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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On June 30, the CFPB released a blog post regarding trends of commercial reporting on consumer credit. State Activities.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

State Activities: On October 12, California’s Department of Financial Protection and Innovation (DFPI), announced, in its October bulletin, that final regulations to implement the Student Loan Servicing Act and the Student Loans Borrower Rights Law have been approved and will become effective January 1, 2024.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Federal Activities: During the week of August 24, 2020, the Consumer Financial Protection Bureau (CFPB) updated pages relating to student loans and its guidance on protecting credit during COVID-19. The University shared that it would not inform professors because the University wishes to protect student privacy.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

HB1443 will go into effect on November 1. HB1349 will take effect on July 23.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On July 26, the CFPB published a blog focused on consumer credit scores. On July 25, a large credit reporting agency revealed to investors in regulatory filings that it’s facing a probe by the CFPB. For more information, click here. For more information, click here. For more information, click here.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. For more information, click here.