Account Recovery

MARCH 16, 2021

The Federal Trade Commission yesterday announced settlements in a pair of cases it brought under Operation Corrupt Collector, where each of the defendants have agreed to lifetime bans from working in the collection industry and will turn over all the money in their bank accounts to satisfy more than $27 million in judgments that were … The post (..)

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Collection Industry News

JUNE 5, 2022

The Consumer Financial Protection Bureau (CFPB)’s decision to establish supervisory powers over nonbank financial institutions will level the playing field and subject those companies to much-needed scrutiny, credit union trade groups informed the agency Tuesday. Response From Credit Union Trade Groups.

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Account Recovery

FEBRUARY 18, 2025

Michael has spent over 20 years in executive and leadership positions within the financial services industry. The 2025 Officers and Directors are: Michael Cassidy is joining the RMAI Board of Directors for 2025, in a certified debt-buyer seat. He is the Chief Operations Officer for Velocity Portfolio Group, Inc.

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Account Recovery

MARCH 27, 2024

Recognizing the growing importance of technology in financial services, the Consumer Financial Protection Bureau and the Federal Trade Commission yesterday issued statements indicating how both agencies will be ramping up the size and scope of their technology capabilities to keep pace with the rapidly evolving tech ecosystem.

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Account Recovery

OCTOBER 3, 2023

A number of trade groups from across the financial services industry have submitted a request to the Consumer Financial Protection Bureau to delay the process for convening a meeting under the Small Business Regulatory Enforcement Fairness Act (SBREFA) as it ponders a proposal to remove medical debts from consumers’ credit reports.

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Account Recovery

JULY 10, 2023

Back in April, the Consumer Financial Protection Bureau issued a policy statement on the prohibition on abusive acts or practices in financial services. In a comprehensive attempt to make its case, a number of trade groups […]

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Troutman Sanders

OCTOBER 30, 2023

This has important implications for financial services. Examinations will focus on the offer, sale, recommendation, and trading of crypto assets. The SEC will pay attention to financial service providers leveraging mobile applications and automated investment advice. AML compliance is also a key area.

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TAMSEY

MARCH 18, 2021

However, this trading agreement does not include any new rules governing the financial services sector. As a result, a large number of UK businesses and fintech firms are uncertain about how to trade within the EU. UK financial services firms make themselves attractive enough to retain the talent pool in the London.

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Troutman Sanders

FEBRUARY 8, 2022

Troutman Pepper announced today that a nationally recognized consumer financial services group has joined the firm from Ballard Spahr in Atlanta, New York, Philadelphia, and Salt Lake City. The industry-leading group includes partners Christopher J. Willis , Mark J. Furletti , Jeremy T. Rosenblum , Stefanie H. Cover , and Anthony C.

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Troutman Sanders

AUGUST 22, 2022

District Court for the Central District of California entered an order, authorizing the IRS to serve a John Doe summons on SFOX, a Los Angeles-based cryptocurrency broker, to produce trading records for SFOX users who conducted trades totaling at least $20,000 between 2016 and 2021. For more information, click here.

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Troutman Sanders

OCTOBER 30, 2023

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. financial institutions. For more information, click here. For more information, click here. On October 26, the U.S. For more information, click here.

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Troutman Sanders

NOVEMBER 15, 2022

On November 10, the Federal Trade Commission (FTC) issued a policy statement, asserting its intention to renew and broadly apply its Section 5 authority under the FTC Act to challenge the “full array of anticompetitive behavior in the market.” For more information, click here. Prop 209 is expected to become law in January 2023.

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Troutman Sanders

MARCH 4, 2021

Troutman Pepper attorneys’ David Anthony , Ashley Taylor , Alan Wingfield , Dascher Pasco , Leah Tedford , joined by other consumer financial services experts co-authored the American Bar Association Business Law Section book, “ Consumer Finance Law: Understanding Consumer Financial Services Regulations.”.

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Fico Collections

FEBRUARY 9, 2021

In June this year, the FATF released their report on, ‘ Money Laundering and the Illegal Wildlife Trade’. Although the market pales compared to the vast sums moved in the drug space, it’s still the 4thmost lucrative trade. Trade routes are as global as those for any other illicit trade.

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Trade Banks Financial services 52

Troutman Sanders

JANUARY 3, 2024

On December 8, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) filed an amici curiae brief urging the U.S. On December 27, the Massachusetts AG’s office announced it sued SpireBit, an allegedly phony digital assets trading firm, for defrauding customers. For more information, click here.

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Troutman Sanders

JANUARY 31, 2022

On January 27, the Federal Trade Commission (FTC) announced that consumers in 2021 reported losing about $770 million to fraud initiated on social media — about one fourth of all reported fraud losses for the year and an 18-fold increase from 2017, according to the FTC’s latest Consumer Protection Data Spotlight.

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Financial services Trade Government Banks 52

Troutman Sanders

JUNE 21, 2023

On June 20, EDX Markets (EDX), a digital assets marketplace with prominent founding investors that include major financial institutions, announced a successful launch and the completion of its new investment round. Currently, only Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are available for trade on EDX. On June 15, BlackRock, Inc.,

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Financial services Trade Collections Agency Collection Agencies 52

Troutman Sanders

SEPTEMBER 18, 2023

On September 14, the Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. The second quarter trading revenue was $3.9 For more information, click here. commercial banks and savings associations of $13.7 billion in the second quarter of 2023. The injunction in The Monticello Banking Company v.

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Financial services Trade Banks Credit Unions 52

Troutman Sanders

SEPTEMBER 5, 2023

Court of Appeals for the District of Columbia ruled in favor of Grayscale Investments, requiring the SEC to review the company’s application to convert its over-the-counter Grayscale Bitcoin Trust into a listed Bitcoin exchange-traded fund. ATSI, a Chicago-based broker-dealer, has agreed to pay $1.5 million to settle the charges.

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Troutman Sanders

NOVEMBER 27, 2023

On November 21, the Federal Trade Commission (FTC) announced that it approved an omnibus resolution authorizing the use of compulsory process in nonpublic investigations involving products and services that use or claim to be produced using artificial intelligence, or which claim to detect its use. For more information, click here.

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Financial services Loans Lender Trade 52

Troutman Sanders

SEPTEMBER 27, 2022

The CFPB plans to use this information as it considers steps to support household financial stability and address refinance market gaps. September 22, the Commodity Futures Trading Commission (CFTC) entered an order, simultaneously filing and settling charges against Ooki DAO and its co-founders Tom Bean and Kyle Kistner.

Financial services 52

Financial services Loans Trade Student loans 52

Troutman Sanders

SEPTEMBER 14, 2020

On September 9, 2020, the Deputy Superintendent of the New York Department of Financial Services issued guidance to New York state-regulated mortgage lenders and servicers regarding fees paid to register mortgages in default. ” The webinar is available here. For more information, click here.

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Troutman Sanders

MAY 23, 2022

Because of the crucial role states play in protecting consumers, the Consumer Financial Protection Act grants their consumer protection enforcers the authority to protect their citizens and otherwise pursue lawbreakers. leadership in the global financial system. For more information, click here. For more information, click here.

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Financial services Trade Government Collections Agency 52

Troutman Sanders

DECEMBER 4, 2023

The Senate Banking Committee questioned Chopra on the CFPB’s oversight of financial institutions providing benefits under the Servicemembers Civil Relief Act (SCRA), medical debt collection, so-called “junk fees,” and the increasing popularity of buy now, pay later (BNPL) products. For more information, click here.

Financial services 52

Financial services Collateral Banks Trade 52

Troutman Sanders

MARCH 21, 2023

On March 9, the House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy held a hearing to discuss proposals that would alter the CFPB’s structure and authority. For more information, click here. For more information, click here. For more information, click here. Supreme Court’s Howey Test.

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Financial services Banks Third-party Debt Collectors Judgment 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. Per the report, examiners found multiple instances of unfair or abusive acts or practices by servicers.

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Financial services Financial Institution Debt collector Trade 52

Troutman Sanders

DECEMBER 14, 2021

On December 6, the American Bankers Association, American Financial Services Association, California Financial Services Association, and Consumer Bankers Association filed a joint amicus brief with the California Supreme Court in Pulliam v. For more information, click here. HNL Automotive Inc., HNL Automotive Inc.,

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Financial services Banks Loans Trade 52

Troutman Sanders

JANUARY 9, 2024

Alleged errors include listing premature due dates before the end of the payment pause, inflating monthly payment amounts due to the servicer using outdated poverty guidelines, or using the incorrect income when calculating a borrower’s new income-driven repayment plan payment. For more information, click here.

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Troutman Sanders

JANUARY 30, 2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: Federal Activities State Activities Federal Activities: On January 29, Acting Comptroller of the Office of the Comptroller of Currency (OCC) Michael J.

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Financial services Financial Institution Banks Credit Unions 52

Troutman Sanders

NOVEMBER 13, 2023

On November 7, the Commodity Futures Trading Commission (CFTC) announced that, in 2023 alone, the cumulative penalty amount stemming from consent orders it entered with digital asset-based companies totaled $4.3 For more information, click here. billion.

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Financial services Manufacturing Debt Management Debtor 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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Troutman Sanders

DECEMBER 20, 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. For more information, click here.

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Financial services Student loans Student Loans Loans 52

Troutman Sanders

MARCH 11, 2024

On March 6, the Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam called on Congress to pass legislation addressing regulatory jurisdictions in the crypto industry. The SEC alleged that Shapeshift violated Section 15(a) of the Securities Exchange Act of 1934 by facilitating trades in crypto assets without registration.

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Financial services Garnishment Lender Banks 52

Troutman Sanders

MAY 31, 2023

In a major initiative designed to improve global standards of regulation of crypto-assets, IOSCO has set out recommendations regarding how clients should be protected and how crypto trading should meet the standards that apply in public markets. For more information, click here. On May 16, the U.S. For more information, click here.

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Financial services Financial Institution Banks Trade 52

Troutman Sanders

MAY 23, 2023

On May 18, the House Financial Services Committee Subcommittee on Digital Assets, Financial Technology, and Inclusion hosted a hearing, titled “‘Stable’ in ‘Stablecoins’: How Legislation Will Help Stablecoins Achieve Their Promise.” For more information, click here. For more information, click here.

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Financial services Banks Debtor Education 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 14, Federal Trade Commission (FTC) Commissioner Christine Wilson announced plans to leave the agency.

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Financial services Student loans Student Loans Banks 52

Troutman Sanders

DECEMBER 12, 2022

Among other things, the letter discusses Alameda Research, a defunct crypto trading firm and sister-company of bankrupt cryptocurrency exchange FTX, and its $11.5 Gruenberg, and OCC Acting Comptroller Michael J. Hsu — inquiring about the U.S. banking system’s exposure to the crypto industry. For more information, click here.

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