To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
Pennsylvania District Court Finds No Personal Liability Under the TCPA
In Perrong v. Chase Data Corp., et al., a court in the Eastern District of Pennsylvania recently ruled that no personal liability attaches to the owner of a company for Telephone Consumer Protection Act (TCPA) violations.
Year in Review and a Look Ahead: Navigating the Debt Collection Landscape
Join us for an enlightening episode of The Consumer Finance Podcast, where we dissect the intricate world of debt collection, reflecting on the past year and forecasting future trends. This episode, hosted by Chris Willis, features insightful discussions with Stefanie Jackman and Jonathan Floyd, both well-versed in the field of debt collection. We explore significant Supreme Court cases that could reshape the collections landscape, the impact of Regulation F on validation notices, and the complexities surrounding credit reporting and medical debt. Stefanie and Jonathan share their perspectives on emerging trends and potential challenges in the collections industry. This episode is a must-listen for creditors, servicers, and collectors seeking to understand the ever-evolving landscape of debt collection. Stay tuned for the next and final episode of our Year in Review and a Look Ahead series on The Consumer Finance Podcast, providing valuable insights for anyone involved in consumer finance.
Unraveling the Crypto Code: California’s New DFAL Explained
In this episode of The Crypto Exchange, Troutman Pepper Partner Ethan Ostroff welcomes his colleague Addison Morgan to discuss California’s Digital Financial Assets Law (DFAL), set to take effect on July 1, 2025. The DFAL provides a comprehensive framework for licensing and overseeing businesses that engage in digital financial business activities with residents of California.
Supreme Court Holds Government Agencies are Not Immune from FCRA Liability
On February 8, the U.S. Supreme Court issued a unanimous decision in Department of Agriculture Rural Development Rural Housing Service (USDA) v. Kirtz, holding that the Fair Credit Reporting Act’s (FCRA) clear statutory text indicates a government agency can be sued for a FCRA violation. The decision resolved a circuit split. The D.C., Third, and Seventh Circuits have allowed FCRA litigation against government agencies, but the Fourth and Ninth Circuits have found governmental immunity prevents such suits.
FCC Rules AI-Generated Voices Fall Under TCPA Restrictions
Today, the Federal Communications Commission (FCC) issued a unanimous ruling that the Telephone Consumer Protection Act’s (TCPA) restrictions on the use of “artificial or prerecorded voices” apply to AI technology that generate such voices.
2023 Payments Year in Review: CFPB and FTC Regulatory Trends
In the first installment of a two-part Payments Year in Review series, Keith Barnett, Carlin McCrory, and Josh McBeain delve into the payments landscape of 2023 and share their predictions for 2024.
Year in Review and a Look Ahead: Fintech Developments
Join us for the second episode of our Year in Review and a Look Ahead series, where we delve into the fintech world. Our host, Chris Willis, co-leader of Troutman Pepper’s Consumer Financial Services Regulatory practice, is joined by James Kim who leads the firm’s Fintech practice. They discuss the significant events in the fintech sector in 2023 and what to anticipate in 2024, covering key regulatory developments, the impact of the Consumer Financial Protection Bureau’s proposed rules, and the increasing scrutiny of fintech-bank partnerships. Don’t miss this insightful conversation as we navigate the evolving fintech landscape. Stay tuned for the next episode of our Year in Review and a Look Ahead series on The Consumer Finance Podcast, providing valuable insights for anyone involved in consumer finance.
Nevada Federal Court Declines to Decide at Summary Judgment Stage Whether Pre-Dispute Investigation Was Sufficient to Satisfy FCRA
A federal district court judge in Nevada recently denied competing motions for summary judgment in a Fair Credit Reporting Act (FCRA) furnisher investigation case, demonstrating the challenges FCRA litigants often face in convincing courts to decide cases on matters of law.
Department of Education Cancels $5B More in Unpaid Student Loans
The U.S. Department of Education (ED) recently announced the approval of an additional $4.9 billion in student loan forgiveness for 73,000 individuals. The relief was provided through several modifications to the income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PLSF) programs. To date, the Biden Administration has forgiven $136.6 billion in student loans for more than 3.7 million borrowers.