In Martinez v. Celtic Bank, the Southern District of New York recently denied a motion for summary judgment finding that a jury could consider an investigation reckless when a furnisher fails to review any records other than a payment
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Florida Federal District Court Grants Debt Collector’s Motion for Summary Judgment Citing Lack of Evidence of Inadequate FCRA Dispute Investigation
A U.S. District Court in the Southern District of Florida recently granted a motion for summary judgment filed by debt collector, I.C. Systems, finding that the plaintiff failed to provide any evidence of an inadequate investigation under the Fair Credit…
FDIC Proposes Increased Scrutiny of Bank Mergers
Today, a divided Federal Deposit Insurance Corporation’s (FDIC) Board of Directors issued a proposed Statement of Policy (SOP) on bank merger transactions that would create a combined bank with more than $100 billion in assets. The proposed SOP would replace…
Nacha Approves New Rules to Combat Credit-Push Fraud
On March 18, Nacha, the organization that governs the ACH network, announced that its members approved a new set of rules aimed at reducing the incidence of frauds, such as business email compromise (BEC), that exploit credit-push payments. These rules…
EPA Makes Major Changes to Risk Management Program Under Clean Air Act
On March 11, the U.S. Environmental Protection Agency (EPA) published the long-awaited Safer Communities by Chemical Accident Prevention Rule (Final Rule), which concluded a nearly decadelong process — spanning three administrations — to update EPA’s Risk Management Program (RMP) under…
How Can I Claim a Business Bad Debt Deduction?
Businesses can claim a bad debt deduction under the Internal Revenue Code when a customer fails to pay for services or products. However, the ability to claim this deduction depends on several factors, and businesses should be prepared to substantiate…
Regulators Focus on Digital Banking’s BSA/AML Compliance Issues
James Stevens, co-leader of Troutman Pepper’s Financial Services Industry Group, was quoted in the March 21, 2024 FinXTech article, “Regulators Focus on Digital Banking’s BSA/AML Compliance Issues.”…
The CFPB’s Final Credit Card Late Fee Rule: Implications and Industry Response
In this special crossover edition of The Consumer Finance Podcast and the Payments Pros podcast, Chris Willis is joined by Josh McBeain and Glen Trudel. They discuss the recent final credit card late fee rule issued by the Consumer Financial…
The CFPB’s Final Credit Card Late Fee Rule: Implications and Industry Response
In this special crossover edition of Payments Pros and The Consumer Finance Podcast, Chris Willis is joined by Josh McBeain and Glen Trudel. They discuss the recent final credit card late fee rule issued by the Consumer Financial Protection Bureau…
CFPB Director Chopra Publicly Challenges The Appraisal Foundation’s Governance Structure and Transparency
On March 18, Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), submitted comments to the Appraisal Subcommittee (ASC) regarding its oversight of The Appraisal Foundation. Director Chopra, who serves as a voting member of the Federal Financial Institutions…