On July 6, the U.S. District Court for the Middle District of Florida granted final approval of a multimillion-dollar, class-action settlement in Parker v. Stoneledge Furniture, LLC, et al., No. 21-740 (M.D. Fla.) to resolve claims brought under the Telephone Consumer Protection Act (TCPA) against furniture companies Stoneledge Furniture LLC and Southwestern Furniture of
On July 19, the Federal Housing Finance Agency (FHFA or the Agency) announced the establishment of the Office of Financial Technology to serve as a source of information, Agency support in addressing emerging risks, and avenue to advance Agency priorities as to the adoption and deployment of financial technology (fintech). At the same time, the
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
The Federal Trade Commission (FTC) recently announced it sent out a second round of redress checks in a long-lasting legal battle against an alleged payday lending scheme. While this round of redress checks brings the total financial amount returned to consumers to more than $535 million, the litigation previously resulted in a unanimous Supreme Court
Please join Troutman Pepper Partner Chris Willis and his guests and colleagues Alan Wingfield and Noah DiPasquale as they discuss the recent advisory opinion from the Consumer Financial Protection Bureau on name-only matching under the Fair Credit Reporting Act (FCRA). Highlights include how the opinion was adopted, challenges furnishers and users will face in light of this opinion, and the potential impact for the credit reporting industry moving forward.
On July 13, the FTC published its proposed Motor Vehicle Dealers Trade Regulation Rule in the Federal Register. As we covered here, the proposed rule would create a host of new compliance challenges for motor vehicle dealers, including a new national standard for price advertising, trigger disclosures for payments, added paperwork for the
The Consumer Financial Protection Bureau (CFPB or Bureau) agreed to a March 31, 2023 deadline to issue a final rule under Section 1071 of Dodd-Frank. Section 1071 amended the Equal Credit Opportunity Act (ECOA) to impose significant data collection requirements on small business creditors. The CFPB accepted the deadline as part of a previously agreed litigation settlement regarding alleged delays in the rulemaking process. The court accepted the deadline and maintained jurisdiction over the matter to oversee compliance with the settlement and to address any potential requests for modification.
Like most industries today, Consumer Finance Services businesses continue to be significantly impacted by COVID-19. To help you keep abreast of relevant activities, below find a breakdown of some of the biggest legislative and regulatory events at the federal and state levels to impact the Consumer Finance Services industry this past week:
“Convenience” fees charged to consumers for the use of certain debt payment options have come under increased scrutiny, as regulators have sought to limit charges and other back-end fees that may come as a surprise to consumers. Also known as “pay-to-pay” fees, such convenience charges are typically imposed by debt collectors and/or loan servicers where
On June 28, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule, encouraging states to enact more laws regulating consumer reporting, arguing that states’ powers are only constrained in limited ways by the Fair Credit Reporting Act (FCRA).
The CFPB believes that states have the ability to enact state-level laws that are stricter