On April 11, the White House published a fact sheet, outlining the Biden administration’s actions to lessen the burden of medical debt and increase consumer protection. The plan includes four focus areas:
On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled “Busting myths about bankruptcy and private student loans.” In the blog post, the CFPB argues that certain private education loans can be discharged in bankruptcy. Specifically, the CFPB argues that the following private student loans can be discharged without
The fiscal year 2022-2023 budget for New York, which takes effect in two months, includes requiring the New York Department of Financial Services (NYDFS) to charge a new “assessment” to all virtual currency businesses licensed in New York in order to “defray operating expenses.”
The legislation, signed by New York Governor Kathy Hochul on
On April 11, Virginia enacted a new law (HB 263), which goes into effect on July 1, 2022, permitting “banks” to provide customers with “virtual currency custody services so long as the bank has adequate protocols in place to effectively manage risks and comply with applicable laws.” The law, in a first for
On April 7, the Bureau of Consumer Financial Protection (CFPB) issued a request for comment on proposed amendments to the regulation implementing the Fair Credit Reporting Act (FCRA), intended to assist consumers who are survivors of human trafficking. The proposed amendments would prohibit consumer reporting agencies (CRAs) from reporting adverse information resulting from certain types
In Carroll v. Medicredit, Inc., No. 2:20-cv-01728-KJD-EJY (D. Nev. Mar. 18, 2022), the court denied the parties’ cross motions for judgment on the pleadings as to claims under the Telephone Consumer Protection Act (TCPA) the Fair Debt Collections Practices Act (FDCPA) that arose out of collection calls placed after the parties had agreed to
On April 7, in front of American University’s Kogod School of Business Center for Innovation, Secretary of the Treasury Janet Yellen addressed the Biden administration’s forthcoming legislative approach to digital assets, as we discussed here, as well as the digitization of the American economy, which Yellen assessed through the lens of five lessons she
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 April 7, the Federal Deposit Insurance Corporation (FDIC) released a letter, requiring all FDIC-supervised institutions that intend to engage in, or that are currently engaged in, crypto-related activities to notify its FDIC Regional Director. The FDIC also encouraged institutions to notify their state regulator. The FDIC provided an initial noncomprehensive list of activities
Joining the Ninth Circuit on one side of a post-Spokeo circuit split, the Eighth Circuit recently held a plaintiff lacked standing to pursue her Fair Credit Reporting Act (FCRA) claims when she conceded her consumer report was accurate and alleged no concrete harm from three technical FCRA violations.
On April 4, in Schumacher v.