On April 27, the Consumer Financial Protection Bureau filed a lawsuit in an Illinois federal court against four online installment loan companies operated by a California Native American tribe. Although the tribe operates the installment loan companies, the CFPB’s complaint alleges that the defendants are not “arms of the tribe” and therefore
U.S. District Court Dismisses CFPB Case Against Payment Processor
On March 17, the U.S. District Court for the District of North Dakota granted Intercept Corporation (“Intercept”), Bryan Smith, and Craig Dresser’s Motion to Dismiss the Consumer Financial Protection Bureau’s (“CFPB”) Complaint in the case between the CFPB and Intercept. The decision to grant the Motion to Dismiss marks the first time that the Bureau
Join Us on March 23 for a Complimentary Webinar on Electronic Fund Transfer Act (EFTA) – Latest Trends and Developments
Over the past few years, Regulation E, which implements the Electronic Fund Transfer Act, has been cited by federal regulators in rulemaking, enforcement actions and bulletins. The CFPB has not only used the EFTA in its rulemaking concerning prepaid accounts, but it has filed enforcement actions for alleged violations of EFTA and issued bulletins concerning
CFPB Asks FL District Court to Approve $107M Settlement
On February 24, the Consumer Financial Protection Bureau asked a federal district court in Florida to approve a $107 million settlement to resolve claims against Orion Processing LLC. The Bureau alleged the bankrupt company engaged in a debt-relief scheme that cost consumers millions.
The CFPB filed suit against Orion in August
CFPB Orders MasterCard and UniRush to Pay $13 Million
On February 1, the Consumer Financial Protection Bureau ordered payment card companies MasterCard and UniRush to pay $10 million in restitution and a $3 million fine related to service breakdowns that left customers unable to access their funds. “MasterCard and UniRush’s failures cut off tens of thousands
Join Us on February 22-24 for the NACHA Payments Innovation Alliance Meeting in Los Angeles
We are proud to announce that Troutman Sanders partner Keith Barnett will be a featured speaker at the upcoming National Automated Clearing House Association’s (NACHA) Payments Innovation Alliance Meeting at the Omni Los Angeles Hotel at California Plaza on February 24.
Keith will speak on a panel titled, Regulatory Landscape for 2017 – What Can
Join Us on February 9 for the ETA & BAFT for International Payments Policy Day in Washington, DC
We are proud to announce that Troutman Sanders partner Keith Barnett will be a featured speaker at the upcoming Electronic Transactions Association (ETA) and Bankers Association for Finance and Trade (BAFT) International Payments Policy Day, “A New World: The Changing Policy Landscape for International Payments and Financial Technology,” at the Washington, DC offices of Troutman
Republican Senators Press Vice President-Elect Pence for Removal of CFPB Director
On the same day that House Democrats wrote to President-elect Donald Trump to defend controversial Consumer Financial Protection Bureau Director Richard Cordray, two Republican senators sent a letter to Vice President-elect Mike Pence to press for his removal. The letter, signed by Ben Sasse (Neb.) and Mike Lee (Utah), requested that Trump dismiss Cordray “promptly
House Democrats Urge President-Elect Trump Not to Remove CFPB Director
On January 9, twenty-one Democrats from the House of Representatives sent a letter to President-elect Trump in defense of controversial Consumer Financial Protection Bureau Director Richard Cordray, urging Trump not to remove Cordray from his post. The letter began by noting that no President has ever removed an independent agency head for cause and threatened
District Court Rejects TILA Suit as “Litigation Out of Control”
On December 22, the United States District Court for the Eastern District of Pennsylvania entered judgment in favor of the defendant in an action involving a Truth in Lending Act claim, and issued a stern rebuke to the plaintiff and his counsel, instituting Rule 11 proceedings and describing the case as “litigation out of control.”