Effective June 29, 2020, Colorado has enacted a new law implementing a temporary moratorium on “extraordinary” debt collection activities and exempting certain property from levy and sale under a writ of attachment or execution. The bill was signed into law by Governor Jared Polis as part of a package of bills passed to help Colorado
The CFPB recently published a blog post about the agency’s on-going efforts to monitor industry updates and innovation and how these changes align with regulatory obligations under the CFPB’s consumer protection laws. This post specifically highlighted using artificial intelligence (AI) and/or machine learning (ML) related to the adverse action notices that are required under the
Like most industries today, Consumer Financial 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
One of the first lines of defense when defending allegations of a statutory violation is the statute of limitations. As a complete bar to a plaintiff’s claims, the statute of limitations is one of the most powerful tools in a defense litigator’s pocket. Recently, the Fourth Circuit joined the Sixth, Eighth, and Tenth Circuits in
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (“COVID-19”). Troutman Sanders and Pepper Hamilton have 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
On June 23, the Consumer Financial Protection Bureau issued an interim final rule (“IFR”) intended to make it easier for consumers to transition out of COVID-19-related financial hardship and easier for mortgage services to assist those consumers. The IFR will become effective on July 1, 2020.
The Coronavirus Aid, Relief, and Economic Security Act (“CARES
In response to the COVID-19 pandemic, Virginia issued a moratorium on evictions in March that was extended earlier this month. Beginning June 29, pursuant to an order issued by the Supreme Court of Virginia on June 22, those eviction proceedings can resume.
However, opponents assert that thousands of families who are still facing financial difficulties
On June 18, the Consumer Financial Protection Bureau launched a pilot advisory opinion (“AO”) program in an effort to address some uncertainty in its existing regulations and make that process more public.
The program will allow entities to seek direct guidance on uncertainties they have with regulatory requirements that the CFPB oversees. The Bureau will
On June 1, the Criminal Division of the Department of Justice (“DOJ”) issued new guidance on how it evaluates corporate compliance programs when making corporate charging decisions. The additional guidance provides valuable insight into best practices when companies update their corporate compliance programs and paints a clear picture of the DOJ’s expectations regarding those programs.