The Department of Education (Department) has announced that individuals who have a total and permanent disability (TPD) will have their unpaid student loans automatically discharged without having to file any paperwork. The change will affect 323,000 borrowers and result in a discharge of more than $5.8 billion in unpaid loan balances.
Pursuant to regulations enacted
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
We are pleased to announce that Troutman Pepper partner Ron Raether will be a featured speaker at the American Bar Association’s Consumer Financial Services Basics Virtual Conference, on Thursday, October 21st from 3:10 to 4:10pm ET.
Ron will participate in a panel discussion entitled “Financial Privacy and Data Security,” during which the presenters will
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 Central District of California recently dismissed a data breach class action for lack of standing, notwithstanding evidence that the stolen data of 40 million consumers had allegedly been offered for sale on the dark web. The court determined that the data breach could not possibly have caused a risk of identity theft, fraud, and
On August 11, the Federal Financial Institutions Examination Council (FFIEC) issued guidance, titled “Authentication and Access to Financial Institution Services and Systems,” which provides financial institutions with examples of effective authentication and access risk management principles and practices for customers (both business and consumer), employees, and third parties accessing digital banking services and
In Blackmon v. Ad Astra Recovery Services, an individual claiming to be Brittney Blackmon obtained a payday loan in her name and then never made a payment. The debt was subsequently assigned to defendant collection firm Ad Astra Recovery Services, Inc. (AARC). Years later, Blackmon contacted AARC by telephone to dispute the debt. Blackmon
Section 230 of the Communications Decency Act (CDA) provides federal immunity to website platforms from claims based on third-party content hosted on the website. 47 U.S.C. § 230(c)(1). Specifically, the statute provides that the provider of an “interactive computer service” cannot be treated as the publisher or speaker of information provided by “another information content
On June 17, the president signed legislation designating “Juneteenth National Independence Day, June 19” as a federal holiday. Because the legislation took effect immediately, it raised compliance questions for residential mortgage lenders, which must take federal holidays into account when calculating waiting periods for rescissions of closed-end loans under the Truth in Lending Act (TILA)
On July 1, the Maryland Court of Special Appeals affirmed in part a trial court’s dismissal of claims brought under Maryland’s Credit Grantor Closed End Credit Provisions (CLEC) due to the plaintiff’s lack of damages. Specifically, the court ruled that a plaintiff could, in theory, state a CLEC claim without having paid more than the