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 Issues First No-Action Letter to Online Lender Using Alternative Data

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Courier Service Settles Lawsuit Challenging Background Check Disclosure Form and Notices

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Ninth Circuit Holds TCPA Claims Are Invasion of Privacy Claims

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

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Arbitration Rule Compliance Date Set for March 19, 2018

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CFPB’s Latest Supervisory Highlights Provides Valuable Statistics and Insight on Enforcement Efforts

By Timothy Butler on September 13, 2017

The Consumer Financial Protection Bureau recently released its Summer 2017 Supervisory Highlights, which summarizes the agency’s supervisory activities during the first half of this year. Looking to the numbers.  From January through June, the CFPB’s nonpublic supervisory activities led to restitution payments that totaled approximately $14 million, and public enforcement actions that netted an additional...
Join Us for a Complimentary Webinar on September 12: A Review of Recent Fair Housing Act Municipality Cases and other Municipality Claims
Seventh Circuit Holds That Debt Collector Cannot Avoid Liability Under FDCPA Despite Strict Compliance With Controlling Precedent
CFPB Warns Older Consumers of Risks of Reverse Mortgage
Seventh Circuit Holds Rule 67 Tender of Full Relief Does Not Moot TCPA Class Action

Federal Court Strikes CFPB’s Counts Against Payment Processors for Violating Discovery Order

By David Long, Jr. on August 30, 2017

On August 25, the United States District Court for the Northern District of Georgia struck four counts of a complaint filed by the Consumer Financial Protection Bureau because it failed to abide by the Court’s discovery order. This matter began on March 26, 2015, when the CFPB filed a complaint against 12 debt collectors, four...
New Jersey Legislator Introduces Bill to Prevent Prepaid Account Fees
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’s Latest Supervisory Highlights Provides Valuable Statistics and Insight on Enforcement Efforts

By Timothy Butler on September 13, 2017

The Consumer Financial Protection Bureau recently released its Summer 2017 Supervisory Highlights, which summarizes the agency’s supervisory activities during the first half of this year. Looking to the numbers.  From January through June, the CFPB’s nonpublic supervisory activities led to restitution payments that totaled approximately $14 million, and public enforcement actions that netted an additional...
NY and NJ Render Conflicting FDCPA Decisions Involving Credit Repair Companies
11th Circuit Rules That Consent Under TCPA Can Be Partially Revoked
Federal District Court Grants Preliminary Approval of $3.2M TCPA Class Action Settlement
Seventh Circuit Holds That Debt Collector Cannot Avoid Liability Under FDCPA Despite Strict Compliance With Controlling Precedent

NY and NJ Render Conflicting FDCPA Decisions Involving Credit Repair Companies

By Julie Hoffmeister on September 11, 2017

Two recent decisions from the Southern District of New York and the District of New Jersey have expressly disagreed about a credit repair company’s dispute of a debt on behalf of a consumer in two Fair Debt Collection Practices Act cases.  In Taylor-Burns v. AR Resources, Inc., plaintiff Tonya Taylor-Burns alleged that the debt collector...
CFPB Shuts Down Credit Repair Company for Charging Illegal Fees
Join Us for a NAPBS Webinar on September 27: Compliance Management Systems - The Next Generation
Federal Appellate Court Affirms Dismissal of Putative FCRA Class Action
Court Finds Congress Has Waived Governmental Sovereign Immunity for FCRA Violations

CFPB’s Latest Supervisory Highlights Provides Valuable Statistics and Insight on Enforcement Efforts

By Timothy Butler on September 13, 2017

The Consumer Financial Protection Bureau recently released its Summer 2017 Supervisory Highlights, which summarizes the agency’s supervisory activities during the first half of this year. Looking to the numbers.  From January through June, the CFPB’s nonpublic supervisory activities led to restitution payments that totaled approximately $14 million, and public enforcement actions that netted an additional...
New Federal Appeals Court Ruling Provides Ray of Sunshine for TCPA Defendants: Contractual Consent to Receive Calls Cannot be Revoked
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

Join Us at the National Association of Professional Background Screeners Annual Conference

By Cindy Hanson on August 31, 2017

We are pleased to announce that Troutman Sanders partners David Anthony, Cindy Hanson, and Tim St. George will be featured speakers at the upcoming National Association of Professional Background Screeners (NAPBS) Annual Conference, to be held in Orlando, Florida on September 17-19, 2017. On Tuesday, September 19, David, Cindy and Tim will speak on a panel entitled “FCRA...
Join Us for a NAPBS Webinar on September 27: Compliance Management Systems - The Next Generation
Federal Appellate Court Affirms Dismissal of Putative FCRA Class Action
Indiana Becomes First State to Prohibit Ban-the-Box Ordinances
Courier Service Settles Lawsuit Challenging Background Check Disclosure Form and Notices

Federal Appellate Court Rejects Attorneys’ Fees-Only Class Action Settlement

By Ross Andre on September 11, 2017

In January 2013, a teenager in Australia posted a photo online showing that his “footlong” Subway sandwich was in fact only 11 inches, setting off a viral storm of consumers discovering their “footlong” sandwiches were similarly not as large as advertised.  That spawned a number of class action lawsuits in America accusing Subway’s franchisor, Doctor’s...
New TCPA Class Action: Expansion into Service Calls
Join Us for a NAPBS Webinar on September 27: Compliance Management Systems - The Next Generation
Join Us at the ASIS International 63rd Annual Seminar and Exhibits in Dallas
Join Us for a Webinar on September 21 – How to Engage Your Legal Department in Data Incident Response

State Attorneys General of 41 States Subpoena Opioid Manufacturers and Distributors

By Paige S. Fitzgerald on September 22, 2017

In response to the nationwide opioid crisis, forty-one state attorneys general issued subpoenas to five opioid drug manufacturers and three drug distributors this week. New York Attorney General Eric Schneiderman made the first public announcement of the multistate investigation.  The subpoena demands information and documentation from the manufacturers and distributors regarding prescription opioid drugs as...
CFPB Issues First No-Action Letter to Online Lender Using Alternative Data
FTC Cracks Down on Social Media Advertising in First-Ever Action Against Individual Social Media Influencers
CFPB’s Latest Supervisory Highlights Provides Valuable Statistics and Insight on Enforcement Efforts
Alleged Shoddy Recordkeeping Spells Trouble for One of Nation’s Largest Student Loan Owners