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We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging 2023. Courts across the country issued rulings that will have immediate and lasting impacts on the industry. Our team of more than 140 professionals has prepared this concise, yet thorough analysis of the most important issues and trends throughout our industry. We not only examined what happened in 2023, but also what to expect — and how to prepare — for the months ahead.

On April 4, the U.S. District Court for the Northern District of Texas declined to increase or treble the plaintiff’s $8,500 jury trial damages awarded under the Telephone Consumer Protection Act (TCPA) after failing to find that the defendant acted willfully or knowingly under TCPA § 227(c)(5)(B). Indeed, the judge cut the award to $6,500.

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.

After lengthy discovery and litigation, a U.S. district court judge in the Western District of New York ended a class action lawsuit by holding that communications between attorneys are not actionable under the Fair Debt Collection Practices Act (FDCPA).

In (Fein Such), the plaintiffs filed a class action complaint alleging that Fein Such made improper

On December 28, 2022, the New York Department of Financial Services released its debt collection rule amendments to 23 NYCRR 1, the regulation titled “Debt Collection by Third-Party Debt Collectors and Debt Buyers.” The initial proposed amendments were opened to public comment in late 2021. The rule amendments will take effect 180 days after the

A Kentucky district court judge recently granted in part and denied in part a defendant’s motion for summary judgment in a Telephone Consumer Protection Act (TCPA) case, Barnett v. First National Bank of Omaha. The court held that the plaintiff’s request to have information sent to him via the mail instead of over the

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

2021 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Pepper is uniquely positioned to help its clients find successful resolutions and stay ahead of the curve.

In this report, we share developments on auto finance, background screening, bankruptcy, consumer class actions, consumer

In Reddick v. Capouano, Beckman, Russell & Burnett LLC, the Court of Appeals for the Eleventh Circuit recently affirmed defendant law firm Capouano, Beckman, Russell & Burnett LLC’s (Firm) motion for summary judgment involving an alleged violation of the Fair Debt Collection Practices Act (FDCPA). In its holding, the Eleventh Circuit found no violation

In Cheatham v. Adams, a U.S. district judge in Arkansas recently granted the defendant McKendra Adams’s (Adams) motion to dismiss for lack of standing involving an alleged violation of the Fair Debt Collection Practices Act (FDCPA). In its holding, the court determined that even though defendant Adams failed to send a timely validation notice,