Alexandria Pritchett

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Chris Willis, co-chair of the CFS Regulatory Practice, Announces the Publication of the 2022 CFS Year in Review and a Look Ahead

Troutman Pepper’s Consumer Financial Services Practice Group consists of more than 120 attorneys and professionals nationwide, who bring extensive experience in litigation, regulatory enforcement, and compliance. Our trial attorneys have litigated thousands of individual and class-action lawsuits involving cutting-edge issues across the country, and our regulatory and compliance attorneys have handled numerous 50-state investigations and nationwide compliance analyses.

We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. Our team has prepared this organized and thorough analysis of the most important issues and trends throughout our industry. We not only examined what happened in 2022, but also what to expect — and how to prepare — for the months ahead.

On May 9, Clearview AI (Clearview) and the American Civil Liberties Union (ACLU) reached a settlement whereby Clearview agreed to a nationwide injunction blocking many private entities, and some public entities, from accessing its database of face prints. The settlement highlights the force of the Illinois Biometric Information Privacy Act (BIPA) and demonstrates how state…

On May 5, the Consumer Financial Protection Bureau (CFPB or Bureau) and the Federal Trade Commission (FTC) together filed an amicus brief in an appeal pending before the Court of Appeals for the Second Circuit, Sessa v. Trans Union, LLC, No. 22-87 (2d Cir. 2022). The agencies argue that the Fair Credit Reporting Act…

On April 7, the Consumer Finance Protection Bureau (CFPB or Bureau) filed an amicus brief in an appeal, pending before the Court of Appeals for the Eleventh Circuit in which the Bureau argued that the Fair Credit Reporting Act (FCRA) does not exempt furnishers from investigating disputes based on legal questions as opposed to factual…

On April 7, the Bureau of Consumer Financial Protection (CFPB) issued a request for comment on proposed amendments to the regulation implementing the Fair Credit Reporting Act (FCRA), intended to assist consumers who are survivors of human trafficking. The proposed amendments would prohibit consumer reporting agencies (CRAs) from reporting adverse information resulting from certain types…

On March 18, the District Court for the Southern District of Texas entered an injunction against a credit repair organization, Turbo Solutions, Inc. d/b/a Alex Miller Credit Repair, and its owner Alex Miller for alleged violations of the FTC Act, Credit Repair Organizations Act (CROA), and the FTC’s Telemarketing Sales Rule (TSR). The complaint against…

On March 18, the three nationwide consumer reporting agencies — Equifax, Experian, and TransUnion (NCRAs) — announced plans to change how medical debt will be reported on credit reports. The joint measures will result in the removal of nearly 70% of medical collection debt records from credit reports.

The announcement included the following three major…

Last June, the Supreme Court issued a noteworthy decision in the TransUnion v. Ramirez case, holding that the vast majority of an 8,000-plus member Fair Credit Reporting Act (FCRA) class lacked standing because they had not suffered a concrete injury. TransUnion LLC v. Ramirez, 141 S. Ct. 2190 (2021). On February 3, after returning…

In late January, the Consumer Financial Protection Bureau (CFPB) released its 2022 “List of Consumer Reporting Companies.” This list purports to give consumers “the details [they] need to take action” against companies that collect consumer information and prepare consumer reports. According to the CFPB’s accompanying press release, the list is intended to…

The Northern District of California has approved a $53 million settlement to be paid by the Federal National Mortgage Association (Fannie Mae) to resolve racial discrimination claims concerning Fannie Mae’s management and marketing of real estate-owned (REO) properties.

In 2016, multiple nonprofit housing organizations filed a complaint against Fannie Mae, alleging that the organization failed…