On February 24, the Consumer Financial Protection Bureau (CFPB or Bureau) released a blog post, outlining multiple auto lending topics in the wake of rising vehicle prices. According to Bureau of Labor Statistics data, the consumer price index has risen 40% for used cars and trucks and 12% for new cars since January
On February 22, the Fourth Circuit clarified in a published opinion what communications constitute a qualified written request (QWR) under the Real Estate Settlement Procedures Act (RESPA). The Fourth Circuit held that “where a written correspondence to a loan servicer provides sufficient information to identify the account and an alleged servicing error, such correspondence is
In December 2021, a federal judge granted a motion for summary judgment in Mitchell v. Specialized Loan Servicing LLC, holding that defendant Specialized Loan Servicing LLC (Specialized Loan) properly reported plaintiff Eric Mitchell’s (Mitchell) loan status by using a designation indicating “no payment history available this month.” The court held that this designation complied
On January 28, following the European Commission’s June 4, 2021 issuance of modified standard contractual clauses (SCCs), the United Kingdom’s (U.K.) secretary of state for digital, culture, media, and sport, presented the U.K. Parliament with two new mechanisms to effectuate cross-border transfers of data: (1) the International Data Transfer Agreement (the IDTA) and (2)
On February 22, the Eleventh Circuit Court of Appeals held oral argument in Hunstein v. Preferred Collection and Management Services Inc. (Case Number 19-14434). Almost a year ago, on April 21, 2021, the Court of Appeals issued the original Hunstein v. Preferred Collection and Management Services Inc. opinion, which held that (1) a consumer
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 26, a federal judge granted plaintiff Maria Garcia’s (Garcia) motion to remand on the basis that the amount in controversy was below the required threshold. The order was based on the court’s interpretation of the California Investigative Consumer Reporting Act’s (ICRAA) statutory damages scheme and its finding that the statute allows for one
On February 15, Representative Warren Davidson (R-OH) announced he will be introducing the “Keep Your Coins Act,” which is intended “[t]o prohibit Federal agencies from restricting the use of convertible virtual currency by a person to purchase goods or services for the person’s own use, and for other purposes.” That same day, Congressman
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.