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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On January 10, the Securities and Exchange Commission (SEC) approved each pending spot-Bitcoin exchange traded fund (ETF) application on an accelerated basis. It also emphasizes the need for firms to enhance written policies for due diligence processes related to crypto asset sales and trading. For more information, click here.

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CFPB poised to reinstate tough stance on payday lenders

Collection Industry News

Uejio stated in a blog post that the bureau’s new leadership supports the “ability-to-repay” standards, originally established in a previous 2017 rule that was unwound by Kraninger, signaling that the agency will reinstate them. attorney representing payday lenders and past president of the Payday Loan Bar Association. “The

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Court Delays CFPB Payday Rule While Industry Challenge Continues

Collection Industry News

Payday and auto title lenders don’t have to comply with the CFPB rule while the Community Financial Services Association of America and a Texas-based trade group appeal a district court ruling in favor of the bureau, the U.S. The CFPB also mandated cooling-off periods after a borrower takes out three loans in a short period of time.

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District Court Rejects the Narrowing of § 546(e) “Safe Harbor” Provision and Applies Safe Harbor to Privately Held Securities

ABI

(“BMO”) provided a bridge loan (“the Bridge Loan”) to Intermediate Holding. [6] 6] Sun Capital either guaranteed the Bridge Loan or was otherwise obligated to ensure that the Bridge Loan was repaid ("the Sun Capital Guaranty"). [7] 8] BWGS paid the vast majority of the loan by transferring its own property worth $24.8

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Credit Card Fraud Statistics Everyone Should Know in 2023

Credit Corp

Quick answer box There were over 389,000 reports of credit card fraud to the Federal Trade Commission (FTC) in 2021. Sources: Federal Trade Commission and Nilson In 2021, the Federal Trade Commission (FTC) reported that there were 5.7 Loan or lease fraud 197,914 -3.4% However, this does not influence our evaluations.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Under the proposal, the OCC would go back to the previous 1995 regulations for the Community Reinvestment Act (CRA), a 1977 fair lending law.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

Consumers use comparison-shopping tools to evaluate the costs, features, and terms of many financial products, including credit cards, loans, and bank accounts. The agency is mailing notices to 1,137 businesses who were customers of First American between June 2017 and April 2020, and later cancelled their services.