Federal Activities:
On May 7, the Federal Reserve Board invited public comment on proposed changes to Regulation II (debit card interchange fees and routing) to clarify that debit card issuers should enable and allow merchants to choose from at least two unaffiliated networks for card-not-present debit card transactions, such as online purchases. Additionally, the proposed revisions would clarify the responsibility of the debit card issuer. For more information, click
On May 6, the Federal Housing Administration announced new amendments to nonborrowing spouse provisions for the Home Equity Conversion Mortgage (HECM) program, implementing additional protections for spouses involved in a government-sponsored reverse mortgage. The agency details that while HECM mortgagees can begin using the new procedures immediately for all new HECMs, those electing not to do so must implement the new procedures by September 3 or 120 days after the publication of the new mortgagee letter. For more
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Acting heads of the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) sent out joint notification letters to some of the country’s biggest apartment landlords (which own over 2 million units), reminding these entities of their obligation under the federal eviction moratorium, a press release from the FTC published on Tuesday states.
Amid concern over increased cases of COVID-19, at the end of March, the Centers for Disease Control and Prevention (CDC) extended the federal eviction moratorium through June 30, 2021. The moratorium allows renters in some cases (if they meet a specified income cap, can prove they’ve sought out rental assistance, and other specifications) to be protected from eviction if they’re unable to make their rent as a result of the pandemic.
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On April 16, 2021, the Consumer Finance Protection Bureau (CFPB) issued an Interim Final Rule which, effective May 3, 2021, requires all “debtor collectors” pursuing an eviction to provide written notice to the tenant(s) of possible protections and rights provided by the CDC Eviction Moratorium.
“Debt collector” is defined in the Fair Debt Collection Practices Act as any person who regularly collects or attempts to collect debts owed or due or asserted to be owed or due to another. The term includes any creditor who, in the process of collecting his own debts, uses any name other than his own, which would indicate that a third person is collecting or attempting to collect such debts. While the Interim Final Rule does not impact communications from a landlord/owner, it does apply to all third parties, including attorneys, debt collection agencies and property managers who are not the owners of the properties th
Roots Rx in downtown Aspen on Wednesday, April 28, 2021. (Kelsey Brunner/The Aspen Times)
A handful of Aspen businesses are learning that a misstep in communications with current customers and would-be patrons can expose them to potential liability under federal laws.
The downtown marijuana dispensary Roots RX is the latest local business facing a class-action lawsuit in Denver federal court. Plaintiff Kathryn Potter of Miami sued the cannabis company, which is based in Aspen and whose owner lives here, last week over unwanted promotional text messages she has received. Her suit was filed under the Telephone Consumer Protection Act and alleged Roots RX continues to send her text messages despite her asking the company to stop.