Troutman Sanders

JANUARY 30, 2023

The Federal Deposit Insurance Act (FDIA) generally prohibits insured state banks, but not uninsured state member banks, from acting as principal in activities that are not permissible for national banks. The policy statement becomes effective upon publication in the Federal Register.

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Banks 52

Troutman Sanders

MAY 4, 2023

Please join Troutman Pepper Partner Chris Willis and his colleagues Alan Wingfield, James Kim, and Taylor Gess for the first installment of a special two-part series about the Consumer Financial Protection Bureau’s (CFPB) recent policy statement on abusiveness. CFS Partner James Kim leads the firm’s fintech industry group.

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Retail Trade Financial Institution Financial services 52

Troutman Sanders

FEBRUARY 24, 2023

On February 9, the Federal Trade Commission (FTC) submitted its annual letter to the Consumer Financial Protection Bureau (CFPB) summarizing its activities enforcing the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B. A copy of the summary was also provided to the Federal Reserve Board.

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Troutman Sanders

DECEMBER 28, 2023

On December 20, Fannie Mae issued SVC-2023-06. On December 20, the Federal Reserve Board and the Federal Deposit Insurance Corporation announced the 2024 updated asset-size thresholds used to define “small bank” and “intermediate small bank” under their current Community Reinvestment Act (CRA) regulations.

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Fraser

JULY 29, 2021

Those health events are, in turn, causing local, state and now the federal government, governmental agencies, and employers, to revisit, and, in some instances, reinstate, workplace health and safety policies. We also covered this issue in our discussion of EEOC vaccine guidance. In May, 2021, the U.S.

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Troutman Sanders

MARCH 4, 2024

On February 29, the Consumer Financial Protection Bureau (CFPB) issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. For information, click here. For information, click here.

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Collection Industry News

OCTOBER 19, 2023

The plaintiffs are fighting taxes on earnings that weren’t distributed to them by arguing about the definition of income, which could have broader implications, according to policy experts. It’s an issue that has been raised during past federal billionaire tax debates and could affect future proposals.

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Collection Industry News

MARCH 13, 2024

The Federal Reserve on Wednesday held interest rates steady as expected and signaled it still plans multiple cuts before the end of the year. The current federal funds rate level is the highest in more than 23 years. We are prepared to maintain the current target range for the federal funds rate for longer if appropriate.”

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Banks Collections Bankruptcy 40

Troutman Sanders

JULY 21, 2022

District Court for the District of Delaware issued a decision that should draw the attention for banks that charge overdraft fees for overdraft protection. The credit union argued that its policy was accurately explained by the federally mandated overdraft opt-in form in combination with two other documents provided to customers.

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Credit Unions Credit Unions Financial Institution Banks 52

American Profit Recovery

MAY 5, 2023

We always advise the organizations we work with to have an internal debt collection strategy prior to issuing accounts to a collection agency. And there are benefits to doing so but there are also some issues to keep in mind. That allows your business to conduct due diligence in trying to resolve the matter internally.

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Fraser

MARCH 28, 2022

Savvy Michigan employers have adopted broad “mandatory arbitration” provisions in employment contracts, policies, and handbooks. The primary purpose of those policies is to keep employment discharge and related claims out of court, where defense costs and jury damage awards can be significant.

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Lawyers Collections 52

Fraser

JULY 12, 2021

The NCAA recently announced an interim policy that allows student-athletes from all three divisions to monetize their name, image and likeness (often referred to as “NIL”). The new policy went into effect on July 1, 2021. What is Allowed Under the NCAA Interim Policy. What is Not Allowed Under the NCAA Interim Policy.

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Education 67

Troutman Sanders

FEBRUARY 11, 2021

In a recent report titled, “ Federal Policy Outlook 2021 ,” Troutman Pepper Strategies predicts that the “Biden-run CFPB will try to strengthen oversight of lending, credit, and target predatory lending.”. This investigation may be our first sign of a more aggressive CFPB impacting the payments industry.

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Collections Debt collector 98

Troutman Sanders

JANUARY 18, 2022

In 2021, Congress waded into the digital asset policy waters through its inclusion of expanded cryptocurrency and digital asset rules as part of the $1 trillion Infrastructure Investment and Jobs Act (HR 3584), which was signed into law by President Joe Biden on November 15. Mr. Powell stated, “No. Not at all.”. The very next day, Rep.

Banks 52

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Troutman Sanders

FEBRUARY 26, 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 February 26, CoinSpeaker reported that in May, the U.S.

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Financial services Financial Institution Trade Banks 52

Troutman Sanders

SEPTEMBER 11, 2023

On September 8, the Financial Crimes Enforcement Network (FinCEN) issued an alert on identifying several red flags that banks and financial institutions should be on the lookout for concerning cryptocurrency investment scams. For more information, click here. On September 8, Michael S. payments system.” payments system.”

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Financial services Student loans Student Loans Banks 52

Troutman Sanders

DECEMBER 8, 2023

Under the CFDL, providers are required to give certain disclosures similar to consumer transactions, such as the amount of funding the small business will receive, the APR, a payment amount (if applicable), the term, details related to prepayment policies, and (for products without a monthly payment) an average monthly cost.

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Judgment Trade Loans Banks 52

Troutman Sanders

FEBRUARY 6, 2024

On February 2, House Representatives Patrick McHenry, French Hill, and Andy Barr sent a letter to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg, expressing concern about a shift in regulatory posture having a chilling effect on banks’ engagement with fintech. For more information, click here. On January 31, the U.S.

Financial services 52

Financial services Banks Trade Financial Institution 52

Collection Industry News

OCTOBER 10, 2022

The CFPB, in a notice published in the Federal Register on September 27, 2022, announced that it was rescinding its No-Action Letter and Compliance Assistance Sandbox policies (Policies). The CFPB also determined that the existing Policies failed to meet appropriate standards for transparency and stakeholder participation.

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Collections Education 40

Troutman Sanders

MAY 24, 2022

issued May 23, the Court concluded that this rule, followed by nine federal circuits, was inconsistent with federal waiver law generally and was not justified by the federal policy favoring arbitration established by the Federal Arbitration Act (FAA). In Morgan v. Sundance, Inc. Rederi A/B Nordie , 389 F.

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Acquisition Collections 52

Troutman Sanders

FEBRUARY 21, 2024

The CFPB alleged that the defendants charged thousands of consumers with federal student loans approximately $9.2 On February 15, the Federal Reserve Board released the hypothetical scenarios for its annual stress test, which helps ensure that large banks can lend to households and businesses even in a severe recession. economy.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

FEBRUARY 27, 2023

On February 23, Board of Governors of the Federal Reserve System, the FDIC, and the OCC issued a joint statement, highlighting the purported liquidity risks associated with engaging crypto-asset sector participants that utilize cryptocurrency as a source of funding. For more information, click here. For more information, click here.

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Financial services Banks Loans Retail 52

Troutman Sanders

OCTOBER 19, 2022

FSOC further recommended legislation empowering financial regulators to more vigorously oversee the industry and to expand bank exams to require federal and state agencies to inspect services provided by crypto-asset service companies. A fact sheet summarizing FSOC’s findings can be found here. financial regulators.

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Trade Banks Retail Government 52

Public Citizen

JUNE 6, 2022

For the second time in the space of two weeks, the Supreme Court issued a narrow, but unanimous, decision against a company seeking arbitration. Today's decision in Southwest Airlines v. Saxon , like the one two weeks ago in Morgan v. Sundance, Inc. involved an employment arbitration agreement, not a consumer agreement.

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Burr Forman

NOVEMBER 3, 2021

On November 1, 2021, the Safer Federal Workforce Task Force issued additional guidance for federal contractors with respect to vaccine mandates and other COVID-19 safety protocols. The new guidance is available on the Safer Federal Workforce website FAQ section for federal contractors.

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Education 52

Fraser

JULY 15, 2021

On July 9, 2021, President Biden issued an executive order aimed at “promoting competition in the American economy.” In the days since the executive order was issued, we have heard from a number of clients who are, understandably, uncertain about the status of their current non-compete agreements. The Impact of the Executive Order.

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Trade Government 86

Troutman Sanders

MAY 9, 2022

CDIA’s fifth annual industry wide conference is an essential event to convene, connect, and hear from world-class speakers on the most relevant and critical issues facing the industry. This is the only conference that connects the entire consumer reporting ecosystem!

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Troutman Sanders

SEPTEMBER 18, 2023

The FAQs are a resource issued by the CFPB to help small business lenders and finance companies understand and comply with the Rule, which implements section 1071 of the Dodd-Frank Act. A discussion of the first injunction issued by a Texas federal court can be found here.) For more information, click here.

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Financial services Trade Banks Credit Unions 52

Troutman Sanders

SEPTEMBER 9, 2021

On August 27, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the “Agencies”) issued “ Conducting Due Diligence on Financial Technology Companies: A Guide for Community Banks.” Information Security. Operational Resilience.

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Banks Collections 52

Troutman Sanders

MARCH 16, 2023

For a number of years, federal courts have been split on whether non-qualified private education loans are also subject to the undue hardship standard in the Bankruptcy Code. In these instances, CFPB examiners observed that most borrowers resumed payments, sometimes paying thousands of dollars on discharged debts.

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Student loans Student Loans Loans Bankruptcy 52

UK debt collections

JANUARY 4, 2024

We have called upon the expertise of the highly experienced Business Debt Collection specialists, Federal Management to help us compile this handy guide. Federal Management celebrate their 20th year of success in the Debt Collection field in 2024 so who better to call upon for tips on how to chase unpaid invoices.

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Troutman Sanders

AUGUST 7, 2023

On August 1, the Board of Governors of the Federal Reserve System (the Fed) delivered to Congress its Cybersecurity and Financial System Resilience Report (report). The court issued this judgment in connection with the civil enforcement action filed by the CFPB in 2019. dba DEBT Box. For more information, click here.

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Financial services Financial Institution Manufacturing Loans 52

Burr Forman

NOVEMBER 4, 2021

The ETS becomes effective immediately and requires employers to establish, implement, and enforce an acceptable vaccination policy by December 5, 2021. Under the new rule, all employers with 100 or more employees at any time the ETS is in effect have two options: Implement and enforce a mandatory COVID-19 vaccination policy, or.

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Healthcare 97

Troutman Sanders

MAY 17, 2022

On May 16, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it will launch a new initiative to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce “Federal consumer financial law.” 12 U.S.C § 5481(14). Circulars will be released publicly.

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Banks 52

Troutman Sanders

OCTOBER 29, 2021

Federal Deposit Insurance Corp. FDIC) Chairman Jelena McWilliams announced at the October 25 Money 20/20 conference that the FDIC is currently working with the Federal Reserve and Office of the Comptroller of the Currency to develop a series of policy statements aimed at addressing engagement in activities involving cryptocurrency assets.

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Banks 52

Collection Industry News

FEBRUARY 7, 2022

Leaders from two of the organizing groups say there is still much work to be done in this area and they hope to advance public policies addressing systemic challenges to lower-income citizens who encounter medical emergencies. So really for us, the next priority is, how do we develop public policy that addresses this in the long term?

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Garnishment Collections Government 52

Troutman Sanders

DECEMBER 12, 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. Gruenberg, and OCC Acting Comptroller Michael J.

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