Troutman Sanders

MARCH 25, 2022

Lori has over two decades of consumer financial services regulatory compliance experience in federal government, in-house, and private practice settings. She regularly provides strategic planning and guidance for companies to incorporate privacy and data security considerations throughout product development, marketing, and implementation.

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Collection Industry News

OCTOBER 25, 2021

The CFPB updated its Supervision and Examination Manual by adding a new section titled Compliance Management Review – Information Technology. The new examination procedures are meant to assist CFPB examiners when assessing an entity’s information technology (IT) controls as part of a Compliance Management System (CMS) review.

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Burr Forman

AUGUST 18, 2021

The sweep seeks: “Written Supervisory Procedures (WSP), compliance manuals and any other written guidance pertaining to the firm’s processes and procedures regarding the firm’s options account opening and due diligence activities specific to each level of trading permission, including but not limited to:”. (i)

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Troutman Sanders

MARCH 15, 2021

But the Dodd-Frank Act did not clearly define the abusiveness standard, and the CFPB’s enforcement and supervisory efforts to date have not created a clear standard. And it also noted that it was committed to exercising “the full scope of its supervisory and enforcement authority.”.

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Troutman Sanders

FEBRUARY 8, 2022

We have built one of the largest practices in the country focused on consumer financial services and have become a destination for clients facing high-stakes litigation, seeking regulatory and compliance guidance, and facing government investigations,” said Troutman Pepper Managing Partner Tom Cole. A two-time winner of Law360 ?s

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Burr Forman

FEBRUARY 11, 2021

FINRA addresses firms’ obligations of: (a) Detection – noting red flags for potential fraud; (b) Monitoring through supervisory and compliance controls; (c) Anti-Money Laundering (“AML”) requirements, such as filing Suspicious Activity Reports (“SARs”); and (d) Fraud reporting. Tom is licensed in Tennessee, Texas, and Louisiana.

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Troutman Sanders

DECEMBER 14, 2021

On December 8, the Consumer Financial Protection Bureau (CFPB) issued a Supervisory Highlights report on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in the first half of 2021. Approximately $1.4

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Troutman Sanders

APRIL 5, 2021

We are closely tracking these updates and have assembled an interactive tracker containing state orders and guidance documents regarding residential foreclosure and eviction moratoriums. The seven rescissions provide guidance to financial institutions on complying with their legal and regulatory obligations.

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True Accord

OCTOBER 5, 2022

Delivering communications to your customers has always been a compliance challenge with the plethora of laws, regulations, court decisions, and regulatory guidance in the debt collection space. Below are some of the key takeaways from their discussion, plus attendee poll results on top compliance questions.

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Collection Industry News

JULY 22, 2020

Of course, companies should be sure to tailor their compliance policies, including COVID-19-related policies, to the particulars of their organization and applicable legal requirements. Supervisory Examinations Continue. Despite the disruptions from the pandemic, the CFPB and state supervisory exams continue.

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Collection Industry News

FEBRUARY 15, 2021

In addition to various general observations of commonalities among entities in handing pandemic-related issues, the CFPB observed that mortgage servicers faced several significant challenges, including those related to CARES Act obligations and evolving investor guidance.

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Troutman Sanders

SEPTEMBER 11, 2023

The order also directs the bank to improve its BSA/AML compliance program and internal audit program, and to take all necessary steps to correct all violations of law or regulation and to ensure future compliance. On September 5, the FDIC issued its list of state nonmember banks recently evaluated for compliance with the CRA.

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Collection Industry News

JULY 18, 2022

The New York State Department of Financial Services (DFS) has issued an Industry Letter providing guidance on overdraft and non-sufficient funds (NSF) fees to depository institutions that it supervises. Of Financial Services Issues Overdraft/NSF Fee Guidance appeared first on Collection Industry News. Source: site. View source.].

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Consumer Financial Services Law

NOVEMBER 2, 2016

The CFPB has amended its guidance on vendor management. The Bulletin, like its 2012 predecessor, makes clear that the supervised entities are responsible with their service providers for their service providers’ compliance with federal consumer financial laws. CFPB Bulletin 2016-02. CFPB Bulletin 2016-02.

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CSA

DECEMBER 14, 2022

However, there is as yet no signal from Ministers that there will be any slowdown on the FCA’s ‘Consumer Duty’ plans, which remain the principal compliance focus for many firms ahead of this summer’s implementation.”. FCA consults on guidance on options for firms supporting existing mortgage borrowers affected by the cost-of-living crisis.

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Troutman Sanders

MAY 3, 2021

We closely track these updates and have assembled an interactive tracker containing state orders and guidance documents regarding residential foreclosure and eviction moratoriums. On April 27, the CFPB delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022.

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Collection Industry News

JANUARY 24, 2022

guidance here , and details on the second interim final. assess whether supervisory, enforcement or other action may be. components to be delivered across the next six months: An NSA tracker that will track guidance from state and. links to each state regulation, bulletin or other guidance. compliance requirements.

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Troutman Sanders

DECEMBER 12, 2023

On December 6, the OCC issued guidance to national banks and federal savings associations to address the risks associated with “buy now, pay later” (BNPL) lending. The guidance focuses on the risk management of BNPL loans, which are payable in four or fewer installments and carry no finance charges. For more information, click here.

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Financial services Banks Collection Agencies Collections Agency 52

Troutman Sanders

MARCH 28, 2022

On March 22, the Consumer Financial Protection Bureau (CFPB) issued policy guidance on potentially illegal practices related to consumer reviews. On March 17, the Financial Industry Regulatory Authority (FINRA) issued a notice, clarifying when chief compliance officers (CCOs) will face liability as supervisors under FINRA Rule 3110.

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Collection Industry News

MARCH 8, 2021

On April 1, 2020, the CFPB issued guidance to help data furnishers and consumer reporting agencies (CRAs) comply with the Fair Credit Reporting Act (FCRA) in response to the passing of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to lessen the economic impact of the COVID-19 pandemic.

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Consumer Financial Services Law

SEPTEMBER 22, 2016

Curry stated in his Testimony that "the actions against Wells Fargo highlight that we must continue our efforts to improve and refine the agency's supervisory program, to sharpen our early warning processes, and to enhance our supervisory capabilities, particularly with respect to our largest, most complex banks."

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Troutman Sanders

JUNE 27, 2022

The FTC is acting on authority granted under the Dodd-Frank Act to regulate motor vehicle dealers; under Dodd-Frank, dealers are expressly exempted from the supervisory and regulatory jurisdiction of the Consumer Financial Protection Bureau. Substantial compliance burdens.

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Troutman Sanders

MARCH 21, 2022

On March 17, Senators Elizabeth Warren, Jack Reed, Mark Warner, and Jon Tester introduced the Digital Asset Sanctions Compliance Enhancement Act to ensure that Vladimir Putin and Russian elites do not use digital assets to undermine the international community’s economic sanctions against Russia, following its invasion of Ukraine.

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Troutman Sanders

MARCH 8, 2022

On February 28, the CFPB issued a compliance bulletin regarding inadvertent repossessions of automobiles, reminding the industry of guidance previously issued by the CFPB in several editions of Supervisory Highlights and a 2020 consent order. For more information, click here. For more information, click here.

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Financial services Repossession Banks Collections 52

Troutman Sanders

MARCH 15, 2021

We are closely tracking these updates and have assembled an interactive tracker containing state orders and guidance documents regarding residential foreclosure and eviction moratoriums. On March 5, the Nevada Financial Institutions Division (NFID) extended temporary guidance for licensees regarding working from home until May 31.

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Financial services Financial Institution Foreclosure Government 52

Troutman Sanders

NOVEMBER 7, 2023

On November 1, the UK Financial Conduct Authority (FCA) finalized guidance on the communication and promotion of cryptoassets. The guidance, which follows a consultation period that ended on August 10, clarifies the application of the financial promotion oversight regime to “qualifying cryptoassets.” For more information, click here.

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Financial services Debt collector Loans Foreclosure 52

Troutman Sanders

JUNE 27, 2023

On June 16, the FDIC updated its Supervisory Guidance on Multiple Re-Presentment NSF Fees (FIL-40-2022) to clarify its supervisory approach for corrective action when a violation of law is identified. For more information, click here. For more information, click here. On Jun 16, Acting Comptroller of the Currency Michael J.

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Financial services Banks Trade Loans 52

Troutman Sanders

AUGUST 22, 2022

On August 18, the FDIC issued guidance to FDIC-supervised institutions to address certain consumer compliance risks associated with assessing multiple non-sufficient funds fees, arising from the re-presentment of the same unpaid transaction. For more information, click here.

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Financial services Financial Institution Trade Banks 52

Troutman Sanders

AUGUST 14, 2023

On August 8, the Office of the Comptroller of the Currency (OCC) issued a bulletin to provide banks with guidance regarding the applicability of the legal lending limit to purchased loans. Supervisory teams will be tasked with monitoring and examining novel activities. For more information, click here. For more information, click here.

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Financial services Foreclosure Banks Loans 52

Troutman Sanders

JULY 7, 2021

We closely track these updates and have assembled an interactive tracker containing state orders and guidance documents regarding residential foreclosure and eviction moratoriums. Recently, the Nevada Financial Institutions Division indicated that it will not renew its guidance allowing licensee employees to work remotely from home.

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Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

NOVEMBER 16, 2020

We are closely tracking these updates and have assembled an interactive tracker containing state orders and guidance documents concerning residential foreclosure and eviction moratoriums. Please click here to visit this new interactive tool: [link]. ” For more information, click here.

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Financial services Foreclosure Banks Trade 52

FDCPA Defense

FEBRUARY 20, 2012

In January 2012, the CFPB issued guidance concerning its plans to collect information from the institutions it will supervise. The CFPB recently issued a proposed rule to define “larger participants” in the market for consumer debt collection, i.e., the entities who will be subject to the Bureau’s supervisory powers. See Upjohn Co.

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Account Recovery

JANUARY 20, 2021

The Consumer Financial Protection Bureau yesterday released a final rule on the role of supervisory guidance, which clarifies the differences between regulations — which have the full force and effect of law — and guidance — which does not. A copy of the final rule can be accessed by clicking here.

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Troutman Sanders

MAY 24, 2021

We closely track these updates and have assembled an interactive tracker containing state orders and guidance documents regarding residential foreclosure and eviction moratoriums. Specifically, the FDIC seeks information on factors that regulators should weigh as they develop supervisory practices for the use of digital assets.

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Financial services Foreclosure Banks Law Firms 52

FDCPA Defense

AUGUST 16, 2012

In it, the CFPB explains that it now has primarily responsibility for administering the FDCPA, including rulemaking and supervisory authority, and that it now shares overall enforcement authority with the FTC and other federal agencies.

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Troutman Sanders

JULY 19, 2023

During September 2023, the FSB and the International Monetary Fund (IMF) are expected to release a joint paper that synthesizes the policy findings from IMF work on macroeconomic and monetary issues and the FSB’s work on supervisory and regulatory issues. For more information, click here. For more information, click here.

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