Mobile Payment App Complaints are Surging as More Americans Go Cashless -
"Top complaints include trouble with digital wallets, scams and customer service issues."
Why this is important: Roughly four in five Americans...more
Welcome to our fifth issue of Promissory Notes -- our e-newsletter focused on banking and finance insights. We hope you are enjoying our monthly publication.
Banks to Companies: No More Deposits, Please -
"Some banks,...more
Federal Hearings Seek to Reverse Trump-Era Student Loan Rules -
"The revisions include strengthening protections for borrowers harmed by misleading practices by their college."
Why this is important: Student loan debt...more
TCPA CLASS COUNSEL LOSES MILLIONS: $60MM+ Class Recovery Looks to be Down the Tubes as Eleventh Circuit Finds No Insurance Coverage for TCPA Suit -
"The policy at issue has an exclusion for claims 'arising out of'...more
6/18/2021
/ Article III ,
Attorney's Fees ,
Debt Collection ,
Debt Relief ,
Eviction ,
FDCPA ,
FHFA ,
Financial Services Industry ,
Injury-in-Fact ,
Standing ,
Student Loans ,
TCPA
A New Bill Could Allow Digital Closings Nationwide
"Dubbed the SECURE Notarization Act, the bill would allow for remote online notarization services nationwide."
Why this is important: In the wake of the coronavirus...more
6/3/2021
/ Banking Sector ,
Biden Administration ,
Coronavirus/COVID-19 ,
Electronic Notarization Standard ,
Financial Institutions ,
Financial Services Industry ,
First Amendment ,
Foreclosure ,
Notarization ,
Payday Loans ,
Student Loans ,
TCPA
Welcome to our fourth issue of Promissory Notes -- our e-newsletter focused on banking and finance insights. We hope you are enjoying our monthly publication.
New OCC Chief Signals Greater Caution on Crypto
"'We created...more
Consumer Watchdog Group Issues Policy to Strengthen National Eviction Moratorium -
"Since the eviction moratorium has been in effect, housing advocates and renters have said a lack of enforcement has led to landlords...more
5/19/2021
/ Capital Gains Tax ,
Congressional Investigations & Hearings ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Cryptocurrency ,
Eviction ,
FDCPA ,
Moratorium ,
Mortgages ,
Oral Argument ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
TransUnion ,
TransUnion LLC v Ramirez
4 Ways to Boost Blockchain in Consumer Finance -
"Plenty of executives and industry leaders in the blockchain space are looking for clarity on financial regulation."
Why this is important: The recent MIT FinTech...more
House Passes Cannabis Banking Bill -
"The House passed the same bill in 2019 by a similar margin, but it stalled in what was then the GOP-controlled Senate."
Why this is important: The Safe Banking Act, if passed, will...more
5/10/2021
/ Banking Sector ,
Banks ,
Cannabis-Related Businesses (CRBs) ,
CARES Act ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Loan Forgiveness ,
OCC ,
Paycheck Protection Program (PPP) ,
Payday Loans ,
SBA ,
True Lender
Three Ways the Legislature Has Redefined Consumer Litigation in West Virginia -
The regular legislative session recently ended in West Virginia, and once again our Legislature has amended the West Virginia Consumer Credit...more
The Fed Plans to Unveil Digital Dollar Prototypes in July -
"The Boston Fed and MIT hope to unveil some of their work in the third quarter, including at least two prototype software platforms that could move, store and...more
Consumer Complaints to the CFPB for 2020 Up 54 Percent Over Previous Year -
"The CFPB handled about 542,300 complaints last year – a nearly 54 percent increase over the 352,400 complaints handled in 2019."
Why this is...more
Biden Administration to Cancel $1 Billion in Student-Loan Debt Held by Scammed Borrowers -
“Borrowers who requested loan forgiveness but got only partial relief under former Secretary of Education Betsy DeVos will have...more
3/24/2021
/ Banking Sector ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Cryptocurrency ,
Financial Services Industry ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
PayPal ,
Relief Measures ,
Student Loans ,
TCPA
Biden Administration May Undo Certain Trump-Era Mortgage Rules -
"Consumer advocates believe the rules may promote the sort of risky borrowing that led to the financial crisis in 2008."
Why this is important: The...more
Welcome to our inaugural issue of Promissory Notes -- our e-newsletter focused on banking and finance insights. This monthly publication will look at the top news stories in the industry, while also explaining WHY those news...more
“Just Send a Venmo!”…To a Collection Agency?
As a result of COVID-19, many businesses are leery of handling cash, credit cards, or debit cards, and consumers feel concerned about using paper money and coins. It is...more
2/24/2021
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Data Privacy ,
FDCPA ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Student Loans
Remote Online Notarization: What You Need to Know -
"Digital closing are the norm, here’s how to prepare and serve your clients."
Why this is important: Remote Online Notarization, or RON, is the use of audio/visual...more
Biden to Pick Rohit Chopra to Lead Consumer-Finance Agency -
"Rohit Chopra is the former student-loan ombudsman at the Consumer Financial Protection Bureau."
Why this is important: As an assistant director of the CFPB,...more
All is Not Lost: Mitigating the Risk of Loss of a Delinquent Collateral Asset in the Era of Autonomous Zones -
The birth of autonomous zones has led to uncertainty regarding the protection of a lienholder's collateral...more
1/21/2021
/ Banking Sector ,
Blockchain ,
CARES Act ,
Chapter 11 ,
Commercial Bankruptcy ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Mortgages ,
OCC ,
Public Service Loan Forgiveness program (PSLF program)
How Virginia’s 2020 Fairness in Lending Act Reforms Small-Dollar Loans -
"The law closes regulatory loopholes, caps interest rates, and provides lessons for other states."
Why this is important: Earlier this year, the...more
11/4/2020
/ Bitcoin ,
Consumer Financial Products ,
Distributed Ledger Technology (DLT) ,
Financial Services Industry ,
FinTech ,
Lenders ,
Loan Forgiveness ,
Mortgage Lenders ,
Payday Loans ,
Small Dollar Lenders ,
Student Loans
Servicemembers’ Civil Relief Act - What You Need to Know -
Between the Civil War and 1940, the United States periodically had legislation that prevented lawsuits against soldiers and sailors during times of conflict. Then,...more
10/23/2020
/ Artificial Intelligence ,
Coronavirus/COVID-19 ,
Credit Cards ,
Department of Justice (DOJ) ,
Enforcement Actions ,
False Claims Act (FCA) ,
Financial Services Industry ,
FinTech ,
Gig Economy ,
High Net-Worth ,
Interest Rates ,
Investment Opportunities ,
Loan Forgiveness ,
Loans ,
Mortgages ,
Payday Loans ,
Reverse Mortgages ,
SBA ,
Servicemembers Civil Relief Act (SCRA) ,
Small Business Loans ,
Startups ,
Venmo
Is a Cap on Payday Loan Rates About Protecting the Poor or Eliminating a Service?
"Industry representatives say the proposed cap would drive most, if not all, payday lenders out of business and leave their customers...more
10/13/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Forbearance Agreements ,
Governor Newsom ,
Loan Servicer ,
Mortgage Lenders ,
Mortgages ,
Payday Loans
Three Important Ways the COVID-19 Pandemic is Changing the Delivery of Consumer Financial Services -
The world continues to come to grips with the daily changes brought by the COVID-19 pandemic. Schools contemplate...more
9/18/2020
/ Appeals ,
Blockchain ,
Buyers ,
CARES Act ,
Consumer Bankruptcy ,
Consumer Complaint Database ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Terms ,
Coronavirus/COVID-19 ,
Delinquency Status ,
Enforcement Actions ,
FDCPA ,
Forbearance Agreements ,
Lenders ,
Mortgages ,
Reaffirmation ,
Reverse Mortgages ,
Student Loans ,
VA Loans
As of Monday, March 23, Virginia Governor Northam announced all public K-12 schools will remain closed through the end of the school year and many – but not all – non-essential businesses will be required to close their...more
Similar to other industries in today’s economy, our contractor and developer clients deal in a highly competitive marketplace. As contractors and developers seek opportunities to expand business, they should consider some...more
12/12/2017
/ Construction Industry ,
Historical Rehabilitation ,
Investment Funds ,
Investment Tax Credits ,
Land Developers ,
New Market Tax Credits ,
Proposed Legislation ,
Research and Development ,
Solar Energy ,
State and Local Government ,
Tax Credits ,
Timely Project Completion