On January 26, a federal judge granted plaintiff Maria Garcia’s (Garcia) motion to remand on the basis that the amount in controversy was below the required threshold. The order was based on the court’s interpretation of the California Investigative Consumer Reporting Act’s (ICRAA) statutory damages scheme and its finding that the statute allows for one
TransUnion recently announced it will make off-chain credit data available on public blockchain networks through Spring Labs’ ky0x Digital Passport, which enables Web3/Decentralized Finance (DeFi) applications or smart contracts to access off-chain identity, compliance, credit, and other custom data with lines of code. “The move enables better-informed, privacy-preserving DeFi and Web3 applications (internet applications based
On February 10, the Ninth Circuit affirmed a Central District of California decision, finding that a consumer reporting agency (CRA) did not violate the Fair Credit Reporting Act (FCRA) when it reported a criminal record with a charge date that antedated the report by more than seven years. The case is Moran v. Screening Pros
According to a recent year-in-review report by WebRecon, Fair Credit Reporting Act (FCRA) filings continued their upward trajectory throughout 2021. This stands in contrast to filings under the Fair Debt Collection Practices Act (FDCPA) or the Telephone Consumer Protection Act (TCPA), which decreased from the previous year. Meanwhile, complaints filed with the CFPB increased substantially
On January 24, the U.S. District Court for the Eastern District of California took the unusual step of declining to sign off — for the fourth time — on a proposed settlement, resulting from a putative class-action lawsuit against Five Guys Enterprises LLC and its parent Encore FGBF LLC. The lawsuit alleges the popular burger
Last month, the Consumer Financial Protection Bureau (CFPB) issued orders to five companies offering buy now, pay later (BNPL) products, asking them to provide information on several topics, including:
For more information the CFPB’s inquiry, please see our
On December 8, District of Columbia Attorney General Karl A. Racine transmitted the “Stop Discrimination by Algorithms Act of 2021 (Act)” for consideration and enactment by the Council of the District of Columbia. While discrimination of various types is prohibited by a variety of federal and D.C. laws, this bill would apply to a
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
On January 20, the Federal Trade Commission (FTC) issued an advisory opinion on the impact of the Trade Regulation Rule Concerning Preservation of Consumers’ Claims and Defenses (Holder Rule) on the recovery of attorneys’ fees and costs above the amount paid on a consumer receivable arising out of a financed sale of goods or services.
On January 13, a coalition of 39 state attorneys general — led by AGs from Pennsylvania, Washington, Illinois, Massachusetts, and California — reached a settlement with student loan servicer Navient over allegedly unfair, deceptive, and abusive student loan origination and servicing practices. The $1.8 billion settlement will undoubtedly draw eyes, but perhaps just as important