The battle between New York Attorney General Eric Schneiderman and daily fantasy sports companies, FanDuel and DraftKings, continues. On January 11, the First Department of the Appellate Division of the New York Supreme Court allowed the sites to operate while FanDuel and DraftKings appeal a lower court’s order to shut them down. The First Department
Third-Party Payment Processors: The Road to Certification – Join Us
We are pleased to announce that Troutman Sanders Partner Keith Barnett will participate in a webinar entitled “Third Party Payment Processors: The Road to Certification” on Thursday, January 7, at 2:00 p.m. EST. Join the panelists for this complimentary webinar, offered by KirkpatrickPrice, for a discussion on compliance management
Will Daily Fantasy Sports Survive in 2016?
Despite objections by New York Attorney General Eric Schneiderman, daily fantasy sports (sometimes referred to as “DFS”) fans in New York were able to play using the sites FanDuel and DraftKings over the holidays. This “gift” came in the form of a one-line handwritten order from the First Department of the New
Massachusetts Debt Collection Firm is Latest Focus of CFPB Enforcement Authority
The Consumer Financial Protection Bureau is not showing any signs of slowing down its recent string of enforcement actions. On December 7, the CFPB filed a complaint against and proposed a consent order with a debt collection company that will require the company to pay at least $2.5 million to settle claims that it
Join us at American Conference Institute’s 14th National Forum on Prepaid Card Compliance
January 28-29, Mandarin Oriental, Washington, DC
We are pleased to announce that Troutman Sanders Partner Keith Barnett will participate in a panel discussion entitled “The Latest FTC Initiatives on Lead Generators and Online Marketing, How Prepaid Cards Rely on These to Attract Customers, and Related Privacy Issues.”
American Conference Institute’s 14th National Forum on
The CFPB Issues Warning and Guidance on Obtaining Consumer Authorization for Preauthorized Electronic Funds Transfers that Confirms a Recording of a Consumer’s Oral Authorization Can Satisfy Regulation E’s Requirements
On November 24, 2015, the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin (2015-06), warning companies that they must ensure that consumer authorization is obtained before automatically debiting a consumer’s account and that required notifications to consumers must clearly describe the terms of the preauthorized electronic funds transfers (EFTs).
Importantly, for the first
CFPB Takes Action Against Online Lender for Deceiving Borrowers
On November 18, the Consumer Financial Protection Bureau filed an administrative action against online lender Integrity Advance, LLC, and its CEO, James R. Carnes, for deceiving consumers about the cost of short-term loans.
According to a press release, the CFPB alleges that Integrity Advance violated the Truth in Lending Act and the
Consumer Litigation Spikes in October, But Debt Collection Complaints to CFPB Plummet
According to the October debt collection litigation and complaint statistics report from WebRecon, consumer litigation in October under the FDCPA, TCPA, and FCRA marked the first time since September 2011 that an increase from both the prior month and year-to-date occurred. “For the first time in several years, overall consumer litigation is up dramatically,”
No More Daily Fantasy Sports in New York? Not So Fast!
On November 10, New York Attorney General Eric T. Schneiderman issued cease-and-desist letters to FanDuel and DraftKings, the two largest daily fantasy sports companies, demanding that they stop accepting bets in New York State.
According to the letters, daily fantasy sports constitute illegal gambling in violation of both the New York Constitution (N.Y. Const. Art
CFPB Revises Appeals Policy
On November 3, the Consumer Financial Protection Bureau announced that it has revised its appeals process and issued a new appeals policy. The announcement was made in conjunction with the release of the CFPB’s Fall 2015 Supervisory Highlights. According to the Bureau, the “revisions reflect experience gained in the appeals process so far, and