On February 22, New York Attorney General Letitia James filed an enforcement action against digital asset exchange, CoinEx, for failing to register as a securities and commodities broker-dealer and for falsely representing itself as a crypto exchange without appropriate registration in violation of New York law. In the petition, filed in the New York
In a recent decision, a Michigan district court found that because there was a genuine issue of fact as to whether the defendant debt collector notified the consumer reporting agency (CRA) to remove a disputed debt notification from the plaintiff’s tradeline, the case could proceed to trial.
On Dec. 15, 2022, the Federal Financial Institutions Examination Council’s (FFIEC) Task Force on Consumer Compliance adopted revised examination procedures for the Fair Debt Collection Practices Act (FDCPA) and its implementing regulation, Regulation F.
The revised interagency procedures will apply to examinations conducted by FFIEC’s member regulators of their respective regulated institutions. FFIEC is composed
FIA Card Services, NA (FIA) obtained a default judgment in a collection action against Jerome Redman in West Virginia state court. FIA, through its counsel Javitch Block LLC (Javitch), then filed a wage garnishment action against Redman to collect the judgment. Once Redman became aware of the default judgment, he filed a motion to set
The attorney general of Massachusetts reached a settlement with a payment processing company that allegedly assisted a debt settlement company engaged in charging consumers premature and inflated fees.
In 2021, debt settlement company DMB Financial LLC entered into settlements with the Massachusetts AG and the Consumer Financial Protection Bureau (CFPB) over claims that it engaged
A bankruptcy attorney received a dunning letter from a debt collector, identifying him as the attorney for the consumer named in the letter. Unable to recognize the consumer’s name, the attorney searched his records and determined that he had never represented the consumer.
The attorney filed a Fair Debt Collection Practices Act (FDCPA) suit against
On October 25, Rep. Alma Adams (D-NC) introduced a bill in the U.S. House of Representatives, seeking to protect a greater portion of consumers’ disposable income from garnishment.
When mortgage servicers use periodic statements sent under the Truth in Lending Act (TILA) to collect a debt, they can be held liable under the Fair Debt Collection Practices Act (FDCPA) for any misleading or unconscionable representations made in those statements. Applying this reasoning, the Eleventh Circuit recently overturned a dismissal of a FDCPA case
A consumer made charges on a credit card account, which she failed to pay as agreed. The creditor referred the account to a law firm, which served the consumer with a collection suit and obtained a default judgment for the balance. The law firm sent four post-judgment collection letters, demanding the $4,225.74 balance. In a
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