Authors:
Ron Raether, Partner, Troutman Sanders
Wynter Deagle, Partner, Troutman Sanders
Sharon Klein, Partner, Pepper Hamilton
Alex Nisenbaum, Partner, Pepper Hamilton
Sadia Mirza, Associate, Troutman Sanders
Sam Hyams, Associate, Troutman Sanders
On June 24, 2020, the California Secretary of State released a memorandum (available here) stating that the California Privacy Rights Act
On June 23, the Consumer Financial Protection Bureau issued an interim final rule (“IFR”) intended to make it easier for consumers to transition out of COVID-19-related financial hardship and easier for mortgage services to assist those consumers. The IFR will become effective on July 1, 2020.
The Coronavirus Aid, Relief, and Economic Security Act (“CARES
Earlier this week, the Supreme Court of the United States declined to review an appellate court ruling that two mortgage companies defrauded a federal mortgage insurance program, leaving them owing nearly $300 million in damages to the United States government.
In August 2019, the United States Court of Appeals for the Fifth Circuit in United
In response to the COVID-19 pandemic, Virginia issued a moratorium on evictions in March that was extended earlier this month. Beginning June 29, pursuant to an order issued by the Supreme Court of Virginia on June 22, those eviction proceedings can resume.
However, opponents assert that thousands of families who are still facing financial difficulties
On June 18, the Consumer Financial Protection Bureau launched a pilot advisory opinion (“AO”) program in an effort to address some uncertainty in its existing regulations and make that process more public.
The program will allow entities to seek direct guidance on uncertainties they have with regulatory requirements that the CFPB oversees. The Bureau will
Earlier this month, the United States District Court for the Western District of Texas permanently banned Madera Merchant Services and B&P Enterprises, LLC from payment processing for their involvement in business practices that scammed consumers out of millions of dollars. The Federal Trade Commission and Ohio Attorney General Dave Yost filed their complaint in 2019.
On June 1, the Criminal Division of the Department of Justice (“DOJ”) issued new guidance on how it evaluates corporate compliance programs when making corporate charging decisions. The additional guidance provides valuable insight into best practices when companies update their corporate compliance programs and paints a clear picture of the DOJ’s expectations regarding those programs.
On May 11, the United States Court of Appeals for the Seventh Circuit issued its decision in Denan v. Trans Union LLC, affirming the district court’s finding that the Fair Credit Reporting Act does not require consumer reporting agencies to determine the legal validity of a disputed debt.
In Denan, two individuals sued Trans
The Consumer Financial Protection Bureau issued a statement on June 3 relaxing the requirements for some electronic disclosures given for requests by consumers made via telephone for credit card plans. The CFPB acknowledged that credit card issuers are receiving more calls and may have limited staffing due to the pandemic. Many institutions are asking for
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Sanders and Pepper Hamilton have 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