After analyzing public feedback, as well as information gathered from the five providers of Buy Now, Pay Later (BNPL) products, the Consumer Financial Protection Bureau (CFPB) issued a report, making it clear that the CFPB plans to increase regulation of the BNPL industry.
A form of credit that allows a consumer to split a retail
Troutman Pepper consumer finance partner, Lori Sommerfield, will present CFPB UDAAP Developments under Director Chopra’s Leadership during NAFCU’s Regulatory Compliance & BSA Seminar in Louisville, Ky. The Seminar brings together NCCOs, NCBSOs, compliance, audit, and legal staff and provides an opportunity to stay abreast of evolving regulatory trends including the latest compliance and BSA challenges.
On August 16, the U.S. District Court for the Northern District of New York issued a summary order in favor of the plaintiff, allowing a breach of contract claim to go forward based on a bank’s assessment of non-sufficient funds (NSF) fees. The ruling continues a trend of NSF fees coming under heavy scrutiny by
Your business was hit with a ransomware attack over the weekend, and the critical systems are locked up (i.e., encrypted). To unlock those valuable systems and continue operating the business, the threat actor demands financial payment. After much debate, you and your team decide the business needs to meet the threat actor’s demands
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:
On September 9, the Financial Crimes Enforcement Network (FinCEN) published takeaways from its Digital Identity
On September 6, Acting Comptroller of the Currency Michael Hsu warned that fintech and big techs partnerships and their forays into payment and lending could lead to increased risk for the banking industry. “My sense is that we are still in the early stages of a significant shift in how banking services are going to
On September 8, Second Circuit ruled that lenders must return $500 million to Citibank, which had mistakenly wired the funds to them. The decision vacates a 2021 Southern District of New York ruling, which held that the lenders were not on constructive notice of the mistake and could rely on the discharge-for-value doctrine to retain
In a much anticipated decision released September 8, an en banc panel of the Eleventh Circuit Court of Appeals reversed the district court’s decision that a debt collector’s outsourcing of its letter process to a third-party mail vendor violated the Fair Debt Collection Practices Act’s (FDCPA) prohibition on third-party disclosure and ruled that plaintiff Hunstein
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
