On February 14, the U.S. Senate Committee on Banking, Housing, and Urban Affairs (Committee) conducted an open session hearing entitled “Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets.”
The chosen title of the hearing very clearly highlights two issues that continue to plague the digital asset market: (1) the financial harm imposed
Can websites or mobile apps that offer ranked lists of mortgage providers purportedly best suited for individual consumers violate section 8 of the Real Estate Settlement Practices Act (RESPA)? According to the Consumer Financial Protection Bureau (CFPB or Bureau) in its recent advisory opinion, these digital platforms may violate the RESPA if the platform:
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:
In the first of a four-part Crypto Year in Review series, Carlin McCrory, Keith Barnett, and Ethan Ostroff look at how the CFPB and FTC viewed and regulated cryptocurrency in 2022. The panel examines statements by CFPB Director Rohit Chopra and recent CFPB and FTC enforcement actions, identifying likely regulatory trends for 2023 and beyond.
The Middle District of Florida rounded out 2022 by ruling in conformance with Eleventh Circuit precedent that plaintiffs must have a factual, rather than legal, dispute to bring suit against a credit furnisher under §1681s-2b of the Fair Credit Reporting Act (FCRA).
In Belair v. Holiday Inn Club Vacations Inc., the plaintiffs contracted to
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
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
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: