We have posted several new topics to the Consumer Financial Services Law Monitor blog throughout the month of March. To read further, click on the titles below:


Featured Posts/Client Alerts

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter – March 28

Troutman Pepper Welcomes Lori Sommerfield and Kim Phan

Virginia Legislature Passes Sales-Based Financing Disclosure and Registration Requirements

Ninth Circuit Reversal of Trial Court Order Equals Big Win for Payors

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter – March 21

Supreme Court of Virginia Rules Payable-on-Death Beneficiary Lacks Standing to Enforce UCC Midnight Deadline Rule

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter – March 14

2022 CDIA Law & Industry Conference

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter – March 8


Cryptocurrency

Electronic Currency and Secure Hardware Act Introduced in the House of Representatives

Senate Democrats Introduce Digital Asset Sanctions Compliance Enhancement Act of 2022

Senate Banking Committee Holds Hearing on Digital Assets and Illicit Finance

US Announces Crypto-Specific Guidance on Avoidance of Russian Sanctions

Biden Signs Executive Order on Cryptocurrency


FTC

Another California Court of Appeals Weighs In On Availability of Attorneys’ Fees under the FTC’s Holder Rule

FTC Enters Consent Agreement with Payment Processor for Opening Merchant Accounts for Fictitious Companies

California Supreme Court Prepares to Weigh In on Holder Rule


Cybersecurity, Information Governance + Privacy

US and Europe Issue Joint Statement Announcing Agreement on New Trans-Atlantic Data Privacy Framework to Replace EU-US Privacy Shield

Utah Becomes Fourth State to Adopt Privacy Legislation

Déjà Vu? Outcomes of Privacy Legislation in 2022 State Legislative Sessions

Continued Wait Time for CPRA Regulations

Utah Consumer Privacy Act Awaiting Signature

Wisconsin House Passes New Comprehensive Privacy Bill

Valentine’s Day Order Gives No Love to Clearview AI’s First Amendment Arguments


Consumer Financial Protection Bureau (CFPB)

Senate Bill Introduced to Ban Forced Consumer Arbitration Clauses

CFPB Questions Credit Reporting of Medical Debt

CFPB Warns Auto Finance Companies About Inadvertent Repossessions


Fair Lending

CFPB Massively Expands Enforcement of Anti-Discrimination Through UDAAP


Payment Processing and Cards

Fed Launches FedNow Service Provider Showcase

Federal Reserve Board Proposes Supplemental Guidelines To Evaluate Requests For Accounts and Payment Services At Federal Reserve Banks

Blocking Payments to Russia and Its Impact on Payments Companies and Fintechs

New York Issues Guidance on Virtual Currency Regulations and Announces Strengthening Blockchain Analytics in Response to Sanctions Imposed on Russia


TCPA

Eighth Circuit Holds Text System That Randomly Selects Phone Numbers From Database Does Not Qualify as ATDS

Court Finds Text Messages Do Not Qualify As Artificial or Prerecorded Voice Messages Under the TCPA


Debt Buyers and Collectors

DC Protects Consumers From Unjust Debt Collection Practices Amendment Act of 2021

Nevada Transiting Collection Agency Related Licenses to NMLS


Regulatory

Supreme Court Parses FAA’s Statutory Language, Limiting Federal Court Jurisdiction Over Arbitration Awards

FINRA Issues Guidance Clarifying Liability for Chief Compliance Officers


Credit Reporting and Data Brokers

Court Grants Injunction Against Credit Repair Organization Providing Allegedly Fraudulent Services to Consumers

Credit Bureaus Dramatically Reduce Medical Debt Credit Reporting

US District Court Denies Rule 12(c) Motion, Finding Furnisher’s Evidence Nonintegral to Complaint and Not Probative of a Reasonable Investigation

FCRA Litigation: A Look Ahead for 2022


Class Actions

Eighth Circuit Holds Text System That Randomly Selects Phone Numbers From Database Does Not Qualify as ATDS