Since social distancing policies and stay-at-home orders have changed the way we do business, the National Automated Clearing House Association (“NACHA”) issued ACH Operations Bulletin #5-2020 that suspends the requirement for receiving depository financial institutions (“RDFI”) to accept written statements of unauthorized debits that are signed or
Earlier this week, the American Council on Education (“ACE”) wrote a letter to Speaker of the House Nancy Pelosi (D-Calif.) and Minority Leader Kevin McCarthy (R-Calif.) requesting extended student loan relief on behalf of more than 30 higher education organizations. In the letter, which focuses on the likely long-term economic impact of the coronavirus (“COVID-19”)
Earlier this month, in Davis v. Carrington Mortgage Services, LLC, et al., the United States District Court for the District of Nevada held that consumer reporting agencies are not obligated to determine the legal status of debts. The Court also reinforced the plausible pleading standard for Fair Credit Reporting Act cases, while providing
Zoom Video Communications, Inc. (“Zoom”) has seen substantial growth during the novel coronavirus (“COVID-19”) pandemic, with Zoom’s stock rising more than 112% this year. In fact, Zoom’s growth was so significant that the Securities and Exchange Commission temporarily suspended the trading of Zoom Technologies, Inc. (an entirely distinct company) due to concerns of investor
The Consumer Financial Protection Bureau issued a final Home Mortgage Disclosure Act (“HMDA”) rule amending Regulation C to adjust institutional and transactional coverage thresholds for closed-end mortgage loans and open-end lines of credit. The final rule permanently raised the threshold to report closed-end mortgage loans from 25 to 100 originated loans in the previous two
As the coronavirus (“COVID-19”) crisis continues to lead the legal profession into uncharted waters, one issue remains less than clear: how service of process will be affected for both the parties who are being served, and the parties who are serving. There is no question that service of process is more difficult given the number
On April 17, the Federal Trade Commission filed a complaint against Ponte Investments, LLC – a Rhode Island-based company – and its owner, John C. Ponte, claiming that they misrepresented Ponte Investments as an approved small business lender for the federal coronavirus (“COVID-19”) relief program. The FTC has sought a permanent injunction and other equitable
Like most industries today, consumer finance services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Sanders and Pepper Hamilton have developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19-related news and developments, recommendations from leading health organizations, and tools
The Federal Trade Commission released guidance for increasing privacy and data security while videoconferencing over the internet. The FTC is recommending that video conference users take the following steps:
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) is the largest economic rescue measure in the history of the United States, making $2.2 trillion available to the public and businesses affected by the coronavirus (“COVID-19”) pandemic. Where there is money, there will be lawsuits by those who did not get it. A class