Troutman Sanders

OCTOBER 30, 2023

On October 26, a House Financial Services subcommittee drafted legislative proposals related to the buy now, pay later (BNPL) and earned wage access (EWA) market. On October 25, the CFPB released its biennial report to Congress on the consumer credit card market. financial institutions.

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Troutman Sanders

JULY 11, 2023

On July 6, the Federal Trade Commission (FTC) announced that, in cooperation with the state of Florida, it will send refunds to consumers nationwide allegedly defrauded by a telemarketing financial services company, and related companies, into paying for credit card interest rate reduction and debt elimination programs.

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Troutman Sanders

MAY 9, 2023

On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam. The FTC charged the defendants with taking tens of millions of dollars from people by falsely promising to eliminate or substantially reduce their credit card debt.

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Troutman Sanders

DECEMBER 7, 2021

On December 1, the Federal Reserve Board and the CFPB announced the dollar thresholds that determine exemption of certain consumer credit and lease transactions in 2022, from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). For more information, click here. For more information, click here.

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Troutman Sanders

OCTOBER 4, 2021

Federal Activities: On September 29, the Consumer Financial Protection Bureau (CFPB) released its fifth biennial report to Congress on the consumer credit card market, finding that the market’s growth over the last few years reversed course in 2020. For those interested in reading the complete order, click here.

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True Accord

APRIL 5, 2023

Meanwhile, eyes are on the Big Apple as the New York Department of Financial Services (DFS) and the New York City Department of Consumer and Worker Protection are simultaneously engaged in amending their consumer debt collection rules. consumer credit card debt has increased to nearly $1 trillion.

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Collection Industry News

SEPTEMBER 21, 2021

Using the CFPB’s Making Ends Meet survey and consumer credit data, CFPB researchers found that financial conditions faced by renters and homeowners were divergent before the pandemic. Renters’ debt obligations also differed considerably from those of homeowners before the pandemic.

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