The Consumer Data Industry Association (“CDIA”), a trade association whose members include the three largest consumer reporting agencies (“CRAs”), recently filed a lawsuit in Maine seeking a declaratory judgment that two recently passed credit reporting laws are preempted by the Fair Credit Reporting Act.
Earlier this year, the Maine legislature passed
On May 7, the Consumer Financial Protection Bureau (CFPB) released a 538-page Notice of Proposed Rulemaking (the Rule) that would update the Fair Debt Collection Practices Act (FDCPA). The Rule would be the first major update to the FDCPA since its enactment in 1977 and gives much-needed clarification on the bounds of federally-regulated activities of
Today the Federal Register published the Notice of Proposed Rulemaking regarding updates to the Fair Debt Collection Practices Act from the Consumer Financial Protection Bureau.
The notice in the Federal Register triggers the end date of the comment period. Businesses, consumers, and other interested parties now have until August 19, 2019 to submit comments on
The Consumer Financial Protection Bureau (CFPB) released on May 7 a 538-page Notice of Proposed Rulemaking (the Rule) that would update the Fair Debt Collection Practices Act (FDCPA). The Rule would be the first major update to the FDCPA since its enactment in 1977 and gives much-needed clarification on the bounds of federally-regulated activities of
This week the Consumer Financial Protection Bureau announced a policy change for the agency’s Civil Investigative Demands, or “CIDs.”
The CFPB is authorized by statute to issue CIDs. These updated policy changes address what may be included in those CIDs, specifically in the “notification of purpose” section. The CFPB has stated that going forward CIDs
2018 was a busy year in the consumer financial services world. As we navigate the continuing heavy volume of regulatory change and forthcoming developments from the Trump administration, Troutman Sanders is uniquely positioned to help its clients successfully resolve problems and stay ahead of the compliance curve.
In this report, we share developments on
The Minnesota Department of Commerce recently entered into a consent order with collection agency Range Credit Bureau, Inc. regarding its compliance practices.
The Commissioner found numerous regulatory and compliance infractions, including the company’s ongoing failure to file an Unclaimed Property report with the state for funds owed to a customer whom the company could not
New York Attorney General Eric Schneiderman has introduced a bill that would expand that state’s existing data breach laws. This proposed legislation, called the Stop Hacks and Improve Electronic Data Security Act, or the SHIELD Act, is sponsored by two Democratic members of the state legislature (Senator David Carlucci and Assembly member Brian Kavanagh). Schneiderman