Please join Troutman Sanders attorneys, David Anthony, John Lynch, Ron Raether, Alan Wingfield, and Sadia Mirza for the Complimentary Webinar, “Quick Answers to Critical COVID-19 Compliance Questions for Financial Services Companies” on March 31st from 3-4 pm ET.
The coronavirus (COVID-19) has rapidly altered the legal and regulatory landscape on which
On Friday, the Consumer Financial Protection Bureau (CFPB) published a supplement to its Spring 2019 notice of proposed rulemaking on third-party debt collection. The proposed supplemental rule addresses the collection of time-barred debt, which is debt that has run past any applicable statute of limitations.
Specifically, the proposed supplemental rule requires debt collectors to make
2019 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Sanders is uniquely positioned to help its clients find successful resolutions and stay ahead of the compliance curve.
In this report, we share developments on consumer class actions, background screening, bankruptcy, consumer credit
On January 3, 2020, in Buchholz v. Meyer Njus Tanick, P.A., No. 18-2261 (6th Cir. 2020), the Sixth Circuit Court of Appeals upheld the district court’s decision dismissing a complaint alleging violations of the Fair Debt Collection Practices Act on the grounds that the plaintiff lacked Article III standing. The Court found the
The United States District Court for the Southern District of New York recently dismissed a Fair Debt Collection Practices Act suit with prejudice brought over disclosure language in a debt collection letter. The Court found that while certain disclosure language is included in the FDCPA, failure to include it does not necessarily give rise to
Showing its continuing regular focus on the background screening industry, on October 3, 2019, the Consumer Financial Protection Bureau (CFPB) published a report, entitled Market Snapshot: Background Screening Reports. The report highlights the increased demand for background screenings by employers as well as consumer challenges that may arise from their use given the vast
On September 10, the Consumer Financial Protection Bureau issued three new policies to promote innovation and facilitate compliance: the Policy on No-Action Letters (NAL), Policy to Encourage Trial Disclosure Programs (TDP), and Policy on the Compliance Assistance Sandbox (CAS). The policies were proposed in 2018 and went through a period of public
On May 7, the Consumer Financial Protection Bureau (CFPB) released a 538-page Notice of Proposed Rulemaking (the Rule) that would update the Fair Debt Collection Practices Act (FDCPA). The Rule would be the first major update to the FDCPA since its enactment in 1977 and gives much-needed clarification on the bounds of federally-regulated activities of
On Thursday, May 30, the United States Court of Appeals for the Fourth Circuit upheld a $61 million verdict in the closely-watched Krakauer v. Dish Network, LLC class action, finding that “the district court properly applied the law and prudently exercised its discretion.” Krakauer v. Dish Network, Case No 18-1518, slip op. at 3
On May 7, Sen. Ted Cruz (R-Tex.) announced that he is reintroducing a bill titled the “Repeal CFPB Act” which would eliminate the Consumer Financial Protection Bureau. This represents the third time that Cruz has attempted to introduce a bill in the Senate that would eliminate the CFPB. In 2015 and 2017 the