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:
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On April 8, Acting Comptroller of the Currency Michael Hsu discussed the architecture of a U.S. dollar-based stablecoin system and policy considerations regarding stablecoin stability, interoperability, and separability. For more information, click here.
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On April 7, the Consumer Financial Protection Bureau (CFPB) announced that it is using its rulemaking authority to propose that consumer reporting agencies (CRAs) do not prevent human trafficking survivors from achieving financial independence. The proposed rule would protect human trafficking survivors by preventing CRAs from including negative information resulting from abuse. Congress required the CFPB to issue rules as part of the recently enacted Debt Bondage…
