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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.

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…

This past April, the Florida legislature passed an amendment to Florida’s version of the Telephone Consumer Protection Act, CS/SB 1120. Two days before the amendment’s effective date of July 1, 2021, Governor Ron DeSantis signed the amendment into law, giving companies little time to prepare.

The amendment imposes a new requirement on making telephonic…

On June 26, Minnesota Governor Tim Walz signed into law a bill that expands the regulation of the accounts receivable management industry to include debt buyers and affiliated companies.

Under HF 6, “debt buyers” are defined as businesses “engaged in the purchase of any charged-off account, bill, or other indebtedness for collection purposes, whether…

In a June 22 letter to the inspector general of the Federal Reserve Board and Consumer Financial Protection Bureau, Subcommittee on Government Operations Ranking Member and House Representative Jody Hice (R-GA) called for an urgent investigation into reports that the Biden administration is targeting certain career CFPB employees from the Trump administration to replace them…

Today, the Supreme Court issued its opinion in TransUnion LLC v. Ramirez, holding that a concrete injury requires more than the existence of a risk of harm that never materializes. Accordingly, the vast majority of the absent class members who could not prove that allegedly inaccurate credit reports were disseminated to any third party…

On April 6, the Consumer Financial Protection Bureau (CFPB) issued a consent order against California-based debt collector Yorba Capital Management LLC and its sole owner Daniel Portilla, Jr. for violating the Consumer Financial Protection Act and the Fair Debt Collection Practices Act. The consent order permanently bans Yorba and Portilla from the debt collection business…

In Cherry v. Dometic Corp., the Eleventh Circuit Court of Appeals held that, when addressing a motion for class certification, courts may consider whether the named plaintiff has demonstrated an administratively feasible method for identifying absent class members, but administrative feasibility is not a standalone requirement. In reaching its decision, the Eleventh Circuit waded…

A group of state attorneys general, led by New York A.G. Letitia James, are attempting to stop the Office of the Comptroller of the Currency (“OCC”) from implementing its new True Lender Rule that is now in effect. The state attorneys general allege that by implementing the Rule, the OCC is once again fostering…