On August 29, the Federal Reserve Board (Fed) announced that its real-time payments system, FedNow, will launch sometime between May and July of 2023. FedNow will provide a platform on which banks can build their products. Products enabled by FedNow will allow a common consumer or business to send and receive payments instantly, instead of
Exemption Extensions Failed. On August 31, California’s legislature ended its 2022 session without adopting legislation to extend the California Consumer Privacy Act (CCPA) employee and business-to-business (B2B) personal information exemptions. In the absence of a special legislative session, these exemptions will expire on January 1, 2023.
History of the Exemptions. Under the current exemptions, covered
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
The Arizona Supreme Court just issued a significant and favorable foreclosure statute of limitations decision in Bridges v. Nationstar Mortgage LLC, — P.3d —, 2022 WL 3905320. It held that recording a notice of trustee’s sale does not evidence a debt’s acceleration. The opinion is significant because borrowers in Arizona routinely argue that recording
As we previously posted here, in March, Utah enacted its Commercial Financing Registration and Disclosure Act (CFRDA), requiring commercial financing providers to register with the Utah Department of Financial Institutions (DFI). The process requires registering with the Nationwide Multistate Licensing System and Registry (NMLS), providing certain information about the provider, and disclosing information about
As we previously posted here, in March, Utah enacted its Commercial Financing Registration and Disclosure Act (CFRDA), requiring commercial financing providers to register with the Utah Department of Financial Institutions (DFI). The process requires registering with the Nationwide Multistate Licensing System and Registry (NMLS), providing certain information about the provider, and disclosing information about
Effective September 1, the American Arbitration Association (AAA) has finally updated its Commercial Rules and Mediation Procedures, concluding a two-year internal review. The amendments provide greater procedural discretion to arbitrators, further streamline expedited arbitrations, change the amount-in-controversy requirements for certain arbitration paths, and provide express confidentiality protections, among other things.
First, the amended
In Louis v. Deshmukh, Civil Action No. 21-19902 (D.N.J. July 27, 2022), the District of New Jersey denied a motion to dismiss a putative class action, asserting claims under the Fair Debt Collections Practices Act (FDCPA) based on statements made in the pleadings in an earlier state court litigation.
Plaintiff Cathelene Louis incurred a
On August 25, the Office of Management and Budget (OMB) directed federal agencies involved in originating consumer and small business loans — including the Small Business Administration, Department of Veterans Affairs, Department of Agriculture, and the Federal Housing Finance Agency — to reduce the impact of medical debt when making underwriting decisions. This instruction aligns
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: