TransUnion recently announced it will make off-chain credit data available on public blockchain networks through Spring Labs’ ky0x Digital Passport, which enables Web3/Decentralized Finance (DeFi) applications or smart contracts to access off-chain identity, compliance, credit, and other custom data with lines of code. “The move enables better-informed, privacy-preserving DeFi and Web3 applications (internet applications based
On February 16, the Financial Stability Board issued an updated “Assessment of Risks to Financial Stability from Crypto-assets,” concluding that crypto-asset markets are fast evolving and could reach a point where they represent a threat to global financial stability due to their scale, structural vulnerabilities, and increasing interconnectedness with the traditional financial system.
On February 3, a New York magistrate judge recommended dismissing a class action against medical management company, Professional Business System d/b/a Practicefirst Medical Management Solutions in Tassmer v. Professional Business Systems. Judge Michael J. Roemer recommended dismissal because plaintiffs’ allegations failed to constitute an injury under the Supreme Court’s ruling in TransUnion v. Ramirez
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 February 10, the Ninth Circuit affirmed a Central District of California decision, finding that a consumer reporting agency (CRA) did not violate the Fair Credit Reporting Act (FCRA) when it reported a criminal record with a charge date that antedated the report by more than seven years. The case is Moran v. Screening Pros
The Eastern District of Pennsylvania is the most recent federal district court to adopt Hunstein v. Preferred Collection and Mgmt. Svcs., Inc., 17 F.4th 1016 (11th Cir. 2021) by holding that the transmission of information to a vendor was a “communication” to a “person,” satisfying the “in connection with the collection of any debt”
On January 13, Him Das, the acting head of the Financial Crimes Enforcement Network (FinCEN), highlighted ransomware as a chief national security risk. At the Financial Crimes Enforcement Conference, Das suggested that the current anti-money laundering regulations are insufficient to protect against tech-driven threats, from cyberattacks to digital asset schemes. FinCEN therefore is currently
According to a recent year-in-review report by WebRecon, Fair Credit Reporting Act (FCRA) filings continued their upward trajectory throughout 2021. This stands in contrast to filings under the Fair Debt Collection Practices Act (FDCPA) or the Telephone Consumer Protection Act (TCPA), which decreased from the previous year. Meanwhile, complaints filed with the CFPB increased substantially
On January 24, the U.S. District Court for the Eastern District of California took the unusual step of declining to sign off — for the fourth time — on a proposed settlement, resulting from a putative class-action lawsuit against Five Guys Enterprises LLC and its parent Encore FGBF LLC. The lawsuit alleges the popular burger
A Georgia district court judge recently granted a defendant’s motion to dismiss all claims except for one in Fair Debt Collection Practices Act (FDCPA) case Lee v. Medicredit. The court held that what constitutes a “reasonable period of time” for lack of response from a consumer’s attorney cannot be decided at the motion to