Richard Cordray, the Director of the Consumer Financial Protection Bureau (“CFPB”), announced today that he plans to step down from that post by the end of the month. Cordray’s term was otherwise set to expire in July of 2018.
Cordray, who was appointed by the Obama Administration after the CFPB was created in 2011, issued
On Tuesday, October 24, 2017, the Senate voted to nullify the Consumer Financial Protection Bureau’s (“CFPB”) arbitration rule (the “Rule”) in a 51-50 vote. Only two Republicans voted against the measure – Lindsey Graham (SC) and John Kennedy (LA). President Trump praised the vote, saying that he will sign the resolution when it reaches his
We are pleased to announce that Troutman Sanders partners David Anthony, Cindy Hanson, and Tim St. George will be featured speakers at the upcoming National Association of Professional Background Screeners (NAPBS) Annual Conference, to be held in Orlando, Florida on September 17-19, 2017.
On Tuesday, September 19, David, Cindy and Tim will speak on a
On August 17, the Consumer Financial Protection Bureau filed a complaint and proposed settlement against Aequitas Capital Management, Inc. and its related entities, alleging that the loan buyer aided the Corinthian Colleges’ predatory lending scheme. According to the Bureau, Aequitas enabled Corinthian to make high-cost private loans to Corinthian students, giving the impression that the
On August 15, 2017, the Ninth Circuit issued its decision on remand in Spokeo, reversing and remanding the case to the District Court after finding that the named Plaintiff, Thomas Robins, has standing to pursue his claims.
Background
In Spokeo, Inc. v. Robins, Plaintiff Robins sued the “people search engine” for alleged violations
On August 1, the Seventh Circuit Court of Appeals in Groshek v. Time Warner Cable, Inc. affirmed the Eastern District of Wisconsin’s dismissal of a putative Fair Credit Reporting Act class action on the basis of Article III standing. Specifically, applying the Supreme Court’s decision in Spokeo, Inc. v. Robins, 136 S. Ct. 1540
Join Troutman Sanders attorneys David N. Anthony, Cindy D. Hanson and Meagan A. Mihalko for a timely discussion of recent case studies and case law developments affecting the credit reporting and background screening industry. The discussion will include an update on the effects of Spokeo, as well as an overview of other recent
On July 25, the Missouri Court of Appeals affirmed a state trial court’s dismissal of a putative Fair Credit Reporting Act class action against a large retailer based on standing issues. Most notably, the court did so in reliance on Spokeo, Inc. v. Robins, 136 S. Ct. 1540 (May 16, 2016), and Article III
A nationwide financial investment firm was named on June 30 in a putative class action lawsuit filed in federal district court in Oregon. The case, filed by plaintiff Dustin Kampert, alleges the firm violated the Fair Credit Reporting Act in its background check process related to employment or, alternatively, procured consumer reports without a permissible
Financial institutions with arbitration clauses in consumer contracts are on the clock. The Consumer Financial Protection Bureau’s (CFPB) new Arbitration Rule was published in the Federal Register today, with an effective date of September 18, 2017 and a compliance date of March 19, 2018. Absent congressional action or successful litigation challenge, those financial institutions