Troutman Sanders

JUNE 3, 2022

On June 1, the California Department of Financial Protection and Innovation (DFPI) released an invitation for comment on the DFPI’s regulatory approach to crypto asset-related financial products and services, as well as the potential regulation of such products and services under the California Consumer Financial Protection Law (CCFPL).

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Collection Industry News

DECEMBER 11, 2020

On Friday, Representative Maxine Waters (D-CA-43)—the Chairwoman of the House Financial Services Committee—sent a letter to President-elect Biden urging him and Vice President-elect Harris to rescind the Consumer Financial Protection Bureau’s recently-released final debt collection rule and to take several other actions.

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Collections Debt collector Financial services Government 75

Fico Collections

AUGUST 18, 2022

Financial Wellness: How Banks Can Help Their Customers. What can banks do to assist consumers with their financial health – and can this be profitable? Financial wellness is a complex topic with many layers. Moving the needle on financial health and preparing for retirement can feel like a daunting task to many people.

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Banks Creditworthiness Education Financial services 52

Troutman Sanders

DECEMBER 12, 2023

Treasury Department’s Financial Crimes Enforcement Network (FinCEN) designated Bitzlato as a “primary money laundering concern” with substantial connections to illicit Russian finance and other risky sources. The director emphasized the Federal Reserve’s commitment to supporting responsible innovation in the financial system.

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Jimerson Firm

NOVEMBER 5, 2021

Our inclusion as one of the Best Law Firms affirms our client-centered, multi-disciplinary approach is valued by our clients and respected by our colleagues.”. Achieving both firm-wide and lawyer-specific recognition demonstrates a commitment to quality legal practice and industry expertise. “We

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Troutman Sanders

JANUARY 17, 2024

Cryptocurrency, with its anonymity and decentralization, has revolutionized financial transactions. Balancing the potential of the virtual asset sector for financial innovation and inclusion with its susceptibility to misuse is challenging. However, it has also opened doors for illicit activities, such as terrorist financing.

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Troutman Sanders

OCTOBER 24, 2023

The proposed Personal Financial Data Rights rule activates a dormant provision of law enacted by Congress more than a decade ago. It would jumpstart competition by forbidding financial institutions from hoarding a person’s data and by requiring companies to share data at the person’s direction with other companies offering better products.

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Collection Industry News

JANUARY 13, 2021

On January 5, the CFPB Taskforce on Federal Consumer Financial Law released a two volume report with approximately 100 recommendations on ways the CFPB, Congress, and state and federal regulators can improve and modernize the legal and regulatory environment for the consumer financial services market.

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Collection Industry News

JANUARY 25, 2021

Earlier this month, a task force created by the Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger sent Congress a report with over 100 recommendations to strengthen consumer finance law, including fintech regulations.

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CSA

MARCH 24, 2021

Efforts to build strong financial literacy and capability are crucial, but there is now a real need to go further and dispel outdated myths and fears around the debt recovery process and the role of debt collection agencies. Their role is to support those in arrears, resolving the issue in a fair and affordable way ? early engagement?

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Hudson Weir

JANUARY 26, 2024

Restructuring plans are a relatively recent inclusion to the restructuring market. A restructuring plan can be a useful way to help businesses facing financial distress and struggling with their existing debt obligations. They were introduced back in 2020 under the Corporate Insolvency and Governance Act. How do they work?

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Troutman Sanders

MAY 23, 2022

On May 19, the Department of Commerce’s International Trade Administration issued a Request for Comment (RFC), seeking public input on the development of a framework for driving economic competitiveness and leadership in, and leveraging of, digital asset technologies as part of reinforcing U.S. leadership in the global financial system.

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Fico Collections

DECEMBER 20, 2021

The past year was one of transition in the Washington, DC policy arena as a new President, Congress and group of banking agency heads took charge of the financial legislative and regulatory policy agenda. Perhaps no area in the financial services space has seen more change and attention in the past few months than overdraft practices.

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Troutman Sanders

JULY 7, 2021

On July 1, the Consumer Financial Protection Bureau (CFPB or Bureau) released a FCRA Tenant Screening Enforcement Compliance Bulletin , outlining its enforcement focus areas as the country transitions to a post-pandemic rental market. This bulletin demonstrates the CFPB’s continued interest in CRAs, and especially matching issues.

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Burr Forman

FEBRUARY 26, 2021

Acting SEC Chair Allison Herren Lee issued a February 24 statement directing the Commission Staff to review public-company climate-change-related disclosures. On February 25, Reuters reported that Acting Chair Lee also suggested the Commission should consider requiring diversity and inclusion disclosures from regulated entities.

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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.” On May 18, Financial Action Task Force (FATF) President T.

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Collection Industry News

JANUARY 13, 2021

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) Taskforce on Federal Consumer Financial Law (Taskforce) released a report today with recommendations on how to improve consumer protection in the financial marketplace.

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Consumer Credit Creditworthiness Banks Education 40

Troutman Sanders

FEBRUARY 28, 2023

On February 28, the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) jointly issued a Request for Information, seeking public comment on how background screening affects individuals seeking rental housing in the United States. Using Algorithms in Tenant Screening. The deadline for comments is May 30.

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Trade 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

FEBRUARY 16, 2022

In January 2022, the Consumer Final Protection Bureau (CFPB) Office of Minority and Women Inclusion issued a report on diversity and inclusion within the financial service industry. She further stated that “my personal view is that generally bank-issued stablecoins closely resemble digital representations of deposits.”

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Troutman Sanders

OCTOBER 26, 2020

To celebrate this important milestone, Troutman Pepper’s Consumer Financial Services Law Monitor would like to dedicate today’s blog to the FCRA. Over the last 50 years, the FCRA has tackled issues from basic disclosure rights and protections to modern-day identity theft, constantly evolving to meet consumer needs. . § 1681, et seq.),

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Fair Debt Collection Financial services Consumer Credit Trade 52

Fico Collections

FEBRUARY 7, 2023

The inclusion of this alternative data leads to a more reliable estimate of consumer credit risk and helps score more than 26.5 Overall credit profile: Where a consumer is along their credit journey is another important consideration as far as how the inclusion of BNPL data might impact their FICO® Score.

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Troutman Sanders

JUNE 21, 2022

Federal Activities: On June 17, the Federal Reserve released its latest Monetary Policy Report, which identified the growth of stablecoins as a key development for the financial stability of the U.S. financial institutions. On June 14, the Department of Justice Office of the Inspector General issued its audit of the U.S.

Financial services 52

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Troutman Sanders

FEBRUARY 28, 2022

On February 23, the Consumer Financial Protection Bureau (CFPB) issued an outline of proposals and alternatives (Outline) under consideration related to an automated valuation model (AVM) rulemaking. In the Outline, the CFPB notes that it is looking at a 12-month implementation period once the final rule is issued.

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Troutman Sanders

OCTOBER 25, 2023

On October 24, the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) finally issued their long-awaited final rule modernizing how they assess lenders’ compliance under the Community Reinvestment Act (CRA).

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Troutman Sanders

AUGUST 19, 2022

On August 15, the Federal Reserve Board (Fed) issued final guidelines, outlining the tiered approach it will use when evaluating the growing requests from fintech firms and cryptocurrency companies for access to master accounts. Tier 1: Eligible institutions that are federally insured.

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Troutman Sanders

NOVEMBER 7, 2023

On November 1, the Consumer Financial Protection Bureau (CFPB) published a blog focused on the financial challenges that servicemembers face. On November 1, the UK Financial Conduct Authority (FCA) finalized guidance on the communication and promotion of cryptoassets. For more information, click here.

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Troutman Sanders

MAY 23, 2022

Federal Activities: On May 19, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that describes states’ authorities to pursue lawbreaking companies and individuals that violate the provisions of federal consumer financial protection law. leadership in the global financial system.

Financial services 52

Financial services Trade Government Collection Agencies 52

Burr Forman

FEBRUARY 26, 2021

Acting SEC Chair Allison Herren Lee issued a February 24 statement directing the Commission Staff to review public-company climate-change-related disclosures. On February 25, Reuters reported that Acting Chair Lee also suggested the Commission should consider requiring diversity and inclusion disclosures from regulated entities.

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Troutman Sanders

SEPTEMBER 19, 2022

leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation. On September 15, the Consumer Financial Protection Bureau (CFPB) published a report — “Buy Now, Pay Later: Market trends and consumer impacts” — offering key insights on the buy now, pay later industry.

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Financial services Trade Government Banks 52

Collection Industry News

MARCH 22, 2022

BNPL is a type of deferred payment option that generally allows the consumer to split a purchase into smaller installments, typically four or less, often with a down payment of 25% due at checkout, according to the Consumer Financial Protection Bureau (CFPB.). BNPL loans aren’t apples-to-apples with other financial products,” Rossman said. “If

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Troutman Sanders

MARCH 11, 2022

The May 2021 proposal reflected the Board’s policy goals of (1) ensuring the safety and soundness of the banking system, (2) effectively implementing monetary policy, (3) promoting financial stability, (4) protecting consumers, and (5) promoting a safe, efficient, inclusive, and innovative payment system. financial system).

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Payment Savvy

MAY 15, 2023

The Federal Reserve Bank is currently developing a new instant payment service called “FedNow” that will allow financial institutions to make instant payments. Features of FedNow Instant Payments With the FedNow payment system, financial institutions will be able to send and receive instant payments.

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Credit Corp

OCTOBER 16, 2023

Understanding the origins of the credit score can help you better comprehend why lenders use it and how to improve your financial situation. Many businesses subscribed to the Mercantile Agency to view these reports before issuing credit. Here are a few issues with modern credit scoring: Inappropriate use of credit scores.

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Troutman Sanders

OCTOBER 28, 2022

Pursuant to its authority under Section 1022(b)(1) of the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion to consumer reporting agencies (CRAs), highlighting their obligation to screen for and eliminate obviously false data from consumers’ credit reports.

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Troutman Sanders

FEBRUARY 21, 2023

On February 15, the Federal Deposit Insurance Corporation (FDIC) issued cease-and-desist letters to digital asset exchange CEX.IO 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.

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Financial services Student loans Student Loans Banks 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. and 682.416. For more information, click here.

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