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

Court Certified FCRA Class Over Spokeo Objections

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Join Us on October 5 for Cybersecurity in Financial Institutions Complimentary Webinar

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CFPB Introduces New Protections for Borrowers

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Payment Processor Group Files Amicus Brief in CFPB v. Intercept Case

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Troutman Sanders Expands Financial Services Litigation Practice in Atlanta

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Join Us at the ACI’s 6th Bank & Non-Bank Forum on Mortgage Servicing Compliance in Washington

By Jon S. Hubbard on August 31, 2016

We are pleased to announce that Jon S. Hubbard will be a featured speaker at the Sixth Annual Bank & Non-Bank Forum on Mortgage Servicing Compliance, offered by the American Conference Institute in Washington, D.C., on November 30 and December 1. Jon will speak on a panel entitled “Taking a Mortgage Servicing Case to Trial,”...
FTC Seeks Comment on its Safeguarding Rule
CFPB Introduces New Protections for Borrowers
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

FTC and Florida Settle with Defendants Involved in Alleged Telemarketing Debt Relief Scam

By Laura Anne Kuykendall on September 20, 2016

Nine months after filing an amended complaint, the FTC and Florida Attorney General have filed papers seeking entry of agreed permanent injunctions and monetary judgments against numerous defendants involved in an alleged nationwide debt relief telemarketing scam.  The proposed settlements resolve allegations that the defendants violated the FTC Act, the Telemarketing Act, the Telemarketing Sales...
Join Us at ACI’s 16th National Forum on Prepaid Card Compliance
Payment Processor Group Files Amicus Brief in CFPB v. Intercept Case
Minnesota AG Settles Lawsuit with Online Payday Lender
South Carolina Governor Signs Money Transmitter Law

House Finance Committee Approves CFPB Reforms

By David Long, Jr. on September 16, 2016

On September 13, the U.S. House of Representatives Financial Services Committee passed an amended version of the Financial CHOICE Act, which will result in significant changes to the Consumer Financial Protection Bureau if it becomes law.  The amended CHOICE Act would reform the CFPB’s structure and limit its regulatory authority, while also repealing several sections...
District Court Dismisses FDCPA Action Upon Finding of Proper Validation Notice
Georgia Debt Collectors Banned from Debt Collection Business
New York Debt Collectors Banned from Debt Collection Business
Eleventh Circuit Dismisses FDCPA Case Against Debt Collector Based on Failure to Allege Consumer Transaction

Florida Federal Court Denies Motion to Dismiss FACTA Class Action Under Spokeo

By Scott Kelly on August 31, 2016

On August 29, a Florida federal court rejected a motion to dismiss filed by Doctor’s Associates, Inc., doing business as Subway, which relied on the U.S. Supreme Court’s recent decision in Spokeo v. Robins in a Fair and Accurate Credit Transactions Act (“FACTA”) putative class action.  Plaintiff Shane Flaum claimed that Subway violated FACTA by...
Recent CFPB Supervisory Highlights Address FCRA Compliance Issues
Northern District of Illinois Holds Third-Party Disclosure Required for FCRA Claim Under § 1681e(b)
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

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

Court Certified FCRA Class Over Spokeo Objections

By Tim J. St. George on September 22, 2016

A federal judge in the Northern District of California certified a class of job applicants in a lawsuit claiming a background check firm violated the federal Fair Credit Reporting Act.  The Court certified the class over the arguments of the defendant that the members of the putative class lacked Article III standing under the standard...
DISH Network Agrees to Settle Fair Credit Reporting Act Claims
Florida Federal Court Denies Motion to Dismiss FACTA Class Action Under Spokeo
Recent CFPB Supervisory Highlights Address FCRA Compliance Issues
Join Us at the National Association of Professional Background Screeners Annual Conference

Join Us on October 5 for Cybersecurity in Financial Institutions Complimentary Webinar

By Ronald I. Raether, Jr. on September 14, 2016

You cannot control when a data breach or other cyber incident will occur at your financial institution, but you can control how you prepare for it. Cyberattacks and incidents are increasing across every industry. This holds true for large financial players and small community banks alike. The rise of these incidents will have an impact...
Third Circuit Affirms Dismissal of Data Breach Class Action Against Benecard
TCPA Case Dismissed in Part on Economic Damages Analysis
TCPA Case Dismissed on Spokeo Reasoning
FTC Seeks Comment on its Safeguarding Rule

FTC and Florida Settle with Defendants Involved in Alleged Telemarketing Debt Relief Scam

By Laura Anne Kuykendall on September 20, 2016

Nine months after filing an amended complaint, the FTC and Florida Attorney General have filed papers seeking entry of agreed permanent injunctions and monetary judgments against numerous defendants involved in an alleged nationwide debt relief telemarketing scam.  The proposed settlements resolve allegations that the defendants violated the FTC Act, the Telemarketing Act, the Telemarketing Sales...
Federal Court Finds for CFPB in Tribal Lending Case
Recent CFPB Supervisory Highlights Address FCRA Compliance Issues
CFPB Introduces New Protections for Borrowers
FTC Approves Final Settlement Against Cloud-Based Health Records Platform Provider