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Jon S. Hubbard

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Jon Hubbard is an attorney with substantial experience in the financial services and insurance industries. Jon represents clients across the country in class actions, consumer litigation, contract and insurance disputes, pre-litigation analysis, and regulatory compliance.

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We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging 2023. Courts across the country issued rulings that will have immediate and lasting impacts on the industry. Our team of more than 140 professionals has prepared this concise, yet thorough analysis of the most important issues and trends throughout our industry. We not only examined what happened in 2023, but also what to expect — and how to prepare — for the months ahead.

On December 12, the Federal Trade Commission (FTC) published the long-awaited regulation specific to motor vehicle dealers to address concerns of consumer deception in the sales process (Final Rule). We covered the proposed rule, introduced in June 2022, in a blog post here and podcast here. In a 3-0 vote, the FTC approved the issuance of the Final Rule, which will be published in the Federal Register in the coming weeks.

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.

On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has issued orders to nine of the largest auto lenders requesting information about their auto lending portfolios. According to the CFPB, the nine targeted lenders represent a cross-section of the auto finance market and the data collected in response to these…

Today the Consumer Financial Protection Bureau (CFPB) published a proposed rule with request for public comment that would amend Regulation Z to: 1) decrease the safe harbor for credit card late fees to $8 and eliminate altogether a higher safe harbor amount for subsequent late payments; 2) eliminate the annual inflation adjustments for the late…

On August 16, the U.S. District Court for the Northern District of New York issued a summary order in favor of the plaintiff, allowing a breach of contract claim to go forward based on a bank’s assessment of non-sufficient funds (NSF) fees. The ruling continues a trend of NSF fees coming under heavy scrutiny by…

Bankers are gearing up to oppose an effort by the Consumer Financial Protection Bureau (CFPB or Bureau) to prevent an increase in allowable late charges for credit cards. In letters dated August 1, the American Bankers Association, Consumer Bankers Association, Credit Union National Association, and National Association of Federally‐Insured Credit Unions (Associations), as well…

A recent decision out of the Northern District of Illinois should help banks defend against increasingly common claims involving fraudulent wire transfers. In Trivedi v. Bank of America, et al., the district court granted the defendant banks’ motions to dismiss, holding that the plaintiff’s common law claims were preempted by the Illinois Uniform Commercial Code (UCC), the consumer fraud claims failed to meet R. 9(b)’s heightened pleading standard, and claims under the Electronic Funds Transfer Act failed to state a claim.

On May 26, California Supreme Court ruled that the Federal Trade Commission’s (FTC) “Holder Rule” does not limit the award of attorneys’ fees where a consumer seeks fees from a holder under a state prevailing party statute.

The Holder Rule and Previous California Precedent

The FTC’s Holder Rule permits consumers to bring any legal claims…