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
Proposed Class Complaint Against Zoom Video Tests Newly Enacted California Consumer Privacy Act
Zoom Video Communications, Inc. (“Zoom”) has seen substantial growth during the novel coronavirus (“COVID-19”) pandemic, with Zoom’s stock rising more than 112% this year. In fact, Zoom’s growth was so significant that the Securities and Exchange Commission temporarily suspended the trading of Zoom Technologies, Inc. (an entirely distinct company) due to concerns of investor
Troutman Sanders Weekly Consumer Financial Services COVID-19 Newsletter – April 20, 2020
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
D.C. Passes COVID-19 Relief Act Which Significantly Limits Debt Collection Activity, Provides Mortgage Payment Deferments, Places Renting Restrictions, and Contains a Credit Reporting Prohibition
On April 7, the Council for the District of Columbia unanimously passed the COVID-19 Response Supplemental Emergency Amendment Act of 2020 (“Emergency Act”) an emergency relief bill for D.C.’s residents and businesses. Title II of the Emergency Act, captioned “Business Development and Consumer Protection,” directly and dramatically affects consumer financial services operations. This legislation includes
North Carolina Insurance Commissioner Releases Guidance on Application of Debt Collection Deferral Requirements
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
Troutman Sanders Weekly Consumer Financial Services COVID-19 Newsletter
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
CFPB Issues New Policy Guidance on Reporting And Dispute Resolution During the COVID-19 Pandemic
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
North Carolina Insurance Commissioner Enacts Emergency Provisions Requiring Collection Agencies To Inform Consumers of Option To Defer Payments
Last Friday, the North Carolina Department of Insurance issued an order and bulletin enacting emergency provisions that require debt collectors – including debt buyers – to provide North Carolinians with the option of deferring payments that are due during North Carolina’s major disaster proclamation. The Department provided an amended order on Monday, March 30.
Troutman Sanders Weekly Consumer Financial Services COVID-19 Newsletter – March 30, 2020
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
The CARES Act’s Nationwide Mortgage Foreclosure Moratorium Headlines Its Important Consumer Protection Provisions
Overview
President Trump today signed into law H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), a $2 trillion relief measure. Title IV, the economic stabilization portion of the CARES Act, contains three sections which dramatically affect businesses in the consumer financial services space. These sections include a foreclosure moratorium on federally-related