Troutman Pepper Consumer Financial Services COVID-19 Weekly Bulletin – December 2021 | Man’s pepper with trout


Like most industries today, consumer finance service companies are significantly affected by the novel coronavirus (COVID-19). Troutman Pepper has developed a 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 healthcare organizations, and tools businesses can use for free.

To help you stay on top of relevant activities, below is a breakdown of some of the biggest COVID-19-related events at the federal and state levels that have impacted the fundraising services industry. consumption last week:

Federal activities

State activities

Privacy and cybersecurity activities

Federal activities:

  • On December 3, the Consumer Financial Protection Bureau (CFPB) released a draft of its strategic plan to 2026. The CFPB is seeking comments and comments on its plan. Comments are due by January 3, 2022 and can be submitted by email to [email protected]. For more information, click here.
  • On December 1, the CFPB published a study on banks and overdraft fees. He revealed that banks continue to rely heavily on overdrafts and insufficient fund income, which reached around $ 15.47 billion in 2019. The CFPB also found that while small institutions with overdraft programs were charging fees lower on average, consumer results were similar to those found. in the big banks. The research notes that, despite a drop in fees collected, many fee practices have persisted during the COVID-19 pandemic. For more information, click on here.
  • On December 1, the CFPB, the Federal Reserve Board and the Office of the Comptroller of the Currency announced that the 2022 threshold for exempting loans from the special appraisal requirements for higher priced mortgages would increase from $ 27,200 to $ 28,500. For more information, click on here.
  • On December 1, the Federal Reserve Board and CFPB announced dollar thresholds that determine the exemption of certain consumer credit and leasing transactions in 2022, Z (Truth in Lending) regulation, and M regulations (Consumer Leasing). For more information, click on here.
  • On November 30, Regulation F of the Fair Debt Collection Practices Act came into effect. The CFPB has published a guide to help consumers understand the new regulations. For more information, click on here.
  • On November 29, the CFPB released a new advisory to financial institutions to help prevent financial abuse of seniors with Trusted Contact Alerts. The notice provides information on the development of relevant policies and procedures; educate account holders; and staff training and support. For more information, click on here.

State activities:

  • On December 1, New York Attorney General Letitia James issued an alert to consumers “advising New Yorkers of their rights when contacted by a debt collector,” referring to Policy F adopted by the CFPB November 30 and the recent New York State Consumer Credit Fairness Act, which was enacted on November 8. Attorney General James said: “No consumer should be sued for a debt that they do not legally have or that a creditor does not have the right to collect, but as we recover financially from COVID- The 19 , we are seeing more and more debt collectors coming out of the woods with outrageous claims. »For more information, click on here.
  • Arizona Attorney General Mark Brnovich issued a press release on November 30 after his office obtained “” [a] Nationwide injunction to stop the COVID-19 vaccine mandate for healthcare workers. According to the press release, “The Western District of Louisiana has granted a nationwide injunction, putting the COVID-19 vaccine mandate on hold for healthcare workers as a multi-state lawsuit, co-led by Attorney General Brnovich ”, who said:“ It is unacceptable for the federal government to tell our healthcare professionals what to inject into their bodies. I will continue to fight against these unconstitutional COVID-19 vaccine mandates for all Americans. »For more information, click on here.
  • On November 30, Ohio Governor Mike DeWine enacted SB54. Among other provisions, SB 54: (1) criminalizes telephone number spoofing; (2) require entities that have caller IDs that identify them as “unknown” or “blocked” to leave voicemail messages identifying their true identity; and (3) authorizes the state attorney general to prosecute violations of the law in state and federal courts. The law comes into force on March 2, 2022. For more information, click on here.
  • On November 29, the District of Columbia City Council held a hearing to discuss a bill that would make permanent changes to the way debts are collected in the district. The bill seeks to expand debt law protections to cover medical and credit card debts by prohibiting harassment, including communicating with employers about a consumer’s debt and by explicitly covering l activity of third-party debt buyers. For more information, click here.
  • On November 22, New Jersey State Senators Thomas Kean and Robert Singer introduced a bill called the Virtual Currency and Blockchain Regulation Act. The bill seeks to provide transparency, consumer protection and a licensing structure for operators and consumers conducting virtual currency transactions in New Jersey. For more information, click on here.
  • On November 8, New York Governor Kathy Hochul enacted the Consumer Credit Fairness Act (S.153). The statute contains a series of amendments to the law and rules of New York civil practice that have a significant impact on debt collection lawsuits filed in New York State courts by creditors or agents. recovery. For more information, click on here.

Privacy and cybersecurity activities:

  • On November 29, Massachusetts Gov. Charlie Baker announced that he and other state officials were considering implementing a vaccination passport requirement for residents. He said that passport would include a scannable QR code that would indicate a person’s immunization status. For more information, click on here. For those interested in learning more about the implications of vaccine credential privacy, check out Troutman Pepper’s Law360 article by clicking here.
  • On December 1, a California federal judge dismissed antitrust claims from a COVID-19 tracking service that accused Apple of illegally banning its software from the App Store. Developer Jeffrey D. Isaacs argued that Apple tried to keep COVID-19 trackers out of the App Store to avoid competition when it launched its own app. Judge Edward M. Chen agreed with the tech company that the developers had either failed to properly explain the market or alleged antitrust prejudice. Specifically, Justice Chen said the injury allegations were specific to the complainant, rather than causing injury to the market. For more information, click on here.
  • On November 29, an Ohio appeals court ruled that a medical billing company’s property insurance policy could cover potential damage after the company suffered loss of access during a ransomware attack. This decision differs from recent cases, which ruled that bodily property damage was required. The pandemic has spawned a number of insurance-related cases, which have centered on whether policyholders can recover losses related to the pandemic. For more information, click on here.


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