Articles + Publications February 5, 2024

In Case You Missed It: Consumer Financial Services Law Monitor – January in Review

Our team published new content and podcasts to the Consumer Financial Services Law Monitor throughout the month of January. To catch up on posts you may have missed, click on the links below:

Consumer Financial Protection Bureau (CFPB)

New Year Same Focus on Fees: CFPB Proposes to Amend Regulation Z to Raise New Barriers to Overdraft Charges

Sales-Based Financing Trade Group Files Suit Challenging CFPB’s Section 1071 Rule

Senate Fails to Override President Biden’s Veto of Joint Resolution to Overturn CFPB’s Section 1071 Final Rule

CFPB Continues War on Fees, Even Rare Ones

Fair Credit Reporting Act (FCRA)

CFPB Continues Focus on Consumer Reporting and the FCRA With New “Guidance” on Background Checks and Consumer Disclosures

Magistrate Judge Recommends No FCRA Liability for Accurately Reporting a Publicly Available Conviction that was Expunged

Fair Debt Collection Practices Act (FDCPA)

CFPB Amicus Brief Supports FDCPA Claim for Unknowing Stay Violation

Utah Court of Appeals Reverses Dismissal of Consumer Claims Based on Failure to Register Under Collection Agency Act

Florida Bankruptcy Court Sanctions Debt Buyer for Seeking to Collect Debt that Consumer Failed to Schedule in Bankruptcy Case

Telephone Consumer Protection Act (TCPA)

Year-End Report Reveals Increased TCPA Filings and CFPB Complaints in 2023

Speak for Yourself: Court Denies Class Certification in TCPA Case Based on Class Members’ Potentially Mixed Reactions to Ringless Voicemail Messages

Mortgage Lending

Supreme Court to Decide Whether District Courts Have the Discretion to Dismiss Cases Subject to Arbitration

Washington D.C. Introduces Legislation Attacking Fintech-Bank Partnership Lending by Opting Out of DIDMCA and Codifying a “True Lender” Test

Payday Lending

South Carolina Proposes Legislation to Impose Ability-to-Repay Analysis for Installment and Payday Loans

Florida Enters the Fray to Regulate Earned Wage Access Products

Montana AG Opines That Earned Wage Access Products Do Not Constitute Loans

Regulatory Enforcement + Compliance

Join Us at the OLA Legal Issues Conference for a Panel on Federal Enforcement in 2023

Maryland is Latest State to Introduce Legislation Targeting Bank Partnership Programs

FTC and Connecticut AG File Suit Against Auto Dealer over Alleged “Junk Fees”

NY Governor Announces Plans to Regulate “Buy Now, Pay Later” Industry

NCUA Announces Supervisory Priorities for 2024

Payment Processing + Cards

Navigating the Future of Payments

New York Enacts Credit Card Surcharge Caps and Disclosure Requirements

CA DFPI Reaches Settlement with Internet Platform Over Alleged Failure to Disclose Potential Convenience Fees

Cryptocurrency + Fintech

The Cryptocurrency Conundrum: Balancing Innovation with Terrorism Financing Risks

FINRA Finds Potential Rule Violations in Crypto Asset Sweep

Privacy + Cyber

FinCEN Highlights Identity Theft in Latest Threats and Trends Report

Podcasts

The Consumer Finance Podcast – ADA Website Accessibility: Insights and Updates

The Consumer Finance Podcast – Garnishment Practices: Has the Dust Settled or Is It Still Flying?

The Consumer Finance Podcast – Equity Award Delegations for Publicly-Traded Companies

The Consumer Finance Podcast – 1071 Rule Status

FCRA Focus Podcast – State Laws on Screening and Federal Preemption – Where Are We Now and Where Are We Heading?

Payment Pros Podcast – Redefining Banking: A Conversation on the CFPB’s Proposed 1033 Rule

Payment Pros Podcast – Decoding the CFPB’s Recent Report: An Examination of “Junk Fees” and Their Impact on Consumers

Weekly Newsletters

Troutman Pepper Weekly Consumer Financial Services Newsletter – Week of January 22, 2024

Troutman Pepper Weekly Consumer Financial Services Newsletter – Week of January 15, 2024

Troutman Pepper Weekly Consumer Financial Services Newsletter – Week of January 8, 2024

Troutman Pepper Weekly Consumer Financial Services Newsletter – Week of January 1, 2024

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