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S2632 Creates Changes in Confessions of Judgment Rules Related to Financial Services

FFGN COLLECT NY

Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. The law is applicable in commercial and consumer arenas. New York no longer accepts confessions of judgments signed outside of New York state.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

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: Federal Activities State Activities Federal Activities: On November 9, while at the New York Bankers Association’s Financial Services Forum, Federal Reserve Governor (..)

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Federal Activities: On May 26, the Consumer Financial Protection Bureau (CFPB) confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying a credit application or taking other adverse actions, even if the creditor relies on credit models using complex algorithms.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

State Activities: On October 30, Virginia Governor Ralph Northam signed House Bill 568, which automatically exempts emergency relief payments, as defined in the bill, from the creditor process, including garnishments and liens. For more information, click here. To read the full statement, click here.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

On December 1, the Federal Reserve Board and the CFPB announced the dollar thresholds that determine exemption of certain consumer credit and lease transactions in 2022, from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). For more information, click here. For more information, click here.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

The bill amends existing law allowing a judgment creditor to apply for an order requiring the judgment debtor to appear before the court and provide information to aid in the enforcement of a money judgment. A willful violation of this provision would be considered a crime and this bill would impose a state-mandated local program.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

HB1443 will go into effect on November 1.