2020 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 compliance curve.
In this report, we share developments in 2020 on consumer class actions, background screening, bankruptcy,
On March 5, the United States District Court for the Southern District of New York ruled against a Telephone Consumer Protection Act plaintiff on the grounds that consumers cannot unilaterally revoke prior express consent that was part of a bargained-for exchange. In Ford v. Bluestem Brands, Inc., (S.D.N.Y. Case No. 18-cv-2695), the district court
The Federal Reserve Board of Governors and the Federal Deposit Insurance Corporation (“FDIC”) issued a joint advisory making financial institutions aware of a recent change to the Fair Credit Reporting Act (“FCRA”) that provides that financial institutions may offer to remove defaults in private education loan borrowers’ consumer reports under an approved rehabilitation program.
Since the Spokeo, Inc. v. Robins decision in 2016, many defendants have worried that a valid standing argument could have the actual impact of leading to more cases being litigated in state court rather than outright dismissals on the merits.
This month’s ruling in Ratliff v. LTI Trucking Services, Inc. proved to be exactly the
Consumer financial services companies are hopeful that the Supreme Court’s pending decision in Timbs v. Indiana will provide a Constitutional basis for challenging fines and penalties levied by state attorneys general and regulators. The Supreme Court heard oral argument on November 28 on the issue of whether the Excessive Fines Clause has been (or should
Some merchants prefer their customers to pay for their purchases with cash so they can avoid transaction fees associated with credit card purchases. Transaction fees can be either passed along to the consumer or absorbed by the merchant. To encourage payment in cash, many merchants post prices reflecting increased rates for credit