The ease of paying everything from phone bills and credit card balances to car loans and mortgages through a variety of payment solutions is something consumers have come to expect. However, one space that has lagged behind in the offering of multiple payment solutions is the healthcare sector.
As discussed here, on February 9, the National Treasury Employees Union (NTEU), which includes members employed by the Consumer Financial Protection Bureau (CFPB or Bureau), filed a lawsuit in the District Court for the District of Columbia. The lawsuit challenges the actions of Acting Director Russell Vought, arguing that his efforts to “shut down” the CFPB are unconstitutional and violate the Congressional mandate outlined in the Dodd-Frank Act.
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.
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