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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

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 26, CFPB Enforcement Director Eric Halperin gave prepared remarks at the National Consumer Law Center (NCLC) Consumer Rights Litigation Conference.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

The bill would require digital asset firms to publish and distribute a prospectus that includes material information related to the firm’s business, financial condition, results of operations, risk factors, and conflicts of interests. Strengthen Retail (Consumer) Investor Protections. HB1443 will go into effect on November 1.

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Indiana AG Settles with Company over Allegedly Providing Unfair and Deceptive Personal Loans to Finance Auto Purchases

Troutman Sanders

Indiana Attorney General Todd Rokita and the Indiana Department of Financial Institutions announced a settlement in excess of $250,000 with Integrity Acceptance Corp., Second, unlike many cases currently in the news, these allegations do not involve retail installment sales contracts.

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UK Cards Data: Increase in Cardholders Missing Two Payments

Fico Collections

January saw inflation slightly pegged back compared to the end of 2022; retail sales also improved marginally in the new year. In a similar vein, the FICO data shows that many of those consumers missing one credit card payment in December continued to struggle with their debts in the new year, with a marked increased in two missed payments.

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UK Card Spend Reaches Highest Level Since at Least 2006

Fico Collections

But this year’s rise seems to also have been driven by inflation, pushing the amount of average credit card spend in the UK to the highest level since our UK Risk Benchmarking records began in 2006. This rise occurred in a month when UK retail sales volumes were widely reported as being down relative to past years.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

If enacted, the bill would, among other things, prohibit medical debts from being reported on consumerscredit reports. The bill would even prohibit credit reporting agencies from accepting information about consumers’ medical debts.

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Meet Our 2021 FICO Decisions Awards Judges

Fico Collections

He has over 30 years’ experience working in senior roles across the technology, financial services and publishing industries and has a passion for using technology and pioneering approaches to drive outstanding business growth and customer retention. Tomas Klinger, decision science and data director at Home Credit (previous winner).