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:
FINRA Finds Potential Rule Violations in Crypto Asset Sweep
In November 2022, the Financial Industry Regulatory Authority (FINRA) launched a targeted crypto asset sweep, reviewing more than 500 retail communications related to crypto assets from member firms.
Speak for Yourself: Court Denies Class Certification in TCPA Case Based on Class Members’ Potentially Mixed Reactions to Ringless Voicemail Messages
On January 18, a court in the Eastern District of Wisconsin denied class certification in a Telephone Consumer Protection Act (TCPA) case concluding that the factual issue of whether the proposed class members had suffered an injury-in-fact sufficient to confer Article III standing based on the receipt of a ringless voicemail was an individualized issue that would predominate over common issues.
Troutman Pepper Weekly Consumer Financial Services Newsletter – January 23, 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:
FinCEN Highlights Identity Theft in Latest Threats and Trends Report
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a report entitled Identity-Related Suspicious Activity: 2021 Threats and Trends highlighting threat patterns and trend information derived from financial institutions’ Bank Secrecy Act (BSA) filings for the calendar year 2021. Financial institutions are required to file suspicious activity reports no later than 30 calendar days after the initial detection of facts that could constitute suspicious activity.
CFPB Amicus Brief Supports FDCPA Claim for Unknowing Stay Violation
This article was republished on insideARM on February 6, 2024.
On January 2, the Consumer Financial Protection Bureau (CFPB) filed an amicus curiae brief urging the U.S. Court of Appeals for the First Circuit to reverse a district court’s decision finding that a debt collector lacked the requisite knowledge and intent to violate the Fair Debt Collection Practices Act (FDCPA) when it sent a debt-collection communication prior to any knowledge of the debtor’s bankruptcy filing.
Troutman Pepper Weekly Consumer Financial Services Newsletter – January 17, 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:
The Cryptocurrency Conundrum: Balancing Innovation with Terrorism Financing Risks
Cryptocurrency, with its anonymity and decentralization, has revolutionized financial transactions. However, it has also opened doors for illicit activities, such as terrorist financing. Below we explore the role of cryptocurrency in terrorist financing, focusing on Hamas, a U.S.-designated terrorist organization.
CFPB Continues Focus on Consumer Reporting and the FCRA With New “Guidance” on Background Checks and Consumer Disclosures
On January 11, the Consumer Financial Protection Bureau (CFPB or Bureau) issued two “advisory opinions” addressing the CFPB’s views of the obligations of consumer reporting agencies (CRAs) under the Fair Credit Reporting Act (FCRA). The advisory opinions are interpretive rules issued under the Bureau’s authority to interpret the FCRA pursuant to § 1022(b)(1) of the Consumer Financial Protection Act of 2010.
Magistrate Judge Recommends No FCRA Liability for Accurately Reporting a Publicly Available Conviction that was Expunged
A magistrate judge in the Northern District of Georgia recently recommended granting summary judgment in a Fair Credit Reporting Act (FCRA) case in favor of a background reporting company on the grounds that a report given only to the consumer is not a consumer report and including a valid conviction on a report does not violate the FCRA as long as its expungement is also included.