On January 13, Him Das, the acting head of the Financial Crimes Enforcement Network (FinCEN), highlighted ransomware as a chief national security risk. At the Financial Crimes Enforcement Conference, Das suggested that the current anti-money laundering regulations are insufficient to protect against tech-driven threats, from cyberattacks to digital asset schemes. FinCEN therefore is currently
According to a recent year-in-review report by WebRecon, Fair Credit Reporting Act (FCRA) filings continued their upward trajectory throughout 2021. This stands in contrast to filings under the Fair Debt Collection Practices Act (FDCPA) or the Telephone Consumer Protection Act (TCPA), which decreased from the previous year. Meanwhile, complaints filed with the CFPB increased substantially
On January 24, the U.S. District Court for the Eastern District of California took the unusual step of declining to sign off — for the fourth time — on a proposed settlement, resulting from a putative class-action lawsuit against Five Guys Enterprises LLC and its parent Encore FGBF LLC. The lawsuit alleges the popular burger
A Georgia district court judge recently granted a defendant’s motion to dismiss all claims except for one in Fair Debt Collection Practices Act (FDCPA) case Lee v. Medicredit. The court held that what constitutes a “reasonable period of time” for lack of response from a consumer’s attorney cannot be decided at the motion to
Q. Does the Workers’ Compensation Act bar a claim for damages under Illinois’ Biometric Privacy Act (BIPA)?
A. The Illinois Supreme Court recently issued an opinion, finding that the Workers’ Compensation Act does not bar a claim for damages under BIPA.
As a refresher, BIPA regulates the collection, use, safeguarding, and storage of
Troutman Pepper announced today that a nationally recognized consumer financial services group has joined the firm from Ballard Spahr in Atlanta, New York, Philadelphia, and Salt Lake City. The industry-leading group includes partners Christopher J. Willis, Mark J. Furletti, Jeremy T. Rosenblum, Stefanie H. Jackman, James Kim, Jason M. Cover,
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can
Issues of CFPB constitutionality and structural deficiencies remain after the 2020 U.S. Supreme Court decision in Seila Law LLC v. Consumer Financial Protection Bureau, 140 S. Ct. 2183 (2020). In recent oral argument before the U.S. Court of Appeals, Fifth Circuit, counsel for All American Check Cashing and the CFPB argued broader contours of
On January 20, President Biden signed a memorandum aimed at improving the cybersecurity of the National Security, Department of Defense, and Intelligence Community Systems (together, the “National Security Systems).
A National Security System (NSS) is an information system used or operated by an agency or on its behalf, the function, operation, or use of which
Several recent events highlight the expanding effort by the federal government to address the growing digital currency marketplace and the government’s role in it.
According to recent reporting, the Biden administration is preparing an executive order that will outline a comprehensive strategy for cryptocurrencies and ask federal agencies to assess the potential risks and