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

Spokeo Update: Ninth Circuit Holds that Plaintiff Adequately Alleged Article III Standing

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Join Us for a Webinar on August 24 – A Review of Recent FCRA Trends and Developments

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Join Us on August 10 for a Webinar on A Review of the New York Cybersecurity Framework

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Arbitration Rule Compliance Date Set for March 19, 2018

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CFPB Issues Rule Banning Class Action Waivers In Arbitration Provisions

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Seventh Circuit Holds Rule 67 Tender of Full Relief Does Not Moot TCPA Class Action

By Maryia Y. Jones on July 18, 2017

In Campbell-Ewald Co. v. Gomez, 136 S.Ct. 663 (2016), the Supreme Court held that an unaccepted offer of full relief under Rule 68 to a named plaintiff was insufficient to moot class claims.  However, the Supreme Court expressly left open the possibility of a “different result if a defendant deposits the full amount of the...
Texas Man Pleads Guilty to Felony Charge for Role in Foreclosure Rescue Scheme
Pending Changes to Federal Bankruptcy Rules Could Negatively Impact Residential Mortgage Lenders
TCPA Is Not Dead Yet – Court Trebles Eight Figure TCPA Award While World Awaits ACA Decision
New WVCCPA Amendments are Enacted by Governor Justice

New Jersey Legislator Introduces Bill to Prevent Prepaid Account Fees

By Brooke Conkle on July 25, 2017

On June 8, Assemblyman Troy Singleton (D) introduced New Jersey Assembly Bill 4965, which, if enacted, would closely mirror the Consumer Financial Protection Bureau’s Prepaid Rule, but also would prohibit prepaid account issuers in New Jersey from charging a number of fees to prepaid account holders.  Singleton co-sponsored a similar bill in 2012 that eventually...
CFPB Seeks Commentary on Proposed Changes to Prepaid Rule
CFPB Encourages Retail Credit Card Companies to Consider More Transparent Promotions
CFPB Prioritizes Redlining, Loan Servicing, and Small Business Lending
CFPB Releases Snapshot of Complaints Submitted by Senior Citizens

House Thwarts CFPB’s Arbitration Rule

By David Long, Jr. on July 26, 2017

On July 25, the United States House of Representatives voted to repeal the Consumer Financial Protection Bureau’s latest arbitration rule.   As we reported previously, the CFPB issued a final rule banning class action waivers in arbitration provisions for covered entities, as well as requiring the covered entities to provide information to the CFPB regarding any efforts...
Seventh Circuit Holds Rule 67 Tender of Full Relief Does Not Moot TCPA Class Action
Join Us for the Credit and Collection News Annual Creditor Grantor Consortium in Washington, DC
Join Us on August 17 for a Clear Law Institute Webinar "Game of Phones: Current Trends in Collection Calls under the TCPA, FDCPA, and other Regulatory Frameworks"
Fifth Circuit Affirms FDCPA Violation Where Debt Collector Failed to Mark Account as Disputed

Spokeo Update: Ninth Circuit Holds that Plaintiff Adequately Alleged Article III Standing

By David N. Anthony on August 16, 2017

On August 15, 2017, the Ninth Circuit issued its decision on remand in Spokeo, reversing and remanding the case to the District Court after finding that the named Plaintiff, Thomas Robins, has standing to pursue his claims. Background In Spokeo, Inc. v. Robins, Plaintiff Robins sued the “people search engine” for alleged violations of the...
Join Us for a Webinar on August 24 - A Review of Recent FCRA Trends and Developments
District Court Allows FCRA Lawsuit Alleging Debt Collector’s Improper Acquisition of Credit Report to Proceed
Arbitration Rule Compliance Date Set for March 19, 2018
CFPB Issues Rule Banning Class Action Waivers In Arbitration Provisions

New Federal Appeals Court Ruling Provides Ray of Sunshine for TCPA Defendants: Contractual Consent to Receive Calls Cannot be Revoked

By Alan Wingfield on June 23, 2017

Lawsuits under the Telephone Consumer Protection Act (TCPA) have become the second most common form of consumer protection claim brought in federal court. Many of these lawsuits are premised on the idea that a consumer has the absolute right to revoke previously given consent to receive calls. A calling party could be subject to statutory...
Florida AG Announces $5M Settlement with Car Dealership over Alleged Misleading Business Practices
Supreme Court Wavers During Oral Arguments in FDCPA Case That May Upend Entire Industry
High Call Volume Not Necessarily a Violation of FDCPA or Rosenthal Act
DOJ Issues New Guidance on Corporate Compliance Programs

Seventh Circuit Affirms Dismissal of FCRA Disclosure Claim on Standing Grounds

By Ross Andre on August 15, 2017

On August 1, the Seventh Circuit Court of Appeals in Groshek v. Time Warner Cable, Inc. affirmed the Eastern District of Wisconsin’s dismissal of a putative Fair Credit Reporting Act class action on the basis of Article III standing.  Specifically, applying the Supreme Court’s decision in Spokeo, Inc. v. Robins, 136 S. Ct. 1540 (2016),...
Join Us for a Webinar on August 24 - A Review of Recent FCRA Trends and Developments
Missouri Appellate Court Affirms Dismissal of FCRA Class Action Based on Application of Spokeo and Federal Standing Rules
Defendant Seeks To Stymie Plaintiff’s ‘False Pretense’ Claim Under the FCRA
Indiana Governor Issues Executive Order “Banning the Box”

New Jersey Bill Limits Use of Driver’s License Information by Retailers

By Julie Hoffmeister on July 28, 2017

The New Jersey legislature recently passed a bill that places restrictions on retailers’ ability to collect and use personal information gleaned from driver’s licenses.  The bill, known as the Personal Information and Privacy Protection Act, is intended to give consumers more control and security over their personal information.  A copy of the bill can be...
Join Us on August 10 for a Webinar on A Review of the New York Cybersecurity Framework
TCPA Class Decertified in Missouri Federal Court
Cheesecake Factory Tries to Dismiss Putative FACTA Class Action on Spokeo Grounds
Second Circuit Affirms Dismissal of Putative Data Breach Class Action Against Michaels

Join Us for the American Bar Association State and Local 2017 Annual Meeting

By Ashley L. Taylor, Jr. on August 10, 2017

We are pleased to announce that Troutman Sanders Partner Ashley Taylor will be a featured speaker at the American Bar Association State and Local 2017 Annual Meeting taking place on August 10, 2017. Ashley will participate in the State Attorneys General and Department of Justices Issues Committee meeting tomorrow to discuss state Attorneys General work...
CFPB Publishes Data on Consumer Complaints by State
New Jersey Legislator Introduces Bill to Prevent Prepaid Account Fees
CFPB Seeks Commentary on Proposed Changes to Prepaid Rule
Arbitration Rule Compliance Date Set for March 19, 2018