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Leah Tedford

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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.

Joining the Ninth Circuit on one side of a post-Spokeo circuit split, the Eighth Circuit recently held a plaintiff lacked standing to pursue her Fair Credit Reporting Act (FCRA) claims when she conceded her consumer report was accurate and alleged no concrete harm from three technical FCRA violations.

On April 4, in Schumacher v. …

2021 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Pepper is uniquely positioned to help its clients find successful resolutions and stay ahead of the curve.

In this report, we share developments on auto finance, background screening, bankruptcy, consumer class actions, consumer…

In a panel decision on April 21, the Eleventh Circuit held that (1) a consumer had standing to bring a claim under the Fair Debt Collection Practices Act (FDCPA) because he alleged an invasion of privacy based on the spread of his debt-related information; and (2) a debt collector’s outsourcing of its letter process to…

The Consumer Financial Protection Bureau (CFPB) and SettleIt, Inc., an online debt-settlement company, have agreed to settle “abusiveness” claims for $1.4 million.

In an April 13 complaint filed in a California federal court, the CFPB detailed SettleIt’s business practices and alleged SettleIt concealed information from its customers. SettleIt negotiates with creditors to reduce and settle…

The Sixth Circuit recently confirmed student loan servicers, who begin servicing debts after default and resale, are not liable to borrowers under the Fair Debt Collection Practices Act (FDCPA) because the servicers are not acting as “debt collectors.”

On March 25, in Willison v. Nelnet, Inc., the Sixth Circuit affirmed summary judgment for student…

As we recently reported, the Federal Communications Commission (FCC) provided new maximum call guidance in a December 2020 order (Order) for callers subject to the Telephone Consumer Protection Act (TCPA). The guidance was issued prior to the implementation of new regulations capping the number of permitted calls under the TCPA. But industry members quickly…

Troutman Pepper attorneys’ David Anthony, Ashley Taylor, Alan Wingfield, Dascher Pasco, Leah Tedford, joined by other consumer financial services experts co-authored the American Bar Association Business Law Section book, “Consumer Finance Law: Understanding Consumer Financial Services Regulations.”

This new book is designed to help lawyers meet the challenges and opportunities resulting from the regulatory…

2020 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Pepper is uniquely positioned to help its clients find successful resolutions and stay ahead of the compliance curve.

In this report, we share developments in 2020 on consumer class actions, background screening, bankruptcy,…

Calls exempt from the Telephone Consumer Protection Act (“TCPA”) will soon be subject to call volume limits. At the close of 2020, the Federal Communications Commission (“FCC”) issued new guidance capping the number of artificial or prerecorded voice calls that may be made to residential phone lines without prior express consent.

The FCC’s Report and…