Troutman Sanders

JANUARY 3, 2024

Celsius Network, which filed for Chapter 11 protection in July 2022, has scaled back its ambitions after the SEC rejected its plan to earn fees from validating digital asset transactions and start new lines of business. The approval of spot Bitcoin ETFs is expected to bring additional institutional investment into the digital asset industry.

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Troutman Sanders

DECEMBER 19, 2023

On December 12, the Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the third quarter of 2023. The OCC Mortgage Metrics Report, Third Quarter 2023 showed that 97.3% On December 11, the OCC published its 2023 Annual Report.

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Financial services Banks Debt collector Government 52

Troutman Sanders

DECEMBER 12, 2023

Department of Housing and Urban Development (HUD) announced an extension of the public comment date for its Notice of Proposed Rulemaking that would remove criminal conviction restrictions for fair housing testers by nine days, to January 11, 2024. For more information, click here. billion in student loan debt relief for 80,300 borrowers.

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Financial services Banks Collection Agencies Collections Agency 52

Troutman Sanders

DECEMBER 4, 2023

The OCC is maintaining the 2023 rates in the general assessment, independent trust, and independent credit card fee schedules, and is not adjusting assessment rates for inflation. billion in the third quart of 2023. For more information, click here. For more information, click here. For more information, click here.

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Financial services Collateral Banks Trade 52

Troutman Sanders

JANUARY 23, 2024

Treasury Department and the Internal Revenue Service (IRS) announced the delay of the requirement for persons engaged in a trade or businesses to report information related to the receipt of digital assets on IRS Form 8300, Report of Cash Payments Over 10,000 Received in a Trade or Business. For more information, click here.

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Financial services Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

JANUARY 17, 2023

On January 13, the Federal Reserve Board (Fed) released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. On January 13, the Fed announced preliminary financial information, indicating that the Federal Reserve Banks had estimated net income of $58.4

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Financial services Student loans Student Loans 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. On April 28, Venmo announced that users of the mobile payment service will offer expanded cryptocurrency-related capabilities.

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Financial services Trade Consumer Credit Government 52

Troutman Sanders

APRIL 18, 2023

On April 19, the House of Representatives Committee on Financial Services will hold a hearing on “Understanding Stablecoins’ Role in Payments and the Need for Legislation.” On April 11, the Bank of International Settlements published “Stablecoins versus tokenized deposits: implications for the singleness of money.”

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Financial services Financial Institution Loans Trade 52

Troutman Sanders

OCTOBER 3, 2023

On September 27, the OCC reported on the performance of first-lien mortgages in the federal banking system during the second quarter of 2023. The OCC Mortgage Metrics Report, Second Quarter 2023 showed that 97.3% in the first quarter of 2023. However, the SEC has extended its deadline up and until January 10, 2024, to respond.

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Financial services Student loans Student Loans Trade 52

Troutman Sanders

AUGUST 21, 2023

On August 14, the FDIC issued its 2023 Risk Review, which provides a comprehensive summary of key developments and risks in the U.S. 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. For more information, click here.

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Financial services Banks Loans Financial Institution 52

Troutman Sanders

SEPTEMBER 18, 2023

billion in the second quarter of 2023. Supreme Court reverses the Fifth Circuit in the Community Financial Services Association (CFSA) v CFPB case, which found the CFPB’s funding structure unconstitutional and, therefore, rules promulgated by the CFPB invalid. Department of Health and Human Services, and the U.S.

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Financial services Trade Banks Credit Unions 52

Troutman Sanders

OCTOBER 17, 2022

On October 13, the CFPB, the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000. On October 11, U.S. For more information, click here.

Financial services 52

Financial services Banks Student loans Student Loans 52

Troutman Sanders

FEBRUARY 6, 2023

The class consisted of “all persons or entities that transacted in the Tokens” on Coinbase’s exchange platform between October 8, 2019 through March 11, 2022 — the class-action lawsuit filing date. The 2023 letter constitutes a follow-up response to the senators’ December 5, 2022 letter sent to Silvergate.

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Financial services Trade Banks Bankruptcy 52

Troutman Sanders

NOVEMBER 15, 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. Prop 209 is expected to become law in January 2023. State Activities. For more information, click here.

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Financial services Student loans Student Loans Trade 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 CFPB published its Summer 2023 Supervisory Highlights report. For more information, click here.

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Financial services Financial Institution Debt collector Fair Debt Collection 52

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. On July 11, the U.S. For more information, click here. Specifically, the U.S.

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Troutman Sanders

NOVEMBER 21, 2022

On November 15, the FTC announced that it is extending by six months the deadline for companies to comply with some of the changes the agency implemented to strengthen the data security safeguards financial institutions must put in place to protect their customers’ personal information. On November 11, the U.S.

Financial services 52

Financial services Banks Lender Trade 52

Troutman Sanders

APRIL 18, 2022

The CFPB then relies on its own prior research to argue that consumers rely on servicers to provide information about private student loans, citing specific consumer complaints as evidence that student loan owners, lenders, servicers, and collectors unlawfully collect on private student loans that should have been discharged.

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Financial services Student loans Student Loans Loans 52

Troutman Sanders

JULY 18, 2022

On July 13, the Bank for International Settlements (BIS) and the International Organization of Securities Commissions published their guidance on the application of financial market infrastructure rules to stablecoins. If accepted, the senators requested the agencies to complete study by July 2023. For more information, click here.

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Financial services Trade Financial Institution Healthcare 52

Troutman Sanders

DECEMBER 27, 2022

On December 21, the FTC announced it extended the public comment period on whether it should explore a rule on the harms caused by so called “junk fees” until February 8, 2023. DFS will host a webinar to provide an overview of the proposed guidance on January 11, 2023 at 10:30 a.m. For more information, click here.

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Troutman Sanders

AUGUST 16, 2022

On August 11, the Consumer Financial Protection Bureau (CFPB) stated in a circular that financial companies may violate federal consumer financial protection law when they fail to safeguard consumer data. Servicers must implement this change starting on March 1, 2023. For more information, click here.

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Troutman Sanders

SEPTEMBER 11, 2023

The list covers evaluation ratings that the FDIC assigned to institutions in June 2023. State Activities: On September 7, the California Department of Financial Protection and Innovation (DFPI) announced the launch of the Student Loan Empowerment (SLE) Project, a new $7.25 For more information, click here.

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Financial services Student loans Student Loans Banks 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. On May 11, the U.S. On May 11, the Promoting Digital Privacy Technologies Act (H.R.

Financial services 52

Financial services Foreclosure Lender Judgment 52

Troutman Sanders

MARCH 8, 2022

The final version of the UCPA would go into effect December 31, 2023 , and its substantive requirements closely mirror those found in the Virginia Consumer Data Protection Act (VCDPA). This legislation is now being considered by the Florida Senate, which must act quickly, as the 2022 legislative session in Florida ends on March 11.

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Financial services Repossession Banks Collections 52

Troutman Sanders

APRIL 11, 2022

State Activities: On April 7, the New York Department of Financial Services issued guidance “to address potential confusion” about how to comply with a new statute of limitations requirement that went into effect last week. For more information, click here. According to the press release, “U.S. For more information, click here.

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Financial services Student loans Student Loans Banks 52

Troutman Sanders

MARCH 28, 2022

If signed by April 11, the Act will impose the nation’s first registration requirement on sales-based financing providers and brokers. The Act applies to contracts entered into on or after July 1, and it authorizes the commissioner of financial institutions to adopt appropriate regulations to implement the Act.

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Financial services Financial Institution Credit Unions Credit Unions 52

Troutman Sanders

MARCH 21, 2022

On March 11, Britain, Canada, France, Germany, Italy, Japan, and the United States (collectively, the G7) announced more sanctions against Russia, including first-time sanctions specific to virtual assets. Currently, the Fed expects to release the FedNow Service in 2023, although in phases. For more information, click here.

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Financial services Financial Institution Manufacturing Debt collector 52

Troutman Sanders

MARCH 8, 2021

Over 11 million families are behind on their rent or mortgage payments: 2.1 The CPDA will become effective on January 1, 2023. For more information, click here. On March 1, the CFPB issued a report warning of widespread evictions and foreclosures once federal, state, and local pandemic protections come to an end.

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Financial services Retail Foreclosure Financial Institution 52

Troutman Sanders

APRIL 6, 2023

In a significant boost to the financial services industry, Utah has taken major steps to streamline its debt collection bureaucracy — including the removal of criminal penalties for failure to comply with technical requirements. See Utah Code Ann. §

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CSA

DECEMBER 14, 2022

The government’s consultation paper is available here and closes for responses on 17 March 2023. The Chancellor of the Exchequer, Jeremy Hunt, announced a number of financial services industry reforms on Friday 9 December 2022 in a speech delivered in Edinburgh, widely referred to as the Edinburgh Reforms.

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Financial services Consumer Credit Government Banks 52

Fico Collections

FEBRUARY 22, 2023

The Financial Conduct Authority’s (FCA) Consumer Duty rules, which will apply to new and existing products or services that are open to sale or renewal and come into force on 31st July 2023, require financial institutions to act to deliver good outcomes for customers.

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Financial Institution Retail Financial services Consumer Credit 52

Fico Collections

APRIL 19, 2023

Vintage Analysis In line with the higher rate for late payments, the percentage of payments that are less than the minimum due are also considerably higher for the Established group; in February 2023 the average minimum due for Established accounts was 55 percent higher than all accounts.

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Fico Collections

APRIL 24, 2023

Trust Bank is setting a precedent for financial services by onboarding an individual and delivering a credit card to them digitally on their phone within four minutes, creating a seamless digital onboarding process for new customers. For its achievements, Trust Bank won a 2023 FICO® Decisions Award for Customer Onboarding & Management.

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Banks Startups Financial services Government 52

CSA

NOVEMBER 16, 2022

The FCA has shared the key findings from its review of firms’ treatment of borrowers in financial difficulty after the Covid-19 pandemic. The findings outline the areas and issues that financial services firms need to focus in order to improve outcomes. ICO: Draft guidance on monitoring at work Closing date: 11 January 2023.

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Fico Collections

MARCH 23, 2023

percent month-on-month to £1,650 Analysis of the largest consortium of UK cards data shows UK consumer credit behaviour in January 2023 generally following typical seasonal patterns. January saw inflation slightly pegged back compared to the end of 2022; retail sales also improved marginally in the new year.

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Lender Retail Collections Financial services 52

Fico Collections

JANUARY 24, 2023

This measure is expected to keep dropping as consumers’ savings reduce and cost-of-living pressures are expected to continue well into 2023. This dropped again in November by 2.8 percent to 39.3 percent, and is down 1.5 percent year on year.

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Lender Credit Card Debt Debt Management Financial services 52

Fico Collections

APRIL 26, 2023

According to the Australian Competition and Consumer Commission’s Scamwatch , for example, more than 57,000 scams were reported in the first two months of 2023 alone. According to the 2023 FICO Global Scams Survey , 51% of consumers worldwide believe their friends or family members have been victims of similar scams.

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