On July 18, a New Jersey district court ruled that a customer’s contract termination with a merchant does not also terminate the “established business relationship” (EBR) exception for purposes of the Telephone Consumer Protection Act (TCPA). The decision sheds light on an exception to the TCPA that likely will take on increasing importance, following the
In second episode of The Crypto Exchange, Troutman Pepper Consumer Financial Services Partner Ethan Ostroff welcomes back Keith Barnett and Carlin McCrory to discuss opinions released over the past year involving money transmission and the Money Transmission Act and how they impact stakeholders in the digital asset and payment spaces.
In the first episode of The Crypto Exchange, Troutman Pepper Consumer Financial Services Partner Ethan Ostroff welcomes his colleagues Keith Barnett and Carlin McCrory to discuss recent developments with convenience fees in the payments industry. With both of their practices focusing on payments-related issues, Keith and Carlin take a deep dive into the recent CFPB advisory opinion on convenience fees and how it affects payment processors, money transmitters, and loan servicers. Additionally, they explore how the CFPB’s advisory affects card network rules and how the rules mesh with state laws.
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 June 20, the Louisiana Office for Financial Institutions (OFI) proposed a Rule on licensure, registration, and regulation of persons engaging, or planning to engage, in virtual currency business activity in Louisiana. The Rule follows the mandate set by Louisiana’s Virtual Currency Business Act (VCBA), effective August 1, 2020, requiring virtual currency businesses to hold
Like most industries today, Consumer Finance Services businesses continue to be significantly impacted by COVID-19. To help you keep abreast of relevant activities, below find a breakdown of some of the biggest legislative and regulatory events at the federal and state levels to impact the Consumer Finance Services industry this past week:
Please join Troutman Pepper Partner Chris Willis and his guests and fellow Partners Keith Barnett and Ethan Ostroff as they discuss the recent request for comment from California’s Department of Financial Protection and Innovation on cryptocurrency-related financial products and services under the California Consumer Financial Protection Law. Keith and Ethan share their ideas about what this request for comment says about the direction California may take in the world of cryptocurrency.
On June 6, Senators Kirsten Gillibrand (D-NY), member of the Senate Agriculture Committee, and Senator Cynthia Lummis (R-WY), member of the Senate Banking Committee, introduced a draft bipartisan bill, the Responsible Innovation Act (Act), which is Congress’s first attempt to construct an all-encompassing digital asset regulatory framework. The breadth of the Act is sweeping, and
Like most industries today, Consumer Finance Services businesses continue to be significantly impacted by COVID-19. To help you keep abreast of relevant activities, below find a breakdown of some of the biggest legislative and regulatory events at the federal and state levels to impact the Consumer Finance Services industry this past week:
On June 29, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion focused on consumer debt collectors and the convenience fees they charge for some payments, such as online or by phone.
Convenience fees — common in many types of financial transactions — have recently been categorized as “junk fees” by the