- On April 21, the Federal Reserve issued initial findings from its 2022 triennial payments study,
Troutman Pepper Weekly Consumer Financial Services Newsletter
- On April 15, House of Representatives document repository published a new draft bill that would
Troutman Pepper Weekly Consumer Financial Services Newsletter
- On April 7, U.S. District Judge Katherine Polk Failla denied the Consumer Financial Protection Bureau
CFPB Issues Tools to Help Small Businesses Navigate Section 1071 Final Rule
As discussed here, on March 30, the Consumer Financial Protection Bureau (CFPB) issued its final rule under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). Section 1071 amended the Equal Credit Opportunity Act (ECOA) to impose significant data collection and reporting requirements on small business creditors. Concurrently, the CFPB published materials and tools to help small businesses navigate the 888-page Final Rule.
Credit Acceptance and National Trade Associations Challenge the CFPB and NY AG’s Attempt to Disregard TILA and Regulate the Indirect Auto Finance Industry Through Litigation
On January 4, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General (NY AG) filed a joint complaint in the U.S. District Court for the Southern District of New York against Credit Acceptance Corporation (Credit Acceptance), a major subprime indirect auto finance company. On March 14, Credit Acceptance filed a motion to dismiss
Credit Card Late Fee Rule Published in Federal Register and Open for Comments
As discussed here, on February 1, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would amend Regulation Z to: 1) decrease the safe harbor for credit card late fees to $8 and eliminate altogether a higher safe harbor amount for subsequent late payments; 2) eliminate the annual inflation adjustments for the late
Troutman Pepper Weekly Consumer Financial Services Newsletter
- On March 24, the Federal Reserve Board of Governors (Federal Reserve) denied Wyoming-based Custodia Bank’s
Troutman Pepper Weekly Consumer Financial Services Newsletter
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 March 16, the Consumer Financial Protection Bureau (CFPB) released a bulletin, warning servicers of
Troutman Pepper Weekly Consumer Financial Services Newsletter
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 March 2, Chairman of the House Financial Services Committee Patrick McHenry (R-NC) and Senator
NY AG Sues Digital Asset Exchange CoinEx for Failing to Register as Broker-Dealer
On February 22, New York Attorney General Letitia James filed an enforcement action against digital asset exchange, CoinEx, for failing to register as a securities and commodities broker-dealer and for falsely representing itself as a crypto exchange without appropriate registration in violation of New York law. In the petition, filed in the New York