On January 4, 2021, the Office of the Comptroller of the Currency (“OCC”) published an Interpretive Letter clarifying the authority of national banks and federal savings associations to participate in independent node verification networks (“INVN”) and use stablecoins to conduct payment activities and other bank-permissible functions.

A stablecoin is a type of cryptocurrency that is

Earlier this month, the Consumer Financial Protection Bureau issued a consent order against a New Jersey debt buyer accused of threatening and suing consumers to collect debts in states where it did not have a legally required license.

Specifically, the Bureau alleged that RAB Performance Recoveries, LLC’s (RAB) purchased consumer debt accounts from debt brokers

Today, from 12 p.m. to 1:00 p.m. ET, Ballard Spahr attorneys will hold a webinar, “Part II of the CFPB’s Final Collection Rule: What You Need to Know.”  For more information and to register, click here.

The CFPB issued Part II of its final collection rule on December 18, 2020.  Part II supplements the

Last week, the CFPB filed a lawsuit in a California federal district court against Performance SLC LLC, Performance Settlement, and Daniel Crenshaw, the owner and CEO of the two companies.  Performance SLC is a debt-settlement company focused on federal student loan debt, and Performance Settlement is also a debt-settlement company.

The complaint alleges that Performance

On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule.  Click here for more information and to register.

Among the items proposed in the CFPB’s NPRM that were adopted in its final collections rule are restrictions on call attempts and a limited content

It appears that the final chapter of the ITT Educational Services, Inc. (“ITT”) story was written last week with the CFPB’s announcement that it entered into a stipulated settlement with PEAKS Trust 2009-1 (“PEAKS”), a special purpose entity created in 2009 to purchase, own, and manage certain private student loans with students enrolled at ITT.

The CFPB announced on August 14, 2019 that, subject to the approval of the Federal District Court for the Eastern District of Arkansas, the Bureau and the Arkansas Attorney General have entered into a proposed settlement with Andrew Gamber, Voyager Financial Group, LLC, BAIC, Inc., and SoBell Corp. to resolve the Bureau’s allegations that the

The Department of Education has announced the new federal student loan interest rates for 2019-2020.  For the first time in three years, interest rates on federal student loans will decrease.  Rates for Direct Subsidized and Unsubsidized Loans (for undergraduate students) will fall to 4.53 percent, down from 5.05 percent for the 2018-2019 academic year.