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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On March 23, the Federal Trade Commission (FTC) issued a notice of proposed rulemaking with the stated goal to make it easier for consumers to cancel recurring subscriptions and memberships. On March 22, the SEC issued a Wells Notice to Nasdaq-traded cryptocurrency exchange Coinbase, Inc. For more information, click here.

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What Is Identity Theft?

Credit Corp

According to the Federal Trade Commission (FTC), there were more than 650,000 victims of identity theft in 2019, making ID theft the most-reported type of FTC complaint. If you used your card once at a retail store, they’ll still have your information on file. Loans and Leases. Identity theft is a major problem.

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CBA Requests Increased CFPB Supervision of Fintechs Via the Larger Participant Rule

Troutman Sanders

The Consumer Bankers Association (CBA), a trade group of retail financial institutions, recently sent a letter to the Consumer Financial Protection Bureau (CFPB) director, requesting increased supervision of financial technology companies (fintechs). Second, it argued that a lack of supervision puts consumers at risk.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

Federal Activities: On September 30, the Commodity Futures Trading Commission (CFTC) filed an enforcement action against crypto futures and spot market exchange Digitex and its founder and CEO Adam Todd. The exams found that these schools had improper blanket policies of withholding transcripts to force students to make payments.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

This bill would instruct the Consumer Financial Protection Bureau (CFPB) and the Government Accountability Office to conduct a study on BNPL and EWA services to help determine the degree to which consumers are utilizing both services for retail purchases. For more information, click here. For more information, click here.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The stimulus package includes a provision that would end the current policy of considering any student debt forgiven taxable income.