On March 22, President Joe Biden announced his intent to nominate Lina Khan to be a commissioner of the Federal Trade Commission (FTC). Khan is an outspoken critic of big tech and a former legal advisor to FTC Commissioner...more
On March 3, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the Northern District of Illinois against a third-party payment processor, BrightSpeed Solutions, Inc., and its founder and former CEO Kevin...more
On March 18, Opportunity Financial, Inc. (OppFi) — a Chicago-based platform lender — announced that the Consumer Financial Protection Bureau (CFPB) is investigating its compliance with the Military Lending Act. The...more
On March 15, California Attorney General Xavier Becerra announced that the California Office of Administrative Law approved his fourth set of proposed modifications to the California Consumer Privacy Act’s (CCPA) implementing...more
On March 11, the Consumer Financial Protection Bureau (CFPB) announced that it is rescinding a January 2020 policy statement that limited the “abusive acts and practices” standard created by the 2010 Dodd-Frank Act. By...more
At the Nationwide Multistate Licensing System (NMLS) Annual Conference, state financial regulators released an updated cybersecurity examination tool for nonbank financial company supervision. The tool is designed for state...more
2020 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Pepper is uniquely positioned to help its clients find successful resolutions...more
3/3/2021
/ Background Checks ,
Banking Sector ,
Bankruptcy Code ,
Banks ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Debt Collection ,
Debt Collectors ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Lenders ,
Student Loans ,
TCPA
In a recently filed Form 10-K, PayPal Holdings, Inc. (PayPal) announced that it received a Civil Investigative Demand (CID) from the Consumer Financial Protection Bureau (CFPB) on January 21 “related to Venmo’s unauthorized...more
Bob Ferguson, the attorney general of Washington, has released his 2021 legislative agenda. The requested legislation includes a bill that would self-impose notice requirements to Washington tribes before initiating a project...more
The Federal Trade Commission (FTC) issued a press release announcing it is holding an Identity Theft Awareness Week between February 1-5, 2021. The week will be comprised of a series of events providing consumers with helpful...more
The Consumer Financial Protection Bureau (CFPB) will soon fall under the leadership of an aggressive consumer advocate. On January 18, President-elect Joe Biden announced that he will nominate current Federal Trade Commission...more
On October 29, 2020, the FTC hosted its most recent “Green Lights & Red Flags” workshop. This virtual workshop focused on recent fraud patterns, advertising compliance, and data security....more
On September 15, the Conference of State Bank Supervisors (CSBS) announced that money transmitters operating in 40 or more states will be able to take advantage of a new, comprehensive exam designed to satisfy all state money...more
On September 15, the Conference of State Bank Supervisors (CSBS) announced that money transmitters operating in 40 or more states will be able to take advantage of a new, comprehensive exam designed to satisfy all state money...more