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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On March 23, the Federal Trade Commission (FTC) issued a notice of proposed rulemaking with the stated goal to make it easier for consumers to cancel recurring subscriptions and memberships. On March 22, the SEC issued a Wells Notice to Nasdaq-traded cryptocurrency exchange Coinbase, Inc. For more information, click here.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

Federal Activities: On September 30, the Commodity Futures Trading Commission (CFTC) filed an enforcement action against crypto futures and spot market exchange Digitex and its founder and CEO Adam Todd. The exams found that these schools had improper blanket policies of withholding transcripts to force students to make payments.

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CBA Requests Increased CFPB Supervision of Fintechs Via the Larger Participant Rule

Troutman Sanders

The Consumer Bankers Association (CBA), a trade group of retail financial institutions, recently sent a letter to the Consumer Financial Protection Bureau (CFPB) director, requesting increased supervision of financial technology companies (fintechs).

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

This bill would instruct the Consumer Financial Protection Bureau (CFPB) and the Government Accountability Office to conduct a study on BNPL and EWA services to help determine the degree to which consumers are utilizing both services for retail purchases. For more information, click here. For more information, click here.

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What Is Identity Theft?

Credit Corp

According to the Federal Trade Commission (FTC), there were more than 650,000 victims of identity theft in 2019, making ID theft the most-reported type of FTC complaint. If you used your card once at a retail store, they’ll still have your information on file. Identity theft is a major problem.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam. Strengthen Retail (Consumer) Investor Protections. For more information, click here. For more information, click here. On May 1, Oklahoma Governor Kevin Stitt approved HB1443.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

The stimulus package includes a provision that would end the current policy of considering any student debt forgiven taxable income. Currently, any student loan debt canceled by the government can be considered taxable and levied at the borrower’s normal income tax rate. House of Representatives for approval.