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:
Troutman Pepper Weekly Consumer Financial Services Newsletter – June 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:
Troutman Pepper Weekly Consumer Financial Services Newsletter – June 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:
CFPB Proposed Rule Banning Reporting of Medical Debt
On June 11, the Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rule amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), concerning medical debt. The proposed rule would remove a regulatory exception that currently allows creditors to obtain and use information on medical debts for credit eligibility determinations. Additionally, the proposed rule would generally prohibit consumer reporting agencies (CRAs) from furnishing consumer reports containing medical debt information to creditors. Comments on the proposed rule are being accepted until August 12, 2024. The Bureau aims to finalize the rule by early 2025.
Troutman Pepper Weekly Consumer Financial Services Newsletter – June 10, 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:
Troutman Pepper Weekly Consumer Financial Services Newsletter – June 4, 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:
Unpacking the Lummis-Gillibrand Payment Stablecoin Act: Implications for the Digital Asset Industry
In the latest episode of The Crypto Exchange, host Ethan Ostroff is joined by Addison Morgan for an in-depth discussion on the Lummis-Gillibrand Payment Stablecoin Act. This legislation proposes a state and federal regulatory framework for overseeing stablecoins issued by U.S. companies.
Troutman Pepper Weekly Consumer Financial Services Newsletter – May 29, 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:
Cryptocurrency, Sweepstakes, and the Supreme Court: A Tale of Two Contracts
On May 23, the U.S. Supreme Court issued its decision in Coinbase, Inc. v. Suski et al., unanimously affirming the Ninth Circuit’s decision holding that when parties have agreed to two contracts — one sending arbitrability disputes to arbitration, and the other sending arbitrability disputes to the courts — a court must decide which contract governs. The decision teaches a cautionary lesson that parties with multiple contracts between them must keep issues of arbitrability consistent between the contracts.
Illinois Passes Legislation to Ban Reporting of Medical Debt
On May 16, the Illinois legislature passed Senate Bill (SB) 2933. The bill amends the Illinois Consumer Fraud and Deceptive Business Practices Act making it unlawful for a consumer reporting agency (CRA) to create a consumer report containing any adverse information that the CRA knows or should know relates to medical debt incurred by the consumer or a collection action against the consumer to collect medical debt. The bill would also make it unlawful for a CRA to maintain a file on any consumer containing information relating to medical debt. The bill is currently awaiting Governor Pritzker’s signature.