A U.S. District Court in the Western District of Wisconsin recently denied both the defendant and plaintiff’s summary judgment motions in a Fair Credit Reporting Act (FCRA) case, holding that the reasonableness of the...more
10/27/2023
/ Consumer Reporting Agencies ,
Cross Motions ,
Debt Collection ,
Debt Collectors ,
Debtors ,
Dispute Resolution ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Financial Services Industry ,
Identity Theft ,
Reasonableness Factors ,
Summary Judgment
On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking under Section 1033 of the Consumer Financial Protection Act of 2010 (CFPA). The proposed Personal...more
10/26/2023
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Data Privacy ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Notice of Proposed Rulemaking (NOPR) ,
Open Banking ,
Personal Data ,
Proposed Rules ,
Regulation E ,
Regulation Z
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...more
10/25/2023
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Cryptoassets ,
Department of Justice (DOJ) ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
First Time Homebuyers ,
Mortgages ,
Notice of Proposed Rulemaking (NOPR) ,
Office of Foreign Assets Control (OFAC) ,
Open Banking ,
Proposed Rules ,
Real Estate Transactions ,
Regulatory Agenda ,
SEC Examination Priorities ,
Virtual Currency
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...more
10/17/2023
/ Banks ,
Coinbase ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Unions ,
Department of Justice (DOJ) ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Junk Debt ,
NASAA ,
Paycheck Protection Program (PPP) ,
Proposed Rules ,
Risk Management ,
Securities and Exchange Commission (SEC)
On October 11, the Consumer Financial Protection Bureau (CFPB or Bureau) published a special edition of its Supervisory Highlights report. This report serves as a “victory lap” for the Bureau, which highlights the relief it...more
10/13/2023
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
Hidden Fees ,
Insufficient Funds ,
Overdraft Fees ,
Popular ,
Proposed Rules ,
Supervisory Highlights
On September 15, the U.S. District Court for the District of New Jersey denied the defendant’s summary judgment motion holding instead that a bank levy against the plaintiff served as a basis for standing to assert a claim...more
9/26/2023
/ Article III ,
Credit Cards ,
Debt ,
Debt Collection ,
FDCPA ,
Financial Institutions ,
Financial Services Industry ,
Levy ,
New Jersey ,
Standing ,
Statutory Violations
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Finance Services industry over the past week...more
9/26/2023
/ Anti-Money Laundering ,
Artificial Intelligence ,
Bank Secrecy Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptoassets ,
Cryptocurrency ,
Data Brokers ,
Decentralized Finance (DeFi) ,
Department of Financial Protection and Innovation (DFPI) ,
Fair Credit Reporting Act (FCRA) ,
Fair Housing Act (FHA) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
HOEPA ,
NYDFS ,
OCC ,
Securities and Exchange Commission (SEC)
When using artificial intelligence (AI) or complex credit models, can lenders rely on the checklist of reasons provided in Regulation B sample forms for adverse action notices? According to today’s guidance issued by the...more
9/21/2023
/ Algorithms ,
Artificial Intelligence ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Applicants ,
Creditors ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Lack of Specificity ,
Lenders ,
Machine Learning ,
Regulation B
The Consumer Financial Protection Bureau (CFPB) has issued a final rule adjusting the Truth in Lending Act (TILA) dollar amounts for certain provisions, including under the Home Ownership and Equity Protection Act of 1994...more
9/20/2023
/ Annual Percentage Rate (APR) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Price Index ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
HOEPA ,
Mortgages ,
Qualified Mortgage Rule ,
Truth in Lending Act (TILA)
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Finance Services industry over the past week...more
9/19/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Consumer Lenders ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
Non-Fungible Tokens (NFTs) ,
Section 1071 ,
Securities and Exchange Commission (SEC) ,
Small Business
On September 8, the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) issued an alert warning financial institutions to be vigilant against a prominent virtual currency investment scam called...more
9/13/2023
/ Cryptocurrency ,
Electronic Fund Transfer Act ,
Financial Crimes ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Money Laundering ,
Red Flags Rule ,
Risk Management ,
U.S. Treasury ,
Virtual Currency
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Finance Services industry over the past week...more
9/12/2023
/ Bank Secrecy Act ,
BSA/AML ,
CFTC ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
OCC ,
Securities and Exchange Commission (SEC)
Join us for the first episode in a special three-part series covering the CFPB's intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave...more
Join us for the first episode in a special three-part series covering the CFPB’s intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave...more
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...more
9/6/2023
/ Bitcoin ,
Blockchain ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Dodd-Frank ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Putative Class Actions ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
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...more
8/29/2023
/ Biden Administration ,
Borrowers ,
Central Bank Digital Currency (CBDCs) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptoassets ,
Department of Justice (DOJ) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
GAO ,
Non-Fungible Tokens (NFTs) ,
Securities and Exchange Commission (SEC)
In this episode of The Crypto Exchange, our host Ethan Ostroff joins his colleagues Chris Willis and Trey Smith to discuss the current landscape of cryptocurrency regulation and enforcement. Our team offers insights to the...more
On August 11, in the case of Yuille v. Uphold HQ Inc., the Southern District of New York was tasked with determining whether the Electronic Funds Transfer Act (EFTA) applies to digital asset-based accounts. The court...more
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...more
8/22/2023
/ Artificial Intelligence ,
CFTC ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Do Not Call List ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Futures Commission Merchants (FCMs) ,
National Futures Association ,
OCC
On August 9, the Securities and Exchange Commission (SEC) sent a letter to U.S. District Judge Analisa Torres requesting leave to file an interlocutory appeal in SEC v. Ripple Labs, Inc. as to the two adverse liability...more
8/17/2023
/ Appellate Courts ,
Cryptoassets ,
Digital Currency ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
Howey ,
Interlocutory Appeals ,
Leave to Appeal ,
Ripple ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Transactions ,
Token Sales ,
Trading Platforms
On August 8, the Federal Reserve Board (Fed) issued a press release providing additional information on its Novel Activities Supervision Program (Program) to monitor novel activities in the banks it oversees. Novel activities...more
8/17/2023
/ Application Programming Interface (APIs) ,
Banks ,
Blockchain ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Financial Institutions ,
Financial Services Industry ,
Securities and Exchange Commission (SEC) ,
Virtual Currency
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...more
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...more
8/3/2023
/ Artificial Intelligence ,
CFTC ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptoassets ,
CSBS ,
Debt Collectors ,
Department of Energy (DOE) ,
Department of Health and Human Services (HHS) ,
Department of Justice (DOJ) ,
FDCPA ,
FDIC ,
Federal Trade Commission (FTC) ,
FHFA ,
Financial Institutions ,
Financial Services Industry ,
Higher Education Act ,
HUD ,
Insured Depository Institutions ,
NDAA ,
Securities and Exchange Commission (SEC)
On July 13, U.S. Senators Cynthia Lummis (R-WY), Kirsten Gillibrand (D-NY), Elizabeth Warren (D-MA), and Roger Marshall (R-KS) introduced an amendment to the National Defense Authorization Act (NDAA) that seeks to examine the...more
7/26/2023
/ Amended Regulation ,
Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
CFTC ,
Cryptoassets ,
Cryptocurrency ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
NDAA ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Stablecoins
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...more
7/26/2023
/ Anti-Money Laundering ,
Attorney General ,
California Consumer Privacy Act (CCPA) ,
Central Bank Digital Currency (CBDCs) ,
COPPA ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Department of Financial Services ,
Department of Justice (DOJ) ,
Distributed Ledger Technology (DLT) ,
ESRB ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
Health Insurance Portability and Accountability Act (HIPAA) ,
IRS ,
Parental Consent ,
U.S. Treasury ,
Washington