On October 29, the Consumer Financial Protection Bureau (CFPB or Bureau) announced leadership changes in two positions: the assistant director for the Office of Supervision Policy and the assistant director for the Office of Enforcement.
Lorelei Salas joined the Bureau as assistant director for the Office of Supervision Policy and will also serve as the
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
Troutman Pepper David Anthony has been elected to the Governing Committee of the Conference on Consumer Finance Law (CCFL). Please visit CCFL’s website for more details.
Congratulations and thanks to Elizabeth Holt Andrews and Jennifer Sarvadi as the PBSA Volunteers of the Month.
PBSA volunteers of the month are our more traditional volunteers. For November, PBSA is recognizing two members from our legal firms who dedicated their time in preparing the amicus letter and efforts in California.
Elizabeth Holt Andrews, Counsel
In Bordeaux v. LTD Financial Services, L.P., No. 2:16-0243 (KSH) (CLW) (D.N.J Sept. 28, 2021), plaintiff Roberta Bordeaux, on behalf of herself and a class of similarly situated persons, asserted that defendant debt collector LTD Financial Services LP (LTD) violated the Fair Debt Collection Practices Act (FDCPA) by sending collection letters, referencing potential
Federal Deposit Insurance Corp. (FDIC) Chairman Jelena McWilliams announced at the October 25 Money 20/20 conference that the FDIC is currently working with the Federal Reserve and Office of the Comptroller of the Currency to develop a series of policy statements aimed at addressing engagement in activities involving cryptocurrency assets. Those policy statements are expected
On October 20, the New York Department of Financial Services (NYDFS) published a notice in the New York State Register announcing that it has issued a proposed regulation to implement S 5470-B, which requires disclosures for commercial financing transactions of $2.5 million or less under a commercial financing agreement.
The notice allows for public
Data breaches and ransomware attacks are on the rise. On October 7, Oregon Attorney General Rosenblum announced an increase in data breaches reported to his office. The first nine months of 2021 involved 131 reported breaches, exceeding the 2020 total of 110. Financial Crimes Enforcement Network (FinCEN) also announced an increase in ransomware-related activities in the U.S. earlier this year. The first half of 2021 saw $590 million reported ransomware activities, exceeding the 2020 total of $416 million.
Two important updates impacting compliance with the Truth in Lending Act (TILA) and Reg Z have just been announced.
The TILA Examination Procedures have been revised and updated to reflect four final rules that amend the qualified mortgage (QM) provisions of Regulation Z. The rules in question were issued by the Consumer Financial Protection Bureau
The California Privacy Protection Agency (CPPA) is the first state privacy agency in the nation and was created as part of the California Privacy Rights Act (CPRA). While this agency has already been formed, it will not begin enforcement activities until July 1, 2023 (six months after the CPRA takes effect).
The agency’s mandate includes