Consumer Financial Services Law Monitor

Consumer Financial Services Law Monitor

monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues

CFPB Introduces New Protections for Borrowers

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Troutman Sanders Expands Financial Services Litigation Practice in Atlanta

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Join Us on August 30 for Timely Discussion of Proposed CFPB Debt Collection Rules

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New York AG Announces Data Breach Settlement with EZcontactsUSA

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CFPB Outlines Overhaul of Acceptable Debt Collection Practices

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CFPB Introduces New Protections for Borrowers

By John C. Lynch on August 25, 2016

On August 4, 2016, the CFPB issued its final mortgage servicing rule pursuant to Regulation X of the Real Estate Settlement Procedures Act (RESPA) and Regulation Z of the Truth in Lending Act (TILA). The final rule provides greater foreclosure protections to borrowers and requires further transparency between borrowers and mortgage servicers. The final rule...
Join Us at the Institute of Continuing Legal Education in Georgia’s Class Actions Seminar
CFPB Uses “Mystery Shoppers” to Combat Home Loan Lending Discriminations
FCC Sets Tight Boundaries for TCPA Government-Backed Loan Exception
FDIC Proposes Examination Guidance for Third-Party Lending Arrangements

Marketplace Lender Challenges Scope of CFPA and What Constitutes UDAAP

By Keith Barnett on July 29, 2016

In 2015, the Consumer Financial Protection Bureau filed a lawsuit against CashCall, Inc., a marketplace lender, alleging that it violated the Consumer Financial Protection Act’s (“CFPA”) prohibition on unfair, deceptive, or abusive acts and practices (“UDAAP”) by making usury loans in violation of the state laws in which the consumers were located. On June 30,...
Senate Committee Letter to Federal Agencies Indicates Likelihood of More Federal Supervision and Regulation Over Fintech Companies
Settlement Between North Carolina and Payday Lender Serves as Reminder to Payment Processors
Final Days of Payday? CFPB Proposes Update to Payday Lending Rule
Vermont Executes Assurance of Discontinuance with Payday Lender Payment Processor

CFPB Introduces New Protections for Borrowers

By John C. Lynch on August 25, 2016

On August 4, 2016, the CFPB issued its final mortgage servicing rule pursuant to Regulation X of the Real Estate Settlement Procedures Act (RESPA) and Regulation Z of the Truth in Lending Act (TILA). The final rule provides greater foreclosure protections to borrowers and requires further transparency between borrowers and mortgage servicers. The final rule...
Federal Court Dismisses Putative FCRA Class Action for Lack of Standing and Plausible Willful Violation
Join Us at the Institute of Continuing Legal Education in Georgia’s Class Actions Seminar
Spokeo’s Impact on Eleventh Circuit FDCPA Case
Ninth Circuit Rules that Court Can Acknowledge Context of Communications in FDCPA Dispute

Federal Court Dismisses Putative FCRA Class Action for Lack of Standing and Plausible Willful Violation

By Tim J. St. George on August 24, 2016

On August 19, the United States District Court for the District of Nevada dismissed a putative Fair Credit Reporting Act class action against two taxi companies that had allegedly violated the Fair and Accurate Credit Transactions Act by including the first digit and last four digits of consumers’ credit card numbers on fare receipts.  The...
Join Us at the Institute of Continuing Legal Education in Georgia’s Class Actions Seminar
Troutman Sanders Expands Financial Services Litigation Practice in Atlanta
California Federal Judge Approves $2.4M Settlement Against SoFi
CFPB Files Amicus Brief Before Ninth Circuit in Spokeo

Join Us at the Institute of Continuing Legal Education in Georgia’s Class Actions Seminar

By Cindy Hanson on August 23, 2016

We are pleased to announce that Troutman Sanders partner Cindy Hanson will be a featured speaker at the Class Actions seminar, offered by the Institute of Continuing Legal Education in Georgia, on Friday, September 2. Cindy will speak on a panel entitled “Offers of Judgment and Mootness after Campell-Ewald,” where she will discuss the effects...
FCC Sets Tight Boundaries for TCPA Government-Backed Loan Exception
FTC Consent Order With Two Ohio Auto Dealers Resolves Misleading Advertising Claims
CFPB Monthly Report Highlights Complaints About Various Consumer Loans
Sirius XM Settles TCPA Class Action for $35 Million

State Legislatures Begin to Consider Bans on Asking About Applicants’ Prior Salary History

By Tim J. St. George on August 24, 2016

Bills have recently been introduced in a number of states that would prohibit prospective employers from inquiring about an applicant’s salary history.  These bills are aimed at preventing wage discrimination among workers that perform similar or identical job functions.    These bills follow on the heels of approved legislation in Massachusetts.  Massachusetts Senate Bill 2119, which...
Federal Court Dismisses Putative FCRA Class Action for Lack of Standing and Plausible Willful Violation
Join Us at the Institute of Continuing Legal Education in Georgia’s Class Actions Seminar
California Federal Judge Approves $2.4M Settlement Against SoFi
Background Screening Class Certified in Obsolete Information Case

Join Us at ACI’s 2nd National Forum on Data Breach & Privacy Litigation and Enforcement

By Ronald I. Raether, Jr. on August 25, 2016

We are pleased to announce that Troutman Sanders partner Ron Raether will be a featured speaker at the American Conference Institute’s 2nd National Forum on Data Breach & Privacy Litigation, to be held at The Carlton Hotel in New York City September 29-30. Ron will participate in a panel discussion entitled “Class Actions: Data Privacy...
OCR Settles With Illinois Nonprofit Medical Group for $5.55 Million in Medical Data Breach Investigation
FTC Reverses ALJ, Finds that LabMD Violated Section 5 of FTC Act
New York AG Announces Data Breach Settlement with EZcontactsUSA
TCPA Class Action Dismissed Based on Spokeo

CFPB Introduces New Protections for Borrowers

By John C. Lynch on August 25, 2016

On August 4, 2016, the CFPB issued its final mortgage servicing rule pursuant to Regulation X of the Real Estate Settlement Procedures Act (RESPA) and Regulation Z of the Truth in Lending Act (TILA). The final rule provides greater foreclosure protections to borrowers and requires further transparency between borrowers and mortgage servicers. The final rule...
FTC Approves Final Settlement Against Cloud-Based Health Records Platform Provider
California Federal Judge Rejects Class Action Settlement Due to Broad Release Provisions and Inadequate Notice
Washington AG Sues Comcast for Alleged Deceptive Practices, Seeks Over $100 Million
CFPB Uses “Mystery Shoppers” to Combat Home Loan Lending Discriminations