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
In a 9-3 vote earlier this month, the California Assembly Banking and Finance Committee approved legislation requiring a license for debt collectors and debt buyers, entitled the Debt Collection Licensing Act (SB 908) (DCLA).
The DCLA would prohibit a person from engaging in the business of collecting on a consumer debt in this state without
On August 13, 2020, the Oregon Bankers Association (“OBA”) and three Oregon-chartered banks filed a Complaint for declaratory and injunctive relief against the State of Oregon, Oregon’s Attorney General, and the Director of the Oregon Department of Consumer and Business Services. The Complaint alleges that House Bill 4204 (“HB 4204” or “the Bill”) is unconstitutional
Fannie Mae and Freddie Mac provided temporary guidance to lenders due to COVID-19 on various topics related to servicing mortgage loans. On June 30, Fannie Mae updated its COVID-19 Frequently Asked Questions – Servicing on the topics related to retention workout options, reporting and operational processes, and incentive fees, amongst other topics.
Foreclosure Suspension Extended
Enforcement of the California Consumer Privacy Act (CCPA) began July 1, 2020. Our privacy team at Troutman Pepper includes several attorneys who worked in an attorney general’s office. This privacy regulatory team has identified six areas of enforcement likely to catch the California Office of the Attorney General’s (OAG) attention, which arguably holds sole regulatory
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 August 12, 2020, Nicholas Brechun, Compliance Supervisor for the Colorado Fair Debt Collection Practices Act (“CFDCPA” or “the Act”), sent out notice of a stakeholder meeting to discuss amendments to the Act. The stakeholder meeting has been scheduled for August 25, 2020 at 2:00 p.m.
The proposed amendments are available in redline here.
August 27, 2020
9:00am PT/12:00pm ET
Consumer counterclaims present a frustrating dilemma and tough strategic choices for debt collectors. Essentially required to bring most collection actions in state small claims courts, debt collectors routinely find themselves defending counterclaims, including federal claims before elected judges and state court juries. This webinar will examine common threatened and
On August 5, 2020, parents who accused Disney, Viacom, Kiloo, and more than ten other companies of violating parents’ and children’s privacy rights in connection with information collected from children’s video games sought court preliminary approval of a class settlement in three separate but coordinated actions.
The three class actions are based on allegations that
On August 6, 2020, President Trump issued two executive orders banning widely used Chinese social media services TikTok and WeChat. Citing national security concerns due to the applications’ abilities to automatically capture the personal information of U.S. citizens, censor content “that the Chinese Communist Party deems politically sensitive” and spread “disinformation campaigns that benefit