Senators Sherrod Brown (D-Ohio) and Elizabeth Warren (D-Mass.) last week released a proposal for new consumer protection measures that they claim are critical to helping Americans weather the coronavirus (“COVID-19”) pandemic. Noting that the stimulus payments provided by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) may not be enough to cover basic
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-related news and developments, recommendations from leading health organizations, and tools
The Consumer Financial Protection Bureau has released a video, available here, providing non-filers of federal tax returns with guidance to receive their economic impact payments, authorized by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in response to the coronavirus (“COVID-19”) health crisis.
The video notes that most people who qualify for
Multiple states have come together to enact initiatives aimed at prohibiting private student loan servicers from certain activities that will remain in place during the coronavirus (“COVID-19”) pandemic. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) did not address private student loans that are not federally-backed. Recently, New York worked out an agreement
Earlier this week, the American Council on Education (“ACE”) wrote a letter to Speaker of the House Nancy Pelosi (D-Calif.) and Minority Leader Kevin McCarthy (R-Calif.) requesting extended student loan relief on behalf of more than 30 higher education organizations. In the letter, which focuses on the likely long-term economic impact of the coronavirus (“COVID-19”)
Earlier this month, in Davis v. Carrington Mortgage Services, LLC, et al., the United States District Court for the District of Nevada held that consumer reporting agencies are not obligated to determine the legal status of debts. The Court also reinforced the plausible pleading standard for Fair Credit Reporting Act cases, while providing
The Consumer Financial Protection Bureau issued a final Home Mortgage Disclosure Act (“HMDA”) rule amending Regulation C to adjust institutional and transactional coverage thresholds for closed-end mortgage loans and open-end lines of credit. The final rule permanently raised the threshold to report closed-end mortgage loans from 25 to 100 originated loans in the previous two
On April 17, the Federal Trade Commission filed a complaint against Ponte Investments, LLC – a Rhode Island-based company – and its owner, John C. Ponte, claiming that they misrepresented Ponte Investments as an approved small business lender for the federal coronavirus (“COVID-19”) relief program. The FTC has sought a permanent injunction and other equitable
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-related news and developments, recommendations from leading health organizations, and tools
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) is the largest economic rescue measure in the history of the United States, making $2.2 trillion available to the public and businesses affected by the coronavirus (“COVID-19”) pandemic. Where there is money, there will be lawsuits by those who did not get it. A class