On September 19, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential relationship between rising car prices and changes in auto loan performance. The CFPB found that the rate of delinquency, especially for low-income borrowers, has risen over the past year. For example, auto loans for consumers with deep subprime
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:
On September 16, the Nevada Financial Institutions Division (NFID) introduced a bill draft request to the Nevada Legislature for the 2023 legislative session. If passed, the bill will adopt the Model Money Transmission Modernization Act (Act) into Nevada’s money transmission law. We previously blogged on the Act here. The language of the bill has
The Federal Trade Commission (FTC) recently released a Bringing Dark Patterns to Light report, detailing the rise in sophisticated “dark patterns” that the FTC asserts are designed to trick and trap consumers. As the FTC’s latest effort on the subject, the report follows an April 2021 workshop that featured a variety of speakers, including
Troutman Pepper Partner Kim Phan will present “Dawn of the Web3 Era and the Legal Landscape on Blockchain, NFTs, and Metaverses” during NCVAA’s 16th Annual Conference in New York City. With the recent explosion of cryptocurrencies and other blockchain technologies, many companies are looking ahead to what this means for the next generation of the
The standard courts should use to determine whether an alleged Fair Debt Collection Practices Act (FDCPA) violation is material remains unsettled. According to a recent Tenth Circuit decision, however, the standard should be that of the “reasonable consumer,” not the “least sophisticated consumer.” In other words, “the inquiry is whether the reasonable consumer could
In Bacalzo v. Credit Control, LLC, No. 20-16904 (KMW/MJS) (D.N.J. June 7, 2022), the court granted summary judgment in favor of a debt collector who included multiple contact addresses in a debt collection letter.
Defendant Credit Control LLC (Credit Control) sought to collect a credit card debt owed by plaintiff Linda Bacalzo. As part
After analyzing public feedback, as well as information gathered from the five providers of Buy Now, Pay Later (BNPL) products, the Consumer Financial Protection Bureau (CFPB) issued a report, making it clear that the CFPB plans to increase regulation of the BNPL industry.
A form of credit that allows a consumer to split a retail
Troutman Pepper consumer finance partner, Lori Sommerfield, will present CFPB UDAAP Developments under Director Chopra’s Leadership during NAFCU’s Regulatory Compliance & BSA Seminar in Louisville, Ky. The Seminar brings together NCCOs, NCBSOs, compliance, audit, and legal staff and provides an opportunity to stay abreast of evolving regulatory trends including the latest compliance and BSA challenges.
In this episode of The Crypto Exchange, Troutman Pepper Partner Keith Barnett welcomes his colleague Deborah Kovsky-Apap to discuss various bankruptcy issues facing crypto exchanges, including who exactly owns the digital assets when an exchange files for bankruptcy. Additionally, Keith and Deborah explore bankruptcy eligibility for crypto exchanges and security interests in crypto.