On April 3, Nevada released new debt collection guidance that clarified existing emergency regulations implemented in response to the coronavirus (“COVID-19”) outbreak. The Deputy Commissioner of the Nevada Department of Business & Industry recently provided some clarification concerning the Department’s March 20 notice to the collection industry.

The Department’s prior notice deemed collection agencies non-essential

Please join Troutman Sanders attorneys, David Anthony, David Gettings, Cindy Hanson, Alan Wingfield, and John Lynch for a Complimentary Webinar, “Credit Reporting and COVID-19: Guidance for Consumer Financial Service Companies Reporting Consumer Credit During the Pandemic” on Thursday, April 9, 2020 from 4:00 – 5:00 p.m. ET.

The coronavirus (COVID-19) is

The North Carolina Insurance Commissioner recently published a Frequently Asked Questions document clarifying its order, amended order, and bulletin issued over the past week, which require debt collection agencies to give North Carolina consumers the option of deferring debt payments for a period of 30 days from the due date of payment.

While

Like most industries today, consumer finance services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Sanders and Pepper Hamilton have developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19-related news and developments, recommendations from leading health organizations, and tools

In a published opinion that should be advantageous to foreclosing parties, the Supreme Court of Virginia found that if a borrower cannot plead that he or she could have cured a mortgage loan default, then a foreclosure sale is “inevitable” and alleged defects in a notice of default cannot support a claim for rescission of

In Salinas v. R.A. Rogers, Inc., debtor Marco Salinas obtained a personal loan that was silent as to whether interest or charges could accrue in the event of default. After Salinas defaulted, debt collector R.A. Rogers, Inc. sent a letter informing him of the total amount due and warning that interest and other charges

The Federal Bureau of Investigation warns that cyber scammers are leveraging the coronavirus (“COVID-19”) to steal money, personal information, or both through phishing emails, fake Centers for Disease Control and Prevention emails, and solicitations selling counterfeit treatment, masks, and respirator equipment. See the FBI’s March 20 alert here. Business email compromise continues

On April 1, the Consumer Financial Protection Bureau issued “a non-binding general” policy statement regarding the Fair Credit Reporting Act (“FCRA”) and Regulation V in light of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The policy statement primarily emphasizes the need for furnishers to follow the requirements of the CARES

On March 31, the Consumer Financial Protection Bureau (“the Bureau”) published an online guide (available here) for consumers seeking financial relief options for mortgage and rent payments in light of the unfolding coronavirus (“COVID-19”) pandemic, with a particular focus on the new federal Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The guide

Financial services providers are asking the Federal Communications Commission to issue a declaratory ruling stating that calls to consumers placed by financial institutions and related to the coronavirus (“COVID-19”) pandemic fall within the “emergency purposes” section of the Telephone Consumer Protection Act.

The emergency purposes section of the TCPA provides that calls made for “emergency