At the Nationwide Multistate Licensing System (NMLS) Annual Conference, state financial regulators released an updated cybersecurity examination tool for nonbank financial company supervision. The tool is designed for state regulators to use in examinations, but “companies are encouraged to use it to assess their cybersecurity health between examinations.”
State regulators are continuing to find new
2020 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Pepper is uniquely positioned to help its clients find successful resolutions and stay ahead of the compliance curve.
In this report, we share developments in 2020 on consumer class actions, background screening, bankruptcy,
In a recently filed Form 10-K, PayPal Holdings, Inc. (PayPal) announced that it received a Civil Investigative Demand (CID) from the Consumer Financial Protection Bureau (CFPB) on January 21 “related to Venmo’s unauthorized funds transfers and collections processes, and related matters.” PayPal owns and operates Venmo as part of its digital wallet portfolio.
While
The Supreme Court ruled yesterday that the Consumer Financial Protection Bureau (CFPB) can carry on, despite its unconstitutional leadership structure. The ruling gives the President the freedom to replace a CFPB Director at will. In a 5-4 decision, the Court held that the CFPB’s leadership by a single director removable only for cause was an
Earlier this month, the United States District Court for the Western District of Texas permanently banned Madera Merchant Services and B&P Enterprises, LLC from payment processing for their involvement in business practices that scammed consumers out of millions of dollars. The Federal Trade Commission and Ohio Attorney General Dave Yost filed their complaint in 2019.
Since social distancing policies and stay-at-home orders have changed the way we do business, the National Automated Clearing House Association (“NACHA”) issued ACH Operations Bulletin #5-2020 that suspends the requirement for receiving depository financial institutions (“RDFI”) to accept written statements of unauthorized debits that are signed or
2019 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Sanders is uniquely positioned to help its clients find successful resolutions and stay ahead of the compliance curve.
In this report, we share developments on consumer class actions, background screening, bankruptcy, consumer credit
In recent years, insureds have filed an increasing number of lawsuits against healthcare payors challenging their decision to deny coverage for “wilderness therapy”— a form of residential mental and behavioral health treatment involving therapy provided in a non-traditional outdoor or natural settling. Over the past decade, it has become an increasingly popular treatment option for
On August 12, the California Supreme Court answered a certified question from the Ninth Circuit, holding in White v. Square, Inc. that a person has standing under the California Unruh Civil Rights Act (“Unruh”) to sue an internet-based service provider for an alleged discriminatory policy even if the person does not use or subscribe to
On June 10, the Consumer Financial Protection Bureau (CFPB) issued a final rule extending the compliance deadline for key provisions of its controversial Payday Lending Rule. The new compliance deadline is November 19, 2020, but the CFPB – despite sharp criticism from consumer advocates and leading Democrats – is expected to rescind the most controversial