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.
CFPB Report Highlights Challenges Facing Servicemembers and Veterans, Including Student Loans and Money Transfer/Virtual Currency Scams
Today, the Consumer Financial Protection Bureau (CFPB or Burau) released its annual report detailing the financial challenges faced by servicemembers, veterans, and military families. In 2023, this group submitted nearly 84,600 complaints to the CFPB, representing a 27% increase from 2022 and a 98% increase from 2021. The report highlights issues with student loan servicing, transcript withholding by educational institutions, and a rise in scams targeting older veterans.
Colorado Federal Court Grants Motions to Dismiss in Cryptocurrency Theft Case Citing Lack of Personal Jurisdiction
In a recent ruling, the District of Colorado granted several motions to dismiss filed by the developers and owners of cryptocurrency application Atomic Wallet, citing a lack of personal jurisdiction. This decision effectively ends a class action litigation involving the alleged theft of cryptocurrency assets by North Korean hackers.
Troutman Pepper Weekly Consumer Financial Services Newsletter – September 18, 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:
Nevada Federal Court Grants Summary Judgment in Debt Collector’s Favor in FDCPA and TCPA Case Alleging Attorney Representation and Use of an ATDS
On September 9, the U.S. District Court for the District of Nevada granted summary judgment in favor of a debt collector in a case involving alleged violations of the Fair Debt Collection Practices Act (FDCPA) and the Telephone Consumer Protection Act (TCPA) based on phone calls the plaintiff received related to her medical debt.