As peer-to-peer money transfer services (or cash apps) become more popular, there has been an increase in the number of scams enticing consumers to transfer funds to fraudsters. The law currently provides that the banks that own the cash apps are only required to reimburse transactions not authorized by the customer — meaning if a
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
On February 25, the U.S. District Court for the Eastern District of Pennsylvania held that a purported public records vendor (Credit Lenders Service Agency or CLSA) is a consumer reporting agency (CRA) under the Fair Credit Reporting Act (FCRA). A copy of the decision in McGrath v. Credit Lenders Service Agency, Inc. can be found
“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
In late June 2022, the U.S. District Court for the Central District of California gave final approval for a $2.5 million class-action settlement in Johnson v. Moss Brothers Auto Group to resolve claims brought against a motor vehicle dealer under the Telephone Consumer Protection Act (TCPA). The settlement resolves a class action, pending since 2019,
When the Consumer Financial Protection Bureau (CFPB or Bureau) unveiled its UDAAP exam manual at the end of March 2022, announcing that it had decided to interpret the word “unfair” in Dodd-Frank to prohibit discrimination, even where specific statutes like the Equal Credit Opportunity Act do not apply, we expressed skepticism about the viability of
On June 29, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion focused on consumer debt collectors and the convenience fees they charge for some payments, such as online or by phone.
Convenience fees — common in many types of financial transactions — have recently been categorized as “junk fees” by the
On June 21, the Department of Justice (DOJ) filed a lawsuit and a settlement framework with Meta Platforms, Inc. (previously known as Facebook) to resolve allegations that Meta’s advertising placement algorithms discriminate against Facebook users based on their race, color, religion, sex, disability, familial status, and national origin (Protected Characteristics) in violation of the Fair
CDIA’s Annual Law and Industry Conference
Webinar: Driving Change: Litigation & Enforcement Developments in the Consumer Reporting Industry
Troutman Pepper attorney David N. Anthony joined forces with Eric Ellman, Senior Vice President of Public Policy & Legal Affairs for the Consumer Data Industry Association and Rebecca Kuehn of Hudson Cook, on June 8 to deliver