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

Final Days of Payday? CFPB Proposes Update to Payday Lending Rule

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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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Troutman Sanders Lawyers Publish Consumer Financial Regulation Survey

By Laura Anne Kuykendall on May 31, 2016

We are pleased to announce that Troutman Sanders attorneys David Anthony, Ashley Taylor, Paige Fitzgerald, and Laura Anne Kuykendall published a survey through Thomson Reuters which focuses on consumer financial regulation issues for the Commonwealth of Virginia.  The survey is formatted as a question and answer guide, and addresses state-specific laws governing the offering and...
Illinois Appellate Court Rejects Coverage for Blast-Fax Class Action Under the TCPA
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

Final Days of Payday? CFPB Proposes Update to Payday Lending Rule

By Marlee Waxelbaum on June 21, 2016

On June 2, the Consumer Financial Protection Bureau released a newly proposed rule that, if enacted, will place new burdens on lenders who offer consumers payday loans, auto title loans, and other short-term, small-dollar loans. Overview The proposed rule will require lenders to inquire about the loan applicant’s income and expenses by conducting a “full-payment”...
Vermont Executes Assurance of Discontinuance with Payday Lender Payment Processor
Troutman Sanders Lawyers Publish Consumer Financial Regulation Survey
Join Us for a Complimentary Webinar on Best Practices for Banks in Third-Party Payment Processing
FTC Joins CFPB in Expanding Oversight of “Deceptive” Practices

CFPB Argues Violation of Statutory Right against Misrepresentation is in itself Concrete Injury

By Ethan G. Ostroff on June 28, 2016

In Bock v. Pressler & Pressler, LLP, the U.S. Court of Appeals for the Third Circuit requested supplemental briefs applying Spokeo, Inc. v. Robins to the Article III standing issue at bar. As we previously reported, the Court requested targeted discussion on whether a violation of the statutory right at issue was by itself a...
Debt Collector Required to Disclose that Disputes Must be “In Writing,” Says the Eleventh Circuit
Third Circuit Set to Address Spokeo in FDCPA Case
House Bill Introduced Requiring Changes to CFPB Complaint Database
Spokeo Starts to Show Its Effects

Spokeo Starts to Show Its Effects

By David N. Anthony on June 14, 2016

On May 16, 2016, the Supreme Court issued its highly anticipated decision in Spokeo, Inc. v. Robins. In Spokeo, the Court addressed the issue of whether the Plaintiff alleged a sufficient injury-in-fact to satisfy Article III standing requirements. The case was ultimately vacated and remanded based on the Ninth Circuit’s failure to address the “concreteness”...
Troutman Sanders Lawyers Publish Consumer Financial Regulation Survey
U.S. Supreme Court Remands Spokeo in Ruling that Mere Technical, Statutory Violation Is Insufficient to Confer Article III Standing
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

CFPB Releases “Know Before You Owe” Guide for Auto Purchases

By Justin M. Brandt on June 23, 2016

The Consumer Financial Protection Bureau (“CFPB”) has released an “auto loan shopping sheet” and other online resources as part of its “Know Before You Owe” initiative, which aims to assist consumers with comparison shopping and financing auto purchases. The initiative “walks consumers through each step of the auto finance process to help them decide how...
Troutman Sanders Lawyers Publish Consumer Financial Regulation Survey
CFPB Warns of Debt Risks for Car Title Loans, Foreshadows Upcoming Regulation
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

City of Brotherly Love has Little Love for Employment Credit Checks

By David M. Gettings on June 27, 2016

Earlier this month, the Mayor of Philadelphia signed legislation regulating the use of credit checks in employment decisions.  By enacting this legislation, Philadelphia joins a growing cast of cities and states throughout the country prohibiting employment credit checks in certain instances.  When coupled with recent federal Equal Employment Opportunity Commission enforcement actions against employers based...
New Putative Class Action Challenges FCRA Disclosure Form
Connecticut Becomes Latest State to “Ban the Box”
Troutman Sanders Lawyers Publish Consumer Financial Regulation Survey
California Federal Court Tentatively Approves $5.7 Million Deal to Settle Class Action Alleging FCRA Violations Based on Background Checks

Join Us for the ACI Cyber & Data Risk Insurance Conference in New York

By Ronald I. Raether, Jr. on June 28, 2016

We are pleased to announce that Troutman Sanders partner Ronald I. Raether, Jr. will be a featured speaker at the American Conference Institute’s 13th National Forum on Cyber & Data Risk Insurance in New York City on July 29, 2016. Ron will participate on a panel entitled, “Working Toward Prevention of the Breach: What Do...
FTC Gets $27 Million Settlement and Continues Trend of Targeting Tech Support Scammers
Campbell-Ewald Court Rejects Defendant’s Attempt to Pay Up
Texas AG Reaches AVC With PayPal
Citing Spokeo, Maryland District Court Remands Putative Data Breach Class Action

CFPB Argues Violation of Statutory Right against Misrepresentation is in itself Concrete Injury

By Ethan G. Ostroff on June 28, 2016

In Bock v. Pressler & Pressler, LLP, the U.S. Court of Appeals for the Third Circuit requested supplemental briefs applying Spokeo, Inc. v. Robins to the Article III standing issue at bar. As we previously reported, the Court requested targeted discussion on whether a violation of the statutory right at issue was by itself a...
FTC Gets $27 Million Settlement and Continues Trend of Targeting Tech Support Scammers
House Bill Introduced Requiring Changes to CFPB Complaint Database
CFPB Releases “Know Before You Owe” Guide for Auto Purchases
CFPB Will Appeal Decision Blocking its Investigation into College Accreditation Organization