On January 7, the National Credit Union Administration (NCUA) released its supervisory priorities for 2025, outlining the key areas of focus for federally insured credit unions. This guidance is crucial for credit unions as it highlights the areas posing the highest risk to members, the industry, and the National Credit Union Share Insurance Fund (Share Insurance Fund).
Continue Reading NCUA Releases its 2025 Supervisory Priorities
On January 13, the Consumer Financial Protection Bureau (CFPB or Bureau) released a report providing its analysis of the growth and impact of Buy Now, Pay Later (BNPL) loans in the United States since 2019. BNPL loans, typically zero-interest loans repaid in four or fewer installments, have not been widely reported to nationwide consumer reporting companies, creating a lack of data, according to the CFPB. (Most consumer reporting agencies do not offer a readily available mechanism to report BNPL loans.) The stated purpose of the CFPB’s study was to bridge that gap by using a matched sample of BNPL applications and originations from six major BNPL firms along with corresponding de-identified credit records.
Continue Reading CFPB Releases Report Highlighting Consumer Use of Buy Now, Pay Later ProductsLast Updated: January 1, 2025
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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
Continue Reading Troutman Pepper Weekly Consumer Financial Services Newsletter – December 24, 2024
This article was republished on insideARM on January 2, 2025.
This week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its semiannual regulatory agenda, outlining its planned rulemaking initiatives. This agenda includes a mix of rules in the pre-rulemaking, proposed rule, and final rule stages, covering a wide range of topics from medical debt reporting to financial data transparency. The CFPB releases regulatory agendas twice a year in voluntary conjunction with a broader initiative led by the Office of Budget and Management to publish a Unified Agenda of Regulatory and Deregulatory actions across the federal government.
Continue Reading CFPB Releases Semiannual Regulatory Agenda Amid House Financial Services Committee Leaders’ Calls to Halt Rulemaking
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
Continue Reading Troutman Pepper Weekly Consumer Financial Services Newsletter – December 10, 2024
Late last year, we discussed the Consumer Financial Protection Bureau’s (CFPB or Bureau) proposed rule aimed at supervising larger technology companies offering digital wallets and payment apps. On November 21, the CFPB finalized this rule, which will bring significant changes to the oversight of nonbank digital payment companies. This final rule is set to take effect 30 days after its publication in the Federal Register.
Continue Reading CFPB Finalizes Rule on Federal Oversight of Digital Payment Apps
Recently, a U.S. District Court in the District of New Mexico denied a defendant’s motion for summary judgment on Telephone Consumer Protection Act (TCPA) claims for telemarketing calls, finding genuine questions of fact about the defendant’s direct liability, actual authority over agents making the calls, whether the system used to make the calls is an Automatic Telephone Dialing System (ATDS), and whether there is a private right of action under 47 C.F.R. § 64.1200(d)(4). The court granted summary judgment only on claims regarding apparent authority for the agents who called and ratification of the agents’ actions.
Continue Reading New Mexico Federal Court Denies Summary Judgment on Majority of Claims Brought Under the TCPA Over Telemarketing Calls
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
Continue Reading Troutman Pepper Weekly Consumer Financial Services Newsletter – November 19, 2024
In the latest episode of Payments Pros, host Carlin McCrory is joined by Jason Cover to discuss the role of artificial intelligence (AI) in the payments industry. They define AI and generative AI, highlighting its capabilities in generating text, images, and other data. Jason outlines four key considerations for using AI: ensuring data quality, adhering to applicable laws, understanding AI operations, and maintaining human oversight.
Continue Reading AI in Payments: Practical Applications and Legal Insights