.

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True Accord

NOVEMBER 13, 2023

Interestingly, this update contains revisions that are similar to the New York Department of Financial Services (NYDFS) proposed amendments to New York’s debt collection law, 23 NYCRR 1, that NYDFS released last year. This updated amendment changes significantly more than the first proposed amendment released by NYC DCWP last year.

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UK debt collections

FEBRUARY 9, 2023

A total of £437,532 is due to be considered by the finance, resources and customer services policy board. A total of £437,532 is due to be considered by the finance, resources and customer services policy board. The level of write-off will be contained within the council’s bad debt provision.”

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Debt Recovery Debtor Collections 59

Troutman Sanders

APRIL 13, 2023

On April 7, the Washington State legislature passed HB 1051 , also known as the Robocall Scam Protection Act, which expands the scope of existing provisions of Washington’s consumer protection laws regulating robocalls and telephone solicitations to prohibit abusive telephone communication practices. What does this mean for businesses?

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Manufacturing Financial services 52

Troutman Sanders

DECEMBER 6, 2021

The Taskforce was formed in October 2019 by then-CFPB Director Kathy Kraninger to examine the existing consumer financial services legal and regulatory environment, and to report the Taskforce’s recommendations for improving and strengthening consumer financial laws and regulations.

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Financial services 52

True Accord

SEPTEMBER 16, 2022

Trying to keep up with regulations in debt collection can feel overwhelming especially with new cases and federal guidance coming out regularly interpreting the law and states actively amending or creating new laws that impact debt collectors, original creditors, and current creditors.

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Collection Industry News

JULY 4, 2022

On June 24, the California Department of Financial Protection and Innovation (DFPI) issued proposed regulations implementing certain provisions of the California Consumer Financial Protection Law (CFPL) related to commercial financial products and services. Written comments on the proposed regulations are due by August 8.

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Acquisition Law Firms Lender Bankruptcy 40

Troutman Sanders

JULY 17, 2023

Deceptive advertisements, market manipulation, misappropriation of customer funds, and “Ask Me Anything (AMA)” sessions served as the catalysts of a civil enforcement action the Federal Trade Commission (FTC) recently filed against bankrupt digital asset services provider Celsius Network LLC (Celsius) and its co-founders on July 13.

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Financial Institution Trade Fair Debt Collection Bankruptcy 52

Troutman Sanders

FEBRUARY 24, 2023

On February 9, the Federal Trade Commission (FTC) submitted its annual letter to the Consumer Financial Protection Bureau (CFPB) summarizing its activities enforcing the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B. This letter is included in the CFPB’s annual report to Congress on the ECOA.

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Credit Unions Credit Unions Trade Banks 52

Troutman Sanders

MAY 31, 2022

Like most industries today, Consumer Finance Services businesses continue to be significantly impacted by COVID-19. SF 2922 contains a work-from-home provision, allowing collection agency staff to continue working remotely. The work-from-home provision will take effect on June 1. For more information, click here.

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Financial services Education Creditors Collection Agencies 52

Troutman Sanders

SEPTEMBER 19, 2022

Moreover, the Act includes provisions on virtual currency and generally requires licensure for businesses engaging in “virtual currency business activity,” [1] unless otherwise exempt. We previously blogged on the Act here. The language of the bill has not yet been published.

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Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.

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Jimerson Firm

MARCH 15, 2021

Professional service providers in the state of Florida find themselves in precarious legal situations often given the nature of their work. Statutes regulating professional service provider companies are found in Florida Statutes Chapter 621. Introduction to Fiduciary Duties.

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Troutman Sanders

JUNE 22, 2022

These comments may suggest that the CFPB is poised to follow in the footsteps of state attorneys general and state financial services regulators in asserting “true lender” claims against the nonbank parties in these relationships. In her remarks, Ms. Finally, Ms.

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Banks Lender Financial services Loans 52