It was an earth-shaking week for regulatory agencies, and a groundbreaking week for stablecoins.
For those seeking to keep up with the dizzying pace of job cuts, court rulings, orders to “stop all work” and even attempts to consolidate departments, the long weekend may offer welcome respite to step back and mull what comes next.
In a recent decision, the U.S. Court of Appeals for the Sixth Circuit affirmed the dismissal of federal claims brought by a mortgagee against Trinity Financial Services, LLC (Trinity) under the Fair Debt Collection Practices Act (FDCPA). While the appellate court agreed that the plaintiff lacked standing, its holding was rooted in different grounds, namely that the plaintiff’s injuries were not traceable to any independent FDCPA violation.
In this episode of the Consumer Finance Monitor Podcast, Ballard Spahr partners Mike Kilgarriff and Joseph Schuster break down the seismic shifts in consumer financial regulation following the dramatic changes at the CFPB. With the Bureau’s enforcement and supervisory activities on hold, state attorneys general are stepping in to fill the regulatory void.
The holiday splurge has passed — and now comes the holiday hangover?
The New York Federal Reserve detailed in its most recent report, “Household Debt and Credit,” that consumers loaded up on their credit cards in the fourth quarter of the year — which encompassed the holiday shopping season lasting through November and December. Card balances surged by $45 billion, even while delinquency rates are, per the Fed’s language, “elevated.”
Under the leadership of Andrew Ferguson, chairman of Federal Trade Commission, the agency could shift its focus from broad regulatory rule-making to targeted enforcement actions.
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