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
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
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
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
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
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
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.”
On December 22, the California Supreme Court in Owen v. Miami Nation Enterprises, held that payday lending companies failed to prove by a preponderance of the evidence that they were “arms of” Indian tribes. Therefore, the lenders were not immune from complying with a California state lending law. In its decision, the Court reaffirmed
On December 2, the Consumer Financial Protection Bureau issued a statement highlighting its updated rulemaking agenda for Fall 2016. The Bureau specifically mentioned a number of supervisory and developmental initiatives scheduled for implementation in the coming months.
In the area of mortgages, the CFPB expects to finalize proposed tweaks to the Know Before You Owe
On December 16, U.S. District Judge Paul A. Engelmayer dismissed a putative class action suit alleging that Nordstrom department store’s credit card account disclosures violated the Truth in Lending Act (“TILA”). Relying on the Supreme Court’s decision in Spokeo, Inc. v. Robins, the Court concluded that the plaintiff did not have standing to bring