On November 10, a group of Democratic senators sent a letter to Consumer Finance Protection Bureau (CFPB) Director Rohit Chopra, requesting that the CFPB take a proactive stance in its regulation of consumer reporting agencies (CRAs). The group, led by Sen. Brian Schatz (D-HI) and which includes Sens. Elizabeth Warren (D-MA) and Sherrod Brown (D-OH),
On November 29, House Financial Services Committee Chairwoman Maxine Waters (D-CA) and committee member Bill Foster (D-IL) sent a letter to the leaders of multiple federal regulators, asking them to monitor technological development in the financial services industry to ensure that algorithmic bias does not occur. The letter was sent to the following individuals:
Wednesday, December 8 • 2:30 – 3:30 p.m. ET
Join us on Wednesday, December 8 as a panel of Troutman Pepper class-action litigators examine recent developments in class-action litigation and provide insights on what the future holds. The panel will dive into the major decisions rendered this year and explore ways for class-action practitioners and
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
Entities that collect Wisconsin residents’ personal information and are licensed, registered, or authorized (licensee) with the Office of the Commissioner of Insurance (commissioner) will have to abide by a new data security law (Wisconsin’s Insurance Data Security Law), which came into force on November 1. This bill had previously been introduced in the 2019-2020 legislative
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
The Federal Trade Commission (FTC) recently released a “Serving Communities of Color” report that details fraud and consumer issues that have a disproportionately negative impact on communities of color. This report is the latest installment released by the FTC on the topic and follows prior initiatives, such as the 2014 “Every Community Initiative“
On November 8, New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act (Act) (Legislation S.153/A.2382). The Act amends provisions of New York’s Civil Practice Law and Rules, commonly referred to as the CPLR, and the Judiciary Law to require original creditors and third-party debt collectors to include certain information and documents
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 November 2, the House Financial Services Committee’s Task Force on Financial Technology held a hearing titled, “Buy Now, Pay More Later? Investigating Risks and Benefits of BNPL and Other Emerging Fintech Cash Flow Products.” For the hearing, the task force invited both consumer advocates and industry tradespeople to address several products, including buy now,