New York’s legislature granted final approval last Thursday to Gov. Andrew Cuomo’s proposed 2021 Executive Budget, ending a months-long policy battle to focus instead on the ongoing war with the coronavirus (“COVID-19”). The approved budget, however, is substantially different than the one originally proffered by Gov. Cuomo on January 21, 2020. As New
On April 7, 2020, the Second Circuit added more uncertainty to the Telephone Consumer Protection Act (“TCPA”) with its decision on the meaning of an automatic telephone dialing system (“ATDS”) in Duran v. La Boom Disco, Inc. Breaking from recent Seventh and Eleventh Circuit decisions, which followed the statutory language in requiring random and
On April 3, New York Gov. Andrew M. Cuomo signed the State’s 2021 Executive Budget into law, which includes a provision shortening the time period for a lawsuit to be filed on medical debt to three years. Although budgetary constraints caused by the coronavirus (“COVID-19”) pandemic have forced the State to scrap
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
On April 1, the Consumer Financial Protection Bureau issued “a non-binding general” policy statement regarding the Fair Credit Reporting Act (“FCRA”) and Regulation V in light of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The policy statement primarily emphasizes the need for furnishers to follow the requirements of the CARES
On March 31, the Consumer Financial Protection Bureau (“the Bureau”) published an online guide (available here) for consumers seeking financial relief options for mortgage and rent payments in light of the unfolding coronavirus (“COVID-19”) pandemic, with a particular focus on the new federal Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The guide
An investor alert this week from the Financial Industry Regulatory Authority, Inc. begins with the ominous warning, from “regulators, law enforcement agencies, and consumer organizations around the globe, the message is clear: fraudulent schemes related to the coronavirus (‘COVID-19’) pandemic have arrived.”
A recent investor alert from the Securities and Exchange Commission’s Office of Investor
Recognizing the impact of the coronavirus (“COVID-19”) health crisis, the North America Collection Agency Regulatory Association (“NACARA”) recently released a message offering information and guidance to consumers, financial institutions, including debt buyers and collection agencies, and fellow regulators.
Consumers and Commercial Debtors
Noting that many consumers and commercial debtors may face difficulties in repaying accounts
Consumers may be struggling to come to grips with a “new normal” during the ongoing coronavirus (“COVID-19”) epidemic, but fraudsters are pressing forward with a variety of online scams and fraudulent conduct, swindling millions of dollars from American consumers just in a matter of weeks.
The Federal Trade Commission reports a recent spike in complaints
On March 30, 2020, the Third Circuit Court of Appeals issued its long awaited en banc decision in Riccio v. Sentry Credit, Inc., overruling decades-old precedent and holding Section 1692g(a)(3) of the Fair Debt Collection Practices Act (FDCPA) allows debtors to dispute a debt orally as well as in writing. See No. 18-1463 (3d