- On January 27, the Federal Reserve Board (Fed) announced its decision to deny Custodia Bank’s
Fed Declares Supervised Banks Will be Subject to Activity Limitations, Including Crypto-Asset and Other Novel Banking Activities
The Federal Deposit Insurance Act (FDIA) generally prohibits insured state banks, but not uninsured state member banks, from acting as principal in activities that are not permissible for national banks. Relying on its authority under the FDIA to limit the activities of state member banks, on January 27, 2023, the Federal Reserve Board (Fed) issued
U.S. House Bill Proposes Excluding Pandemic Evictions From Consumer Reports
On January 20, Representative Steve Cohen (D-Tenn) introduced the Keeping Evictions Off Credit Reports Act, H.R. 408, in the U.S. House of Representatives seeking to prohibit evictions due to the COVID-19 pandemic from appearing on consumer reports. This is the third time that Representative Cohen has proposed this legislation. Representatives Bennie Thompson (D-MS), Yvette
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 January 19, the Consumer Financial Protection Bureau (CFPB) issued a new circular, affirming that
Florida Federal Court Finds FCRA and EFTA Claims Arising out of Disputed Charge Survive Credit Union’s Motion to Dismiss
A recent opinion issued by the district court for the Middle District of Florida rejected a credit union’s attempt to dismiss claims under the Fair Credit Reporting Act (FCRA) and Electronic Funds Transfer Act (EFTA) arising out of the alleged mishandling of a disputed charge and subsequent reporting to credit reporting agencies (CRAs), finding the
Not Your Keys, Not Your Coin: Bankruptcy Court Looks to Contract Law to Determine Consumer Interest-Bearing Crypto Deposits Belong to Celsius’ Bankruptcy Estate
Throughout the latter half of 2022, filing for bankruptcy became a reality for many high-profile crypto firms. The resurgence of “crypto winter” has brought many crypto-related entities to their proverbial knees. Indeed, in November 2021, the total cryptocurrency market capitalization reached an all-time high of approximately $3 trillion. That figure has decreased substantially, and today
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 January 13, the Federal Trade Commission (FTC) announced that an investment advice company agreed
Legislation Introduced that Would Establish Federal Regulatory Framework for Payment Stablecoins
On December 21, 2022, outgoing Senator Pat Toomey (R-PA) introduced legislation entitled the Stablecoin TRUST Act of 2022 that would establish the first-ever federal regulatory framework for payment stablecoins. In the press release announcing the proposed legislation, Senator Toomey stated that he “put forward a regulatory model that won’t undermine competition by favoring entrenched incumbents
CFPB Settles Pending “Meaningful Attorney Involvement” Lawsuit
On January 11, the Consumer Financial Protection Bureau (CFPB) announced it reached a settlement with law firm Forster & Garbus, LLP in its lawsuit over alleged illegal debt collection practices. Specifically, the CFPB alleged that, from 2014 through 2016, fewer than a dozen attorneys filed more than 99,000 debt collection lawsuits, while having the requisite
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 January 5, the Office of Comptroller of Currency (OCC) released its 2022 Annual Report