On February 12, 2018, the Consumer Financial Protection Bureau (“CFPB”) released its strategic plan for 2018 through 2022. The plan, which will take two years to implement, calls for placing new restrictions on the CFPB’s enforcement authority. “The proposed reforms would impose financial discipline, reduce wasteful spending, and ensure appropriate congressional oversight,” according to
While no one thinks it’s a good idea to talk about breakups in the month of February, with the deadline approaching for certain federal agencies to comply with the digital identity requirements outlined in the National Institute of Standards and Technology’s Special Publication (SP) 800-63-3, agencies should prepare themselves to say goodbye to outdated,
On Thursday, February 22nd, from 3-4 p.m. ET, Troutman Sanders will host a webinar that will provide an overview of recent trends in the areas of lender liability, bank litigation, and arbitration. Economic recession and unrest in the credit market has provided fertile ground for borrowers, guarantors, depositors, and other third parties to test legal
On February 6, the Conference of State Bank Supervisors (“CSBS”) announced that seven states have entered into a compact that should streamline the process of applying for state money transmitter licenses.
Moving forward, the participating states– Georgia, Illinois, Kansas, Massachusetts, Tennessee, Texas, and Washington – will accept each other’s findings regarding certain “key elements of
A Roanoke City Circuit Court judge recently ordered a defendant to pay nearly $160,000 to two plaintiffs for violations of the Virginia Consumer Protection Act (“VCPA”) in a dispute over a wrecked car worth no more than $9,300.
In Hughes v. Robert Young Auto & Truck, Inc., No. CL16-1364, the plaintiffs, a married North
We are pleased to announce that Troutman Sanders partner Ashley Taylor will participate in a webinar hosted by the American Bar Association on “An Inside View – Working with Your Attorney General.” The event will take place on February 13, 2018 from 10:30 a.m. – 12:00 p.m. ET.
Ashley Taylor will interview Attorney General Karl
On January 3, a coalition of 49 state attorneys general announced a $45 million settlement with PHH Mortgage Corporation, which was accused of misconduct related to its servicing of single-family residential mortgages.
In announcing the settlement, state attorneys general from across the country touted their commitment to holding mortgage companies responsible for any misconduct that
On January 29, a California state court approved a $2.25 million settlement to be paid by Walgreen Co., commonly known to consumers nationwide as the drug store chain Walgreens. The settlement stems from a consumer protection lawsuit by the district attorneys of four California counties (Santa Clara, Contra Costa, San Mateo, and Santa Cruz) in
On January 30, the Consumer Financial Protection Bureau issued its 2018 list of consumer reporting companies, which contains information regarding the nationwide consumer reporting agencies as well as companies operating in specialized areas such as employment screening, tenant screening, utilities, and gaming. The list includes the following: