Troutman Pepper Consumer Financial Services COVID-19 Weekly Bulletin – November 2021 # 2 | Man’s pepper with trout

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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 consumer finance services industry. last week :

Federal activities

State activities

Privacy and cybersecurity activities

Federal activities:

  • On November 4, the Consumer Financial Protection Bureau (CFPB) released a study, finding that consumers in predominantly Black and Hispanic neighborhoods, as well as younger consumers and those with poor credit scores, are much more likely to see disputes show up on their credit reports. In a series of reports focused on trends in the consumer financial market, the new research uses data on auto loans, student loans, and credit card accounts opened between 2012 and 2019. For more information, click here.
  • On November 4, the Occupational Safety and Health Administration (OSHA) released the Temporary Emergency Standard (ETS) for COVID-19 vaccination, which came into effect on November 5. Employers covered by the standard must develop, implement and enforce a mandatory COVID-19. vaccination policy, with the exception of employers who instead adopt a policy requiring employees to be vaccinated or instead of being vaccinated, choose to undergo regular COVID-19 tests and wear a face covering at work . For more information, click here.
  • On November 2, the CFPB issued an advisory opinion, claiming that consumer information companies, including tenant and job tracking companies, are breaking the law if they engage in name match procedures bad quality. Regulators are concerned about the significant harm caused by a false identity match, when an applicant is excluded from rental accommodation or employment because they have the same name as another person with negative information in his credit history. Specifically, the CFPB has asserted that matching consumer records solely by name matching is illegal under the Fair Credit Reporting Act. For more information, click here.
  • On November 1, the Treasury Department called on Congress to regulate issuers of “stablecoins” and urged financial agencies to assess whether the role of these rapidly growing digital assets in the nation’s payments system posed a systemic risk. For more information, click here.
  • In October, the Consumer Bankers Association released a new white paper, “The Case For Regulation Through Rulemaking & Guidance,” which calls for the CFPB to use informal written rules and guidelines instead of attempting to create new industry regulatory standards. by the application. For more information, click here.

State activities:

  • On November 3, the New York State Department of Financial Services (DFS) announced proposed regulations that “will assess the extent to which New York State regulated banking institutions serve their communities under a New York State’s Community Reinvestment Act (CRA) amendment enacted regarding minorities – and women-owned businesses. The proposed regulation is subject to a 60-day comment period, after posting in the State Register. For more information, click here.
  • On November 3, California Attorney General Rob Bonta announced the creation of a housing strike force within the California Department of Justice and that his office would convene a series of tenant roundtables across the State. “California is facing a housing shortage and an affordability crisis on an epic scale,” Attorney General Rob Bonta said. “Our Housing Strike Force, along with the Tenant Roundtables and the Housing Portal, will allow DOJ to intensify its efforts to address this crisis and advance housing access, affordability and equity across the country. California.” For more information, click here.
  • On November 4, South Carolina Attorney General Alan Wilson released a statement after OSHA released details of its private employer vaccine mandate, stating “[t]it’s hogwash and it’s unconstitutional so we’re going to fight it. OSHA does not have the authority for this kind of mandate. Attorney General Wilson said South Carolina plans to join other states in filing a lawsuit to stop the regulation. For more information, click here.
  • On October 29, the New York State Department of Financial Services released regulatory review proposals for third-party collection agencies and debt buyers. The changes aim to ensure that consumers pay only the debts they owe and pay them only once by improving consumers’ access to information on suspected debts and reducing the possibilities of bad debt collection. For more information, click here.

Privacy and cybersecurity activities:

  • On November 5, the Federal Trade Commission (FTC) released advice to help small businesses strengthen their digital defenses. Since the COVID-19 pandemic has forced small businesses to enter the virtual world, many businesses may not have the strictest cybersecurity practices due to lack of preparation time. The FTC recommends (1) making sure your tech team follows best practices for fending off a ransomware attack and (2) scheduling a safety recall for your employees. The FTC recommends an upgrade for all staff, not just IT staff. To read the full article, click here.
  • On November 2, Republicans on the House Energy and Commerce Committee released a privacy bill known as the Control Our Data Act (CODA). As currently drafted, CODA would not provide a private right of action and would prevent states from going beyond “a national standard” in privacy law. Cathy McMorris Rodgers Says “National Standard Will Provide Clear Rules Of The Road And Give Americans The Same Data Protection Wherever They Go[.]In addition, the bill provides for the creation of a new administrative unit, the Office of Consumer Privacy and Data Security, which would be responsible for enforcement, education and enforcement powers. rule making. For those who would like to read the entire privacy bill, click here.
  • On November 3, the Cybersecurity and Infrastructure Security Agency (CISA) released Binding Operational Directive (BOD) 22-01, which sets out vulnerability management priorities and priorities for federal agencies. While these guidelines only apply to federal civilian agencies, CISA strongly recommends that all private companies, as well as local and state governments, prioritize mitigating vulnerabilities listed in CISA’s public catalog. These priorities include (1) establishing a process for reviewing and updating the agency’s internal vulnerability management procedures, (2) defining the actions needed to enable a rapid response to actions required by the agency. this directive, and (3) the remediation of each vulnerability according to the deadlines indicated in the catalog of vulnerabilities managed by CISA. With the increase in ransomware attacks and remote working, businesses and governments can learn from this guideline. To read the full guideline, click here.


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