The Consumer Financial Protection Bureau issued a statement on June 3 relaxing the requirements for some electronic disclosures given for requests by consumers made via telephone for credit card plans. The CFPB acknowledged that credit card issuers are receiving more calls and may have limited staffing due to the pandemic. Many institutions are asking for
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
Tuesday, June 30, 2020
1:00-2:00 p.m. ET
Experienced Troutman attorneys will take a close look at the nitty-gritty of the practical side of credit reporting during the COVID-19 pandemic and economic downturn. We will cover guidance from the Consumer Data Industry Association and very recent new guidance from the Consumer Financial Protection Bureau on the
Yesterday, Troutman Sanders LLP’s Consumer Financial Services Law Monitor reported that AB-2501, a proposed bill allowing for homeowners to defer their mortgage payments for up to a year, failed to pass by a narrow margin. The bill’s author, Assembly Member Monique Limón (D-Santa Barbara), quickly moved for reconsideration. However, as the Assembly has now entered
On June 16, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a seven-page FAQ memorandum addressing some of the most critical questions for compliance with the new consumer reporting requirements of the “CARES Act”. In sum, this Compliance Aid:
After numerous amendments, readings, and committee hearings, California Assembly Bill 2501 narrowly failed to pass in Sacramento on June 15, with a vote total of 28 Ayes, 25 Noes, and 26 abstentions. The bill would have offered major payment relief to homeowners and certain renters, as well as owners of mobile homes. It might see
Earlier this month, the United States District Court for the District of Minnesota granted a national credit reporting agency’s motion for judgment on the pleadings, holding that it was not obligated under the Fair Credit Reporting Act to report all tradelines contained in a consumer’s credit file.
In this case, plaintiff Troy Krosch alleged that
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 4, Commissioner Sandy O’Laughlin of the State of Nevada Financial Institutions Division (“NFID”) informed licensed collection agencies that they may resume operations contingent upon compliance with any outstanding emergency directive issued by Governor Steve Sisolak, guidance issued by a state agency, Justice Court Orders for each jurisdiction, and health and safety guidance from
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