On August 16, the U.S. District Court for the Northern District of New York issued a summary order in favor of the plaintiff, allowing a breach of contract claim to go forward based on a bank’s assessment of non-sufficient funds (NSF) fees. The ruling continues a trend of NSF fees coming under heavy scrutiny by
Please join Consumer Financial Services Partner Ethan Ostroff and his guests and colleagues Alan Wingfield, Chris Capurso, and Derek Schwahn in the third episode of a special four-part series on recent developments with the Consumer Financial Protection Bureau (CFPB). In this episode, topics include:
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 September 9, the Financial Crimes Enforcement Network (FinCEN) published takeaways from its Digital Identity
In a much anticipated decision released September 8, an en banc panel of the Eleventh Circuit Court of Appeals reversed the district court’s decision that a debt collector’s outsourcing of its letter process to a third-party mail vendor violated the Fair Debt Collection Practices Act’s (FDCPA) prohibition on third-party disclosure and ruled that plaintiff Hunstein
Ethan Ostroff, a Troutman Pepper consumer finance partner and host of the firm’s The Crypto Exchange Podcast, will present “Crypto Regulations and Guidance” during NAFCU’s Regulatory Compliance and BSA Seminar in Louisville, KY. NCCOs, NCBSOs, and compliance, audit and legal staff will have the opportunity to stay on top of evolving regulatory trends including
On August 29, the Federal Reserve Board (Fed) announced that its real-time payments system, FedNow, will launch sometime between May and July of 2023. FedNow will provide a platform on which banks can build their products. Products enabled by FedNow will allow a common consumer or business to send and receive payments instantly, instead of
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 August 25, the Office of Management and Budget (OMB) directed federal agencies involved in originating consumer and small business loans — including the Small Business Administration, Department of Veterans Affairs, Department of Agriculture, and the Federal Housing Finance Agency — to reduce the impact of medical debt when making underwriting decisions. This instruction aligns
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 August 19, the Federal Deposit Insurance Corporation (FDIC) issued cease and desist letters to five cryptocurrency companies, demanding they refrain from making allegedly false and misleading statements about deposit insurance.
“Based upon evidence collected by the FDIC, each of these companies made false representations — including on their websites and social media accounts —