On May 31, the Consumer Financial Protection Bureau released a report summarizing the complaints the Bureau received from senior citizens since the CFPB opened its doors in July 2011. In its nearly six years of operation, the Bureau has handled approximately 1,163,200 complaints, with 103,100 complaints coming from consumers 62 years of age and older.
State Attorneys General Reach $18.5M Agreement with Target Over 2013 Data Breach
On May 23, state attorneys general from 47 states and the District of Columbia announced a settlement agreement with Target Corporation to resolve the states’ investigation into the company’s 2013 data breach. Under the terms of the Assurance of Voluntary Compliance (“AVC”), Target will pay $18.5 million to the states – the largest multistate data
As CFPB Faces Uncertainty, State Regulators Fill Gap
Many predicted that newly-elected President Donald Trump would remove Richard Cordray, Director of the Consumer Financial Protection Bureau, upon taking office. Cordray remains the head of the CFPB, but uncertainty still looms at the agency. President Trump has characterized the Dodd-Frank Wall Street Reform and Consumer Protection Act, the legislation which created the CFPB, as
Chipotle Discloses Data Security Breach Related to Network Supporting Payment Processing for Restaurant
In its Form 10-Q dated April 25, 2017 for the quarterly period that ended on March 31, 2017, Chipotle Mexican Grill, Inc. announced that it had detected a data security breach in its electronic processing and transmission of confidential customer and employee information. Specifically, Chipotle’s information security team detected unauthorized activity on the network that
State Banking Regulators File Suit Challenging OCC Fintech Charter
On April 26, a group of state bank regulators filed a lawsuit to block the Office of the Comptroller of the Currency from issuing special charters to fintech firms. The regulators argue that the OCC fintech charter will improperly displace already effective state laws regulating fintech companies, that the OCC lacks the authority to issue
CFPB Meets With Community Bankers to Discuss Use of Alternative Data in Credit Decisions
On April 25, the Consumer Financial Protection Bureau held its Spring 2017 Community Bank Advisory Council meeting in Washington. The purpose of the meeting was to allow representatives from community banks an opportunity to provide additional input on the Bureau’s Request for Information (“RFI”) on the use of alternative data to assess creditworthiness of consumers
U.S. District Court Dismisses CFPB Case Against Payment Processor
On March 17, the U.S. District Court for the District of North Dakota granted Intercept Corporation (“Intercept”), Bryan Smith, and Craig Dresser’s Motion to Dismiss the Consumer Financial Protection Bureau’s (“CFPB”) Complaint in the case between the CFPB and Intercept. The decision to grant the Motion to Dismiss marks the first time that the Bureau
Join Us for the Consero Financial Services and Insurance Litigation Forum April 2-4
We are pleased to announce that Troutman Sanders partners John Lynch and Ashley Taylor will be featured speakers at this year’s Consero Financial Services & Insurance Litigation Forum on April 2-4, 2017 at The Biltmore Miami – Coral Gables.
Consero’s 2017 Financial Services & Insurance Litigation Forum will address current and looming legal and business
DOJ Brief Opposing CFPB Brings More Uncertainty
On March 17, the U.S. Department of Justice submitted a brief to the D.C. Circuit asserting that the Consumer Financial Protection Bureau’s single-director structure violates the Constitution’s separation of powers in the CFPB v. PHH Corporation case.
CFPB’s Single Director Structure
The Democratic-controlled 111th Congress created the CFPB as part of the Dodd-Frank Act in
Join Us at the NAPBS 2017 Mid-Year Legislative & Regulatory Conference
We are pleased to announce that Troutman Sanders partners David Anthony, Cindy Hanson, Ron Raether, and Ashley Taylor will be featured panelists at the National Association of Professional Background Screeners (“NAPBS”) 2017 Mid-Year Legislative & Regulatory Conference to be held March 20-21 in Arlington, Virginia.
In an interview-style format, David will have