- On April 7, U.S. District Judge Katherine Polk Failla denied the Consumer Financial Protection Bureau
Utah’s H.B. 20 Signed into Law, Reducing Red Tape for Debt Collection Agencies
In a significant boost to the financial services industry, Utah has taken major steps to streamline its debt collection bureaucracy — including the removal of criminal penalties for failure to comply with technical requirements.
Utah House Bill 20, titled “Collection Agency Amendments,” was signed into law last month and goes into effect May 3
DOJ Seizes Over $112 Million in Funds Linked to Cryptocurrency Investment Schemes
On April 3, the U.S. Department of Justice (DOJ) announced that it has seized virtual currency worth an estimated $112 million linked to cryptocurrency investment scams. Seizure warrants for six virtual currency accounts were authorized by judges in the District of Arizona, the Central District of California, and the District of Idaho. The virtual currency
Illinois State Court Finds Debt Collector’s Communication to Letter Vendor Was Not Made in Connection With the Collection of a Debt
On March 15, Judge Eve M. Reilly of the Circuit Court of Cook County, Illinois, dismissed a class action complaint based solely on the allegation that a collection letter was sent by a third-party letter vendor.
In Stallworth v. Terrill Outsourcing Group, LLC et al, the plaintiff alleged that the debt collector communicated her
Federal District Court Grants Summary Judgment Dismissing Claim that Creditor Conducted an Unreasonable Investigation of a FCRA Credit Reporting Dispute
In Suluki v. Credit One Bank, N.A. (Credit One), the Southern District of New York recently granted summary judgement to a creditor in a suit alleging violations of the Fair Credit Reporting Act (FCRA) for failure to conduct a reasonable investigation into plaintiff’s dispute claiming identity theft.
The plaintiff claimed that while she was away
Sixth Circuit Affirms Summary Judgment Finding Defendant Not a “Debt Collector” Under the FDCPA Where Account Was Not in Default When Transferred
As discussed here, in August 2020, a district court for the Middle District of Tennessee held that a medical provider’s third-party billing servicer did not qualify as a debt collector under the Fair Debt Collections Practices Act (FDCPA) because the debt was not in default when it was placed with the extended billing office
Troutman Pepper Weekly Consumer Financial Services Newsletter
- On March 24, the Federal Reserve Board of Governors (Federal Reserve) denied Wyoming-based Custodia Bank’s
July Launch Announced for the Federal Reserve’s FedNow Nationwide Payment System
The Federal Reserve issued a press release announcing its plans for a July debut of FedNow, its service “to facilitate nationwide reach of instant payment services by financial institutions.” As previously discussed here, the FedNow service will provide individuals and businesses the ability to send and receive instant payments through the Federal Reserve’s
FTC Advances Negative Option Rulemaking Agenda, Eyeing Broader Regulation of Subscriptions and Automatic Renewals
Today, the Federal Trade Commission (FTC) issued a Notice of Proposed Rulemaking with the stated intent to make it easier for consumers to cancel recurring subscriptions and memberships. This rulemaking is part of the FTC’s review of its Negative Option Rule. Amongst other things, the proposed rule would increase the coverage of the Negative Option
Troutman Pepper Weekly Consumer Financial Services Newsletter
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
- On March 16, the Consumer Financial Protection Bureau (CFPB) released a bulletin, warning servicers of