The Federal Trade Commission (FTC) recently released a “Serving Communities of Color” report that details fraud and consumer issues that have a disproportionately negative impact on communities of color. This report is the latest installment released by the FTC on the topic and follows prior initiatives, such as the 2014 “Every Community Initiative“
On November 8, New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act (Act) (Legislation S.153/A.2382). The Act amends provisions of New York’s Civil Practice Law and Rules, commonly referred to as the CPLR, and the Judiciary Law to require original creditors and third-party debt collectors to include certain information and documents
On November 2, the House Financial Services Committee’s Task Force on Financial Technology held a hearing titled, “Buy Now, Pay More Later? Investigating Risks and Benefits of BNPL and Other Emerging Fintech Cash Flow Products.” For the hearing, the task force invited both consumer advocates and industry tradespeople to address several products, including buy now,
In a report released on November 2, the Consumer Financial Protection Bureau (CFPB) found that credit report disputes more commonly occur among consumers in majority Black and Hispanic neighborhoods than consumers in majority white neighborhoods. New CFPB Director Rohit Chopra attributed this disparity to alleged “[e]rror-ridden credit reports” that “are far too prevalent and may
In McKinney-Drobnis v. Oreshack, the Ninth Circuit Court of Appeals reversed the district court’s determination that vouchers awarded to class members were not “coupons” under the Class Action Fairness Act (CAFA), and it admonished the district court’s failure to apply heightened scrutiny to a pre-certification class settlement. No. 20-15539, 2021 U.S. App. LEXIS 31524
Troutman Pepper David Anthony has been elected to the Governing Committee of the Conference on Consumer Finance Law (CCFL). Please visit CCFL’s website for more details.
The Consumer Bankers Association (CBA), a trade group of retail financial institutions, recently sent a letter to the Consumer Financial Protection Bureau (CFPB) director, requesting increased supervision of financial technology companies (fintechs). On October 3, just three days after Rohit Chopra was confirmed as the next CFPB director, the CBA urged him to consider expanding
In Mowrer v. United States Department of Transportation, the U.S. Court of Appeals for the District of Columbia held that government immunity is waived under the FCRA, but also found that the Federal Motor Carrier Safety Administration (FMCSA) does not act as a consumer reporting agency (CRA) in distributing safety records of commercial truck
In Robinson v. Nat’l Student Clearinghouse, — F.4th — (1st Cir. 2021), a First Circuit panel unanimously affirmed the district court’s Final Approval Order, approving the class settlement in an action brought under the Fair Credit Reporting Act (FCRA). Plaintiff James Robinson filed the class action lawsuit against National Student Clearinghouse (NSC), alleging NSC
After the District Court for the District of Oregon dismissed a Fair Credit Reporting Act (FCRA) suit filed against Fred Meyer, Inc., the Ninth Circuit Court of Appeals partially reversed, holding Fred Meyer had failed to comply with FCRA’s “standalone” requirement by providing, in good faith, an extraneous explanation of the applicant’s rights