Troutman Sanders

FEBRUARY 21, 2024

In 2022, a district court entered an order that imposed civil penalties on the companies and required that redress be paid to harmed consumers. However, that could change soon as HB 418, originally introduced on January 10, 2024, seeks to create a class-action framework loosely modeled on the Federal Rules of Civil Procedure.

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Troutman Sanders

JANUARY 17, 2023

The case marks the first time that the FTC has collected civil penalties against a company that received the “notice of penalty offenses” for money-making opportunities sent in October 2022 and the first civil penalties for violations of the Restore Online Shoppers’ Confidence Act. billion in 2022. For more information, click here.

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Financial services Student loans Student Loans Education 52

Troutman Sanders

OCTOBER 16, 2023

In April, Coinbase petitioned the Third Circuit to compel the SEC to answer its July 2022 petition, which requested for the agency to promulgate crypto-specific regulations. NSF fees are distinct from overdraft fees, which financial institutions charge when they pay, rather than decline, a payment when the account lacks sufficient funds.

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Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

DECEMBER 5, 2022

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. On November 28, 2022, U.S. State Activities. Federal Activities: On December 1, U.S. Brown’s letter requests the U.S.

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Troutman Sanders

JULY 5, 2023

On June 29, the United Kingdom’s cryptocurrency bill — the Financial Services and Markets Act 2023 — was approved by King Charles and ratified into law. financial institutions, including banks, savings associations, credit unions, and mortgage companies. in the fourth quarter 2022. For more information, click here.

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Financial services Financial Institution Credit Unions Credit Unions 52

Troutman Sanders

NOVEMBER 21, 2023

The FTC and the State of Illinois sued Napleton Automotive Group in March 2022, alleging that Napleton employees were sneaking illegal junk fees for unwanted “add-ons” onto vehicle purchases and discriminating against Black consumers. For more information, click here. For more information, click here. For more information, click here.

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Financial services Retail Banks Student loans 52

Troutman Sanders

FEBRUARY 27, 2023

The CFPB ordered the company to pay more than $5 million in consumer relief and a $10 million civil money penalty. The bill — the CBDC Anti-Surveillance Act — shares similarities to a prior version introduced by Emmer in 2022. For more information, click here. For more information, click here.

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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.”

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Troutman Sanders

AUGUST 21, 2023

This year’s report incorporates data for 2022 through first quarter 2023, with insights related to the stress to the banking sector that emerged in March 2023. In California, companies are generally prohibited from charging a price for a product that exceeds the product’s pre-emergency price by more than 10%.

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Troutman Sanders

OCTOBER 4, 2022

for allegedly engaging in a pump-and-dump scheme regarding a crypto-asset security named “Dignity,” which Arbitrade and Cryptobontix falsely represented to investors was backed by $10 billion in gold bullion the entities obtained through a purchase transaction. and Cryptobontix, Inc. For more information, click here. On September 29, U.S.

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Financial services Trade Retail Banks 52

Troutman Sanders

SEPTEMBER 5, 2023

Court of Appeals for the Fifth Circuit’s 2022 ruling that the SEC’s in-house adjudication is unconstitutional. The investigation revealed that, on at least 10 occasions, the company delayed granting deferment requests or otherwise failed to meet its obligations with respect to process reservists’ requests.

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Financial services Banks Trade Home Insurance 52

Troutman Sanders

DECEMBER 27, 2022

Senate Banking Committee Ranking Member Pat Toomey (R-PA) introduced the “Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022” bill. The CFRC began meeting in February 2022 and assists with translating climate data into potential financial impacts. For more information, click here. On December 21, U.S.

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Financial services Banks Trade Retail 52

Troutman Sanders

NOVEMBER 15, 2022

On November 10, U.S. Senate Agriculture Committee Chair Debbie Stabenow (D-MI) remain committed to advancing the Digital Commodities Consumer Protection Act of 2022 to increase consumer protection and confidence in digital asset markets. For more information, click here. Senator Boozman noted that he and U.S.

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Financial services Student loans Student Loans Trade 52

Troutman Sanders

FEBRUARY 16, 2023

On February 10, the Federal Trade Commission (FTC) announced it will send more than $115 million in refunds to consumers nationwide as a result of a 2018 action the FTC and the U.S. On February 8, New York Department of Financial Services (DFS) Superintendent Adrienne A. For more information, click here.

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Financial services Lender Banks Education 52

Troutman Sanders

MAY 2, 2023

Speaking at the Consensus 2023 conference, Senator Lummis stated that the next installment of her bill — the Responsible Financial Innovation Act — will be presented to the Senate within eight weeks. New York Green Bank will host a webinar on May 11, 2023 at 10:00 a.m. Dollar (USD) LIBOR after June 30. For more information, click here.

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Financial services Trade Consumer Credit Government 52

Troutman Sanders

FEBRUARY 21, 2023

Corp and nonbank financial service provider Zera Financial for allegedly making false and misleading statements, implying that FDIC deposit insurance protected their customers’ digital assets. On February 10, Office of the Comptroller of the Currency (OCC) Senior Deputy Comptroller and Chief Counsel Ben W.

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Financial services Student loans Student Loans Banks 52

Troutman Sanders

MARCH 14, 2023

Buy Now, Pay Later borrowers also are more likely to use high-interest financial services, such as payday loans, pawn loans, and bank account overdrafts. On March 2, the Federal Trade Commission (FTC) issued a proposed order, banning online counseling service BetterHelp, Inc. For more information, click here.

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Troutman Sanders

MARCH 6, 2023

Buy Now, Pay Later borrowers also are more likely to use high-interest financial services, such as payday loans, pawn loans, and bank account overdrafts. On March 2, the Federal Trade Commission (FTC) issued a proposed order, banning online counseling service BetterHelp, Inc. For more information, click here.

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TAMSEY

MARCH 18, 2021

However, this trading agreement does not include any new rules governing the financial services sector. London is one of the most attractive places in the world to do business and has a dynamic, deep and wide financial services sector. The big loss for UK (and EU) financial services firms is passporting services.

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Troutman Sanders

AUGUST 16, 2022

On August 10, the CFPB issued an interpretive rule, laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law. On August 10, U.S. 7352 establishes a 10-year statute of limitations for fraud by borrowers under the SBA’s Paycheck Protection Program.

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Financial services Loans Student loans Student Loans 52

Troutman Sanders

AUGUST 1, 2023

On July 27, the Financial Innovation and Technology for the 21st Century Act passed the House Committee on Agriculture. The bill previously passed the House Committee on Financial Services on July 26. On July 26, the majority of U.S. For more information, click here.

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Financial services Financial Institution Debt collector Fair Debt Collection 52

Troutman Sanders

MAY 16, 2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest legislative and regulatory events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. Privacy and Cybersecurity Activities. For more information, click here.

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Financial services Foreclosure Lender Judgment 52

Troutman Sanders

OCTOBER 3, 2023

Performance improved compared to the second quarter of 2022 when 97% of mortgages were current and performing. However, the SEC has extended its deadline up and until January 10, 2024, to respond. The OCC Mortgage Metrics Report, Second Quarter 2023 showed that 97.3% in the first quarter of 2023. For more information, click here.

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Financial services Student loans Student Loans Trade 52

Troutman Sanders

JUNE 27, 2023

On June 21, the House Financial Services Committee announced its plan to advance two proposed new cryptocurrency laws in July 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.

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Financial services Banks Trade Loans 52

Troutman Sanders

MARCH 28, 2023

Court of Appeals for the Second Circuit held that the Consumer Financial Protection Bureau’s (CFPB) funding structure is constitutional — splitting from the U.S. Court of Appeals for the Fifth Circuit’s decision in Community Financial Services Association of America v. For more information, click here.

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Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

NOVEMBER 8, 2022

If enacted, the Protecting Wages of Essential Workers Act of 2022 (H.R. House of Representatives, seeking to protect a greater portion of consumers’ disposable income from garnishment. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Garnishment 52

Troutman Sanders

JUNE 27, 2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest legislative and regulatory events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. Privacy and Cybersecurity Activities. For more information, click here.

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Financial services Banks Trade Government 52

Troutman Sanders

OCTOBER 10, 2022

On September 30, the Federal Deposit Insurance Corporation (FDIC) released a list of orders of administrative enforcement actions taken against banks and individuals in August 2022. The change will allow Californians to receive PDFs of birth, death, and marriage records immediately, as opposed to a standard 10-day postal delivery.

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Financial services Banks Financial Institution Retail 52

Troutman Sanders

MAY 9, 2023

For the first year after the effective date of the proposal, these firms would be subject to an excise tax of 10% of the costs of electricity they use in digital asset mining. billion in revenue over 10 years. The excise tax would then increase to 20% in the second year, and it would reach its maximum of 30% in year three.

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Financial services Student loans Student Loans Loans 52

Troutman Sanders

OCTOBER 17, 2022

This letter follows Chairman Clyburn’s May 2022 letters to the NCRAs, requesting information on the companies’ efforts to respond to and resolve credit reporting inaccuracies raised by consumers during the pandemic. For more information, click here. For more information, click here.

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Financial services Banks Student loans Student Loans 52

Troutman Sanders

NOVEMBER 16, 2021

Federal Activities: On November 10, the Consumer Financial Protection Bureau (CFPB) joined other government agencies to announced a return to enforcement of critical protections for families and homeowners. On November 10, U.S. This funding will be distributed over the course of the next four years starting in 2022.

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Financial services Government Consumer Credit Original Creditor 52

Troutman Sanders

FEBRUARY 16, 2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest COVID-19 driven events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. billion on January 21, 2022.” State Activities. Privacy and Cybersecurity Activities.

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Financial services Banks Trade Financial Institution 52

Troutman Sanders

SEPTEMBER 19, 2022

Department of Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 10 individuals and two entities for their roles in conducting malicious cyberattacks, including ransomware activity. For more information, click here. On September 14, the U.S. OFAC’s action continues a recent series of OFAC designations intended to protect U.S.

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Financial services Trade Government Banks 52

Troutman Sanders

JANUARY 25, 2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest COVID-19 driven events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. Privacy and Cybersecurity Activities. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Trade 52

Troutman Sanders

JULY 5, 2022

Federal Activities: On June 30, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective for Spring 2022 , which includes a discussion of risks and suggestions for banks to consider on distributed ledger technologies and digital assets. Privacy and Cybersecurity Activities. For more information, click here.

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Financial services Banks Debt collector Government 52

Troutman Sanders

AUGUST 24, 2021

“The sad reality is that too many Virginians across the Commonwealth continue to find themselves in tough financial situations because of the ongoing COVID-19 pandemic and they may have a hard time making ends meet or paying their rent,” said Attorney General Herring. For more information, click here.

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Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

NOVEMBER 23, 2021

This funding will be distributed over the course of the next four years, starting in 2022. On November 10, an electronic frontier foundation (EFF) report made headlines , revealing the broad nature and scope of the data shared under this contract. The full version of the Infrastructure and Jobs Act is available here.

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