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

Join Us for a Troutman Sanders Webinar: A Year in Review – TCPA Developments since the FCC’s Landmark Declaratory Ruling

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U.S. Supreme Court Remands Spokeo in Ruling that Mere Technical, Statutory Violation Is Insufficient to Confer Article III Standing

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Eighth Circuit Joins Minority in Circuit Split as to Ascertainability Standard for Class Actions

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Maryland Legislature Passes Bill Preventing Revival or Extension of Statute of Limitations for Debt Collection Based on Consumer Complaint

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Troutman Sanders Partner Ron Raether Featured in Information Security Media Group Interview

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Illinois Appellate Court Rejects Coverage for Blast-Fax Class Action Under the TCPA

By David Cutter on May 20, 2016

On May 18, 2016, in First Mercury Insurance Company v. Nationwide Security Services, Inc. et al., the First District of the Illinois Appellate Court affirmed the Circuit Court of Cook County’s ruling of no coverage after the insured settled a “Blast-Fax” class action lawsuit brought under the Telephone Consumer Protection Act. The TCPA provides for a $500 statutory...
Federal Housing Administration Proposes Rule for its Reverse Mortgage Program
Join Us for a Troutman Sanders Webinar: A Year in Review – TCPA Developments since the FCC’s Landmark Declaratory Ruling
Eighth Circuit Joins Minority in Circuit Split as to Ascertainability Standard for Class Actions
House Democrats Join Senate Colleagues With Introduction of Identical HANGUP Act

FTC Joins CFPB in Expanding Oversight of “Deceptive” Practices

By Marlee Waxelbaum on May 06, 2016

On May 4, the Federal Trade Commission announced that it had reached a settlement with Very Incognito Technologies, Inc., d/b/a Vipvape, a hand-held vaporizer manufacturer.  The settlement resulted from the FTC’s allegations that Vipvape violated the FTC Act by representing on its website that it was a participant in the Asia-Pacific Economic Cooperation Cross-Border Privacy...
FTC Executes A $105 Million Stipulated Judgment With Payment Processors Arising Out of Alleged Violations of the Electronic Funds Transfer Act, Restore Online Shoppers Confidence Act and Telemarketing Sales Rule
Join Troutman Sanders at the Third Party Payment Processors Annual Conference in Atlanta
Join Us for the American Conference Institute Blockchain & Distributed Ledger Technology Conference
Join Us on March 4 for a Webinar on Chief Compliance Officer Responsibilities

U.S. Supreme Court Remands Spokeo in Ruling that Mere Technical, Statutory Violation Is Insufficient to Confer Article III Standing

By David N. Anthony on May 16, 2016

On May 16, 2016, the Supreme Court of the United States issued its much-anticipated decision in Spokeo, Inc. v. Robins. Spokeo considered whether Congress may confer Article III standing by authorizing a private right of action based on the violation of a federal statute alone, despite a plaintiff having suffered no “real world” harm. The...
CFPB Attempts to Sound Death Knell for Consumer Class Action Waivers Used by Financial Institutions
Fifth Circuit Dismisses FCRA and FDCPA Claims Due to Commercial Nature of Underlying Transaction
Supreme Court Deems Statistical Evidence Admissible in Class Action
District Court Denies Motion for Class Certification Under FCRA

CFPB Warns of Debt Risks for Car Title Loans, Foreshadows Upcoming Regulation

By Justin M. Brandt on May 27, 2016

On May 18, the Consumer Financial Protection Bureau issued a 24-page report regarding consumer usage and default patterns for vehicle title loans.  Such loans are made to borrowers who sign over their car titles as collateral, and are commonly made to individuals with poor credit histories in need of fast cash.  Although the borrower retains...
Illinois Appellate Court Rejects Coverage for Blast-Fax Class Action Under the TCPA
Join Us for a Troutman Sanders Webinar: A Year in Review – TCPA Developments since the FCC’s Landmark Declaratory Ruling
CFPB Attempts to Sound Death Knell for Consumer Class Action Waivers Used by Financial Institutions
Eighth Circuit Joins Minority in Circuit Split as to Ascertainability Standard for Class Actions

U.S. Supreme Court Remands Spokeo in Ruling that Mere Technical, Statutory Violation Is Insufficient to Confer Article III Standing

By David N. Anthony on May 16, 2016

On May 16, 2016, the Supreme Court of the United States issued its much-anticipated decision in Spokeo, Inc. v. Robins. Spokeo considered whether Congress may confer Article III standing by authorizing a private right of action based on the violation of a federal statute alone, despite a plaintiff having suffered no “real world” harm. The...
FTC Releases New Guidelines for Background Screeners’ Compliance with the FCRA
Supreme Court Deems Statistical Evidence Admissible in Class Action
New York City Issues Guidance Suggesting Background Screening Company Liability for Failure to Ensure Compliance With “Ban the Box” Requirements
Sixth Circuit Affirms Summary Judgment on FCRA Statute of Limitations

Join Us for the ISSA Summit in LA on May 20

By Ronald I. Raether, Jr. on May 11, 2016

We are pleased to announce that Troutman Sanders partner Ronald Raether will be a featured speaker at the Eighth Annual Information Security Summit hosted by the Los Angeles Chapter of the Information Systems Security Association (ISSA) at the Universal City Hilton.  Ron will speak on a panel entitled “Privacy vs. Security; Apple and the FBI”...
Join Us for the NetDiligence Cyber Risk & Privacy Liability Forum
Join Us for the ACI Cyber Security & Data Privacy and Protection Conference June 23-24
FTC Takes Action Against Deceptive Marketing
Verizon Enterprise Publishes Data Breach Report

CFPB Warns of Debt Risks for Car Title Loans, Foreshadows Upcoming Regulation

By Justin M. Brandt on May 27, 2016

On May 18, the Consumer Financial Protection Bureau issued a 24-page report regarding consumer usage and default patterns for vehicle title loans.  Such loans are made to borrowers who sign over their car titles as collateral, and are commonly made to individuals with poor credit histories in need of fast cash.  Although the borrower retains...
Supreme Court Rejects Claim That Collection Letters on Attorney General’s Letterhead Sent By Private Debt Collection Attorneys Misled Borrowers
Debt Collector Pays $72,000 to Settle FCRA Charges
FTC and Phone Billing Companies Settle Contempt Charges for Unauthorized Billing
FTC Joins CFPB in Expanding Oversight of “Deceptive” Practices