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Kyle Deak is a trial attorney with experience at both the trial and appellate levels in state and federal courts throughout the United States, helping his clients achieve efficient and practical resolution of disputes.

We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging 2023. Courts across the country issued rulings that will have immediate and lasting impacts on the industry. Our team of more than 140 professionals has prepared this concise, yet thorough analysis of the most important issues and trends throughout our industry. We not only examined what happened in 2023, but also what to expect — and how to prepare — for the months ahead.

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,

On April 22, the Supreme Court of Appeals of West Virginia issued another amended emergency order extending court deadlines. The order can be found here. The Court’s new order delays all court deadlines for matters scheduled to occur during the emergency period from March 23, 2020 to May 15, 2020 until May 18, 2020.

On April 13, the Consumer Financial Protection Bureau announced a new interpretive rule that makes it possible for consumers to receive certain pandemic-relief payments through newly-issued prepaid accounts rather than paper checks. According to CFPB Director Kathleen Kraninger, the interpretive rule is designed to “ensure that consumers can receive these payments in a fast, secure,

On April 3, the West Virginia Supreme Court of Appeals issued another emergency order extending court deadlines. A press release regarding the order can be found here. The Court’s new order delays all court deadlines for matters scheduled to occur during the emergency period between March 23, 2020 and May 1, 2020 to May

While the nation faces unprecedented furloughs, layoffs, and economic difficulties, scammers continue to find novel ways to profit. In an attempt to dispel misinformation and provide guidance, the Federal Trade Commission is taking action to halt snake oil products and educate consumers on these ever-evolving scams.

Mimicking techniques routinely used by lenders to lawfully communicate

One day after Virginia Gov. Ralph Northam imposed a state-wide stay-at-home order, the Supreme Court of Virginia extended the ongoing judicial emergency by 20 days, to run through April 26, 2020.

On March 16, the Chief Justice declared a judicial emergency, effective through April 5, “to protect the health and safety of court employees,

On March 26, federal regulators advised financial institutions to consider providing small-dollar loans to cash-strapped consumers during the coronavirus (“COVID-19”) pandemic. Although the guidance encouraged “responsible” lending that is “consistent with sage and sound banking practices and applicable laws, including consumer protection laws,” the joint-agency statement has been criticized by some consumer

On Wednesday, the “Coronavirus Aid, Relief, and Economic Security Act,” or “CARES Act,” passed in the Senate unanimously, 96-0, and now heads to the House of Representatives. The CARES Act is aimed at helping Americans and businesses affected by the coronavirus (“COVID-19”). While the majority of reporting has focused on the

On March 24, the Consumer Financial Protection Bureau released a list of resources to assist consumers in taking steps to protect their finances during the coronavirus (“COVID-19”) pandemic. The resources can be found here.

Specifically, the resources provided by the CFPB address the following issues:

  • Protect yourself financially from the impact of COVID-19;
  • Make