- On May 12, Federal Reserve Board Governor Phillip Jefferson spoke at the How to Get
Ohio Federal Court Holds Mortgage Lender’s Assessment of Post-Acceleration Late Fees Was Authorized by Loan Documents
In Schmitt v. Security National Servicing Corporation, the plaintiff filed a class action complaint alleging violations of the Fair Debt Collection Practices Act (FDCPA) and Ohio Residential Mortgage Lending Act (RMLA) premised on the assertion that her loan documents did not provide for the imposition of late fees after acceleration of the loan. The
Washington Federal Court Reiterates Distinction Between Furnishers’ and CRAs’ FCRA Investigatory Obligations and the Necessity of Alleging an Inaccuracy in a Consumer Report
A district court in the Western District of Washington held that the Fair Credit Reporting Act (FCRA) does not require a consumer reporting agency (CRA), as part of its investigative duties, to issue an opinion on the legal validity of a consumer’s debt. Through its holding, the court denied the plaintiff’s motion for reconsideration and
Troutman Pepper Weekly Consumer Financial Services Newsletter
- On May 4, the Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty
Superior Court Upholds Connecticut Department of Banking’s Decision Imposing a $750,000 Fine on a Mortgage Lender for its Unlicensed Employees Engaging in Activities That Required a License
On April 19, the Superior Court of Connecticut issued an opinion affirming the Connecticut Department of Banking’s (DOB) decision to issue a $750,000 fine against a mortgage lender for allowing its unlicensed employees to engage in activities that required a license.
In 1st Alliance Lending, LLC (1st Alliance) v Department of Banking, 1st Alliance
Troutman Pepper Weekly Consumer Financial Services Newsletter
- On May 1, the Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a
Washington Robocall Bill Signed Into Law
As discussed here, on April 7, the Washington State legislature passed HB 1051, also known as the Robocall Scam Protection Act, expanding the scope of existing provisions of Washington’s consumer protection laws regulating robocalls and telephone solicitations to prohibit abusive telephone communication practices. On April 20, Governor Inslee signed the bill into law. It
Troutman Pepper Weekly Consumer Financial Services Newsletter
- On April 21, the Federal Reserve issued initial findings from its 2022 triennial payments study,
New York Department of Financial Services Adopts Virtual Currency Assessments Regulation
On April 17, the Superintendent of the New York Department of Financial Services (NYDFS), Adrienne A. Harris, announced that the NYDFS adopted a final regulation establishing how companies with NYDFS-issued BitLicenses will be assessed for costs of their supervision examination.
During the public comment period for the proposed regulation, the NYDFS received four comments, but
Troutman Pepper Weekly Consumer Financial Services Newsletter
- On April 15, House of Representatives document repository published a new draft bill that would