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Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19...
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 C...
Federal Activities: On May 3, the Consumer Financial Protection Bureau’s (CFPB) interim final rule goes into effect. The rule requires debt collectors seeking to evict tenants for nonpayment of rent to provide written notice to tenants of their rights under the Centers for Disease Control and Prevention (CDC) order. Any comments on the rule must be submitted by May 7. For more information, click On April 28, the CFPB issued a bulletin analyzing complaints submitted by consumers in counties nationwide. In 2019 and 2020, the CFPB received more complaints on a per-capita basis from consumers ...
Federal Activities: On April 22, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James filed a complaint in federal court to seize a $1.6 million home that alleged a fraudulent transfer by the operator of a debt-collection scheme. The complaint asks the court to declare the transfer void and order the seizure and sale of the property to partially repay the debt-collector’s outstanding debt to the federal and state governments. For more information, click On April 22, the U.S. Department of the Treasury, the Internal Revenue Service, and the Bureau of t...
Ron Raether, who discussed the use of COVID-19 vaccination passports. Raether shared that, “[t]here’s going to be different [vaccine] verification standards[;] there’s too much economic pressure to jump start all of these struggling economies.” It appears the Biden administration would agree with the statement; Reuters reported the administration is discussing the possibility of providing airlines guidance for the use of vaccine passports in hopes that it will “ramp up international air travel safely.” While the Biden administration previously stated it would not require business...