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 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can use free of charge.
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest COVID-19 driven events at the federal and state levels to impact the Consumer Finance Services industry this past week:
Federal Activities
State Activities
Privacy and Cybersecurity Activities
Federal Activities:
- On January 14, four House Republicans introduced legislation to “abolish” the Consumer Financial Protection Bureau (CFPB). Rep. Byron Donalds (R-FL) issued a press release, indicating Ted Cruz (R-TX) would sponsor the legislation in the Senate. For more information, click here.
- On January 14, the CFPB announced it settled a lawsuit, alleging that the Taskforce on Federal Consumer Financial Law did not comply with the Federal Advisory Committee Act. For more information, click here.
- On January 13, the CFPB released a bulletin, reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills. Companies that try to…
