On January 25, the Florida Office of Financial Regulation (OFR) issued an investor advisory “to raise awareness about decentralized finance (DeFi), a relatively new blockchain-based group of financial services gaining popularity[.]” The OFR defines DeFi as “financial services provided by an algorithm on a blockchain, without a traditional financial services company.” The advisory describes DeFi,

On January 25, the House Committee on Financial Services announced its hearing schedule for the month of February, which includes a full committee hearing on February 8 at 10:00 a.m. ET on “Digital Assets and the Future of Finance: The President’s Working Group on Financial Markets’ Report on Stablecoins.”

As previously discussed by our colleagues,

Indiana Attorney General Todd Rokita started 2022 by announcing his intention to continue aggressively pursuing robocallers and summarizing the actions taken by his office in 2021. This included calling on the Federal Communications Commission (FCC) to revise its rules to increase accountability, implementing new technologies to shorten the time for the AG to investigate complaints

On November 1, the President’s Working Group on Financial Markets (PWG), along with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, issued a “Report on Stablecoins” (Report) that provided background on stablecoins, identified regulatory gaps related to such digital assets, and offered recommendations for addressing those gaps. After outlining

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 January 20, the Federal Trade Commission (FTC) issued an advisory opinion on the impact of the Trade Regulation Rule Concerning Preservation of Consumers’ Claims and Defenses (Holder Rule) on the recovery of attorneys’ fees and costs above the amount paid on a consumer receivable arising out of a financed sale of goods or services.

On January 14, a D.C. federal judge granted the Consumer Financial Protection Bureau’s (CFPB) motion to dismiss a case filed by the National Association for Latino Community Asset Builders (NALCAB), after the NALCAB contested the CFPB’s decision to repeal the ability to repay requirements.

The Payday Rule has been both modified and challenged since its

On December 22, the U.S. District Court for the District of New Jersey dismissed putative class claims brought against a health insurance company, following a 2013 data breach incident. In In re Horizon Healthcare Servs. Data Breach Litigation, the court dismissed a putative class complaint against Horizon Healthcare Services, Inc. (Horizon) and held that

On January 20, the Third Circuit Court of Appeals held oral argument in Bibbs v. Trans Union, LLC. This case is a consolidated appeal of multiple decisions from the Eastern District of Pennsylvania, granting dispositive motions in favor of defendants on “Pay Status” claims under the Fair Credit Reporting Act (FCRA).

Background

Over

In a succinct, emphatic opinion issued on January 19, the Ninth Circuit quietly rejected one of the last remaining arguments made by plaintiffs attempting to neutralize the Supreme Court’s decisive Facebook opinion interpreting the Telephone Consumer Protection Act (TCPA). The Ninth Circuit affirmed a district court’s grant of summary judgment to the defendant and held