In this episode of Payments Pros, Keith Barnett and Carlin McCrory are joined by Pidgin’s Senior Vice President of Innovation Kevin Olsen to discuss faster payments and the FedNow service.
The Role of General Counsel in Advising Boards of Directors on the Use of AI
Join Troutman Pepper Partner Chris Willis and Counsel Shannon Patterson as they discuss the top issues a company’s board of directors needs to consider regarding the use of artificial intelligence (AI) in its business. Shannon specializes in advising companies on board and management governance issues, particularly publicly traded companies, to ensure that boards are well-informed of their responsibilities. In this episode, Shannon offers valuable insights on how a company’s general counsel can support its board in integrating principles of good governance for the responsible and effective use of AI.
FinCEN to Shed Light on Illicit Use of Virtual Currency Mixing Through Enhanced Record Keeping and Reporting Requirements.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently announced a Notice of Proposed Rulemaking (NPRM) that identifies international convertible virtual currency mixing as a class of transactions of primary money laundering concern and seeks to increase transparency around virtual currency mixing to combat its use by illicit actors.
Troutman Pepper Weekly Consumer Financial Services Newsletter
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
Illinois Federal District Court Grants Summary Judgment Holding Use of a Local Area Code by a Non-Local Debt Collector Does Not Give Rise to a FDCPA Claim
In Brown v. MRS BPO, LLC, the Northern District of Illinois, acting on its own motion, granted summary judgment in favor of the defense on claims asserting violations of the Fair Debt Collections Practices Act (FDCPA).
FTC Issues Report to Congress on the Fraud Threats Faced by Older Consumers
On October 18, the Federal Trade Commission (FTC) issued a report to Congress in which it outlined its ongoing efforts to protect older Americans from fraud related losses.
Florida Senator Introduces Bill Regulating Bank Model Lending and Loan Programs Based on Voluntary Tips
On October 9, a Florida state senator introduced SB 146, which would add a new section to the Florida Consumer Finance Act (CFA), attempting to curb evasion of the CFA. SB 146 would treat all payments incident to the loan as interest, even if voluntary, and would adopt both predominant economic interest and totality of the circumstance tests for true lender purposes. SB 146 follows other states’ attempts to address true lender issues, including legislation passed in Minnesota, discussed here, and Connecticut, discussed here.
Troutman Pepper Weekly Consumer Financial Services Newsletter
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
Federal Magistrate Recommends Dismissal of FDCPA and FCRA Case on Statute of Limitation and Reasonableness of Reporting Grounds
On November 9, a magistrate judge in the Northern District of Georgia issued a Report & Recommendation to grant a motion to dismiss because the plaintiff’s Fair Debt Collection Practices Act (FDCPA) claims were time-barred and the cause of action under the Fair Credit Reporting Act (FCRA) failed to state a claim.
Medical Debt Under the Microscope: Insights from the CFPB’s 2022 FDCPA Report
On November 16, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Fair Debt Collection Practices Act (FDCPA) Annual Report detailing the CFPB’s 2022 activities related to debt collection practices. This comprehensive document summarizes everything FDCPA-related undertaken by the agency during 2022, including enforcement actions, a summary of consumer complaints, education and outreach initiatives, and highlights from examinations it conducted. In addition to summarizing activities in the debt collection space from the past year, the report hints at potential future activities. Tellingly, the CFPB’s focus in 2022 was predominantly on medical debt, as highlighted by its press release announcing this report.