To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
Supreme Court Grants Certiorari: Revisiting the Hobbs Act and FCC Interpretations
On October 4, the Supreme Court granted certiorari in the case of McLaughlin Chiropractic Associates, Inc. v. McKesson Corporation. This case will address a critical question that has been a point of contention among various circuit courts: whether the Hobbs Act, which limits judicial review of Federal Communications Commission (FCC) “final orders” to appellate courts, requires district courts to accept the FCC legal interpretation of the Telephone Consumer Protection Act (TCPA). While the Supreme Court previously addressed whether the Hobbs Act applied in private litigation, it ultimately did not resolve whether a district court is required to follow a particular FCC order interpreting the TCPA.
CFPB Intensifies Scrutiny on Medical Debt Collection Practices
On October 1, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion aimed at debt collectors and emphasizing their obligations under the Fair Debt Collection Practices Act (FDCPA) and Regulation F. The opinion specifically emphasizes the prohibitions on false, deceptive, or misleading representations, and unfair or unconscionable means to collect or attempt to collect medical debts.
California Extends Compliance Deadline for Digital Financial Asset Businesses
On September 29, California Governor Gavin Newsom signed Assembly Bill (AB) 1934 into law, marking a significant update to California’s Digital Financial Assets Law (DFAL). In addition to extending the compliance deadline for digital financial asset businesses, providing them with additional time to meet regulatory requirements and implement necessary operational changes, this new legislation includes significant modifications to the DFAL.
Troutman Pepper Weekly Consumer Financial Services Newsletter – October 2, 2024
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
Treasury Department Releases Semiannual Regulatory Agenda
On August 16, the U.S. Department of the Treasury published its semiannual regulatory agenda in the Federal Register, detailing the agency’s upcoming regulatory actions and priorities. The agenda outlines the proposed, final, and long-term rulemaking activities across various divisions, including the Financial Crimes Enforcement Network (FinCEN).
Highlights from the agenda, include:
Proposed Rule Stage:
FinCEN Officially Withdraws Know-Your-Customer Rule for Non-Custodial Crypto Wallets
By: Ethan G. Ostroff
On August 19, the U.S. Treasury Department officially withdrew a contentious proposal from 2020 that aimed to impose know-your-customer requirements on non-custodial cryptocurrency wallets.
California Enacts New Debt Collection Legislation
On September 24, California Governor Gavin Newsom signed into law a package of consumer protection laws, with three bills aimed directly at collection practices. These new laws introduce significant changes in the areas of commercial debt collection practices, medical debt reporting, and civil actions for money judgments.
Troutman Pepper Weekly Consumer Financial Services Newsletter – September 25, 2024
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
CFPB Launches Public Comment Process for Open Banking Standard Setter Recognition
On September 24, the Consumer Financial Protection Bureau (CFPB or Bureau) announced a significant development in its efforts to implement open banking rules in the United States. The Bureau has initiated a public comment process for the first application from an organization seeking recognition as an open banking standard-setter.