Troutman Sanders

JANUARY 3, 2024

On November 20, 2023, DFPI issued an informal Invitation for Comments , seeking input on a potential regulatory action on the topics of DFAL license application, licensure requirements, and stablecoin approval. The listening session will be held on January 8, from 10 a.m.

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Troutman Sanders

OCTOBER 9, 2023

On October 5, the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking (NPR) that would add an Appendix C to the FDIC’s regulation for safety and soundness standards 12 C.F.R. § Supreme Court heard oral argument in Community Financial Services Association of America v. 364 et seq. banking system.

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Financial services Student loans Student Loans Third-party Debt Collectors 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 12, the attorneys representing defunct cryptocurrency exchange FTX in its bankruptcy proceeding announced that FTX recovered approximately $7.3

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Financial services Financial Institution Loans Trade 52

Troutman Sanders

JANUARY 23, 2024

The report presents detailed recommendations to mitigate risks to investors, consumers, market integrity, financial stability, and to combat illicit finance. For more information, click here. For more information, click here.

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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

AUGUST 14, 2023

On August 9, the Commissioner of Data Protection of the Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa, and South Asia (MEASA) region, issued a first of its kind adequacy decision regarding the California Consumer Privacy Act of 2018 (CCPA), a standalone data protection law.

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Troutman Sanders

SEPTEMBER 5, 2023

The putative class asserted two sets of federal securities claims: one for rescission of allegedly unlawful contracts under Section 29(b) of the Securities Exchange Act of 1934; and another for Uniswap’s alleged violation of Section 12(a)(1) of the Securities Act of 1933. One administrative hearing is scheduled for September 2023.

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Troutman Sanders

OCTOBER 16, 2023

This Supervisory Highlights special edition covers junk fees in the areas of bank account deposits, auto loan servicing, and remittances found during examinations between February and August 2023. Councilmember Matthew Frumin (D) introduced B25-0538, the Strengthening Probate Administration Amendment Act of 2023.

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Troutman Sanders

FEBRUARY 6, 2023

Specifically, the class argued that Coinbase was a “statutory seller” of unregistered securities under Section 12(a)(1) of the Securities Act. The 2023 letter constitutes a follow-up response to the senators’ December 5, 2022 letter sent to Silvergate. Under the U.S. Supreme Court decision Pinter v. For more information, click here.

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Financial services Trade Banks Bankruptcy 52

Troutman Sanders

NOVEMBER 21, 2022

Supreme Court denied YouTube influencer and BitConnect recruiter Glenn Arcaro’s petition to review the Eleventh Circuit’s assessment of the scope of statutory seller liability under Section 12(a)(1) of the Securities Act of 1933. The deadline for complying with some of the updated requirements of the Safeguards Rule is now June 9, 2023.

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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. For more information, click here. For more information, click here.

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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. State Activities. Federal Activities: On December 1, U.S. central bank digital currency (CBDC).

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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. On September 12, Maryland AG Anthony G.

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Troutman Sanders

DECEMBER 20, 2022

The proposed rule will amend the definition of “non-deposit product” and “uninsured financial product” to include “crypto-assets,” thereby requiring IDI’s to clearly, continuously, and conspicuously display disclosures indicating that crypto-assets are not insured by the FDIC. On December 12, the U.S. For more information, click here.

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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. Previously on December 12, the U.S. DFS will host a webinar to provide an overview of the proposed guidance on January 11, 2023 at 10:30 a.m.

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Troutman Sanders

OCTOBER 31, 2022

On October 18, the FDIC adopted a final rule to increase initial base deposit insurance assessment rate schedules uniformly by two basis points, beginning in the first quarterly assessment period of 2023. Comments are due by January 17, 2023. The AGs are investigating why financial are “ceding authority to a foreign body.”

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Financial services Student loans Student Loans Loans 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. The DOJ and CFTC also filed criminal and civil actions against Ichioka. For more information, click here. regarding potential violation so the Federal Deposit Insurance Act.

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Financial services Banks Trade Loans 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 12, the Commodity Futures Trading Commission (CFTC) announced that the U.S.

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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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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

JULY 18, 2022

The deadline to submit comments is September 12. 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. For more information, click here. For more information click here.

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Troutman Sanders

APRIL 18, 2022

On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled, “ Busting myths about bankruptcy and private student loans.” On April 12, Colorado’s Attorney General published a document titled, “Pre-Rulemaking Considerations for the Colorado Privacy Act.” For more information, click here.

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Fico Collections

DECEMBER 20, 2021

It’s the time of year for predictions, and with the insights gained from 2021, I am ready to offer a few public policy forecasts for those in the financial services industry. However, on November 17 the full 11th Circuit vacated its Hunstein II decision and ordered that the case be heard en banc by all 12 judges on the 11th Circuit.

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Troutman Sanders

AUGUST 16, 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. Servicers must implement this change starting on March 1, 2023. State Activities.

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Financial services Loans Student loans Student Loans 52

Troutman Sanders

JUNE 27, 2022

On June 22, the CFPB took “the first step toward addressing credit card company penalty policies costing consumers $12 billion each year, starting by looking at excessive late fees.” On June 8, the New York State Department of Financial Services (NYDFS) issued new guidance on issuing U.S. For more information, click here.

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Troutman Sanders

JULY 20, 2020

Like most industries today, Consumer Financial Services businesses are being significantly impacted by the novel coronavirus (COVID-19). On July 1, 2020, Delaware Governor John Carney modified an order pertaining to the Declaration of a State of Emergency issued on March 12, 2020. For more information, click here.

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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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Fico Collections

MAY 18, 2023

Detecting Fraud in a Digital Banking Boom Latin America is a high-growth market for financial services and grew significantly over the Covid-19 pandemic, with more than 100 million people in the region adopting digital banking according to industry analysts. You can read more about this story in the full media release.

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Fico Collections

SEPTEMBER 30, 2022

Meet Our 2023 FICO Decisions Awards Judges. Thu, 05/12/2022 - 10:29. FICO has announced its panel of independent judges for the 2023 FICO® Decisions Awards , which honor businesses achieving outstanding results using analytics and decision management technology to grow their business, manage risk and reduce costs.

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Retail Startups Banks Financial services 52

Fico Collections

JANUARY 19, 2023

The combination of events prompted unprecedented levels of financial support being provided by governments around the world to both individuals and businesses to enable them to survive the economic consequences. Here are my three predictions for risk management and customer treatment in 2023.

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Fico Collections

MARCH 7, 2023

In banking and financial services within North America, our research shows that AI is an even higher priority now than 12 months ago for 52% of financial services organisations. Systems used in banking and financial services are firmly in scope and could be enforced as early as the second half of 2024.

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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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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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True Accord

JANUARY 10, 2024

2023 brought a whirlwind of an economy, and we spent most of the year trying to predict when things would finally turn around. The good news is that things are looking up, and so are consumer sentiments on their financial outlook. trillion in Q3 2023, showing a 4.7% In October, the first month of resumed payments, 8.8

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Student loans Student Loans Loans Banks 58

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

MAY 3, 2023

The banking and financial services industry must evolve their fraud-fighting strategies at an equally relentless pace to stay one step ahead. Scams have become a scourge on the industry, as banking and financial services organizations find it almost impossible to prevent this kind of fraud from taking place.

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Troutman Sanders

MARCH 15, 2023

The FDIC was also appointed receiver of Signature Bank, which was closed on March 12, 2023, by the New York Department of Financial Services. a full-service bank operated by the FDIC as it markets the institution to potential bidders.

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