Recently, the New York Court of Appeals issued decisions in four cases related to applying the statute of limitations to foreclose on a mortgage in New York. Most notably, in Freedom Mortgage Corporation v. Engel, the Court of Appeals established a bright-line rule that when the acceleration of a mortgage debt occurs by filing a
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can
The California Consumer Financial Protection Law (CCFPL) went into effect on January 1. The CCFPL requires the Department of Financial Protection & Innovation (DFPI), formerly the Department of Business Oversight, to establish an Office of Financial Technology Innovation (OFTI). The DFPI stated in its recent monthly bulletin that OFTI would allow it to “work proactively
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can
According to a recent announcement, Mastercard will begin providing customers with additional details about their purchases, such as the merchant’s name, logo, and location of purchase. Mastercard is inviting merchants to upload their logos to Ethoca, after which the logos will be linked to the corresponding transaction in digital banking applications. The service
On January 21, the CFPB issued a Small Entity Compliance Guide summarizing the October 2020 Debt Collection Rule. The Debt Collection Rule amends Regulation F, 12 CFR Part 1006 and becomes effective on November 30, 2021. The Debt Collection Rule governs the activities of debt collectors under the Fair Debt Collection Practices Act (FDCPA).
The
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can
On January 21, Colorado Governor Jared S. Polis signed Senate Bill 21-002 into law. This bill modifies the limitations of certain debt collection actions enacted in Senate Bill 20-211, most notably extending the moratorium on extraordinary collection actions from February 1, 2021 to June 1, 2021.
In more detail, Senate Bill 21-002 states that
On January 20, the White House announced the acting agency leadership in the next phase of the transition of government. As part of that transition, President Joe Biden appointed Dave Uejio to serve as the acting director of the Consumer Financial Protection Bureau (CFPB). This news followed on the same day Director Kraninger, appointed by