Troutman Sanders LLP announced today that Cindy Hanson has joined the firm’s Financial Services Litigation practice as a partner in Atlanta. Prior to joining Troutman Sanders, Cindy was a partner at Kilpatrick Townsend & Stockton LLP.
Cindy focuses on class action defense and has handled hundreds of matters under the Fair Credit Reporting Act (FCRA).
On February 18, the Federal Trade Commission announced that it had settled charges against Butterfly Labs and two of its operators stemming from the alleged deception of consumers regarding new mining machines for the virtual currency, Bitcoin. According to the FTC, the company and its corporate officers charged consumers thousands of dollars for its Bitcoin
On February 3, the Consumer Financial Protection Bureau announced that it is taking steps to help consumers get better access to checking accounts. The CFPB has “concerns that consumers are being sidelined by the lack of account options and by inaccurate information used to screen potential customers.” Towards that end, the CFPB sent
In late December, the Federal Trade Commission and Florida Attorney General filed an amended complaint in an action pending in the United States District Court for the Middle District of Florida that charged nine defendants with violations of the Federal Trade Commission Act, the Telemarketing and Consumer Fraud and Abuse Prevention Act (“Telemarketing Act”), the
On December 22, the Federal Trade Commission announced a settlement of a pending lawsuit brought under the Telemarketing Sales Rule against participants in an alleged credit card “laundering” scheme. According to the FTC’s complaint, PayBasics, Todd Hatch, and Jimmy Shin took an active role in helping the defendants behind the Tax Club fraud to open
On December 16, the Consumer Financial Protection Bureau sent warning letters to 17 colleges directing them to improve disclosure of school-sponsored credit card agreements, based on deficiencies identified in a recent agency investigation. According to the CFPB, more than 10 million college students attend a school that has made a deal with a financial institution
On December 3, the Consumer Financial Protection Bureau released its updated report on the impact of the Credit Card Accountability Responsibility and Disclosure Act (“CARD Act”) since its inception. According to the CFPB, the CARD Act has helped reduce the cost of credit card fees by eliminating certain back-end pricing practices. The CFPB also found
The Consumer Financial Protection Bureau’s latest monthly report revealed that credit card complaints represent approximately 11% of total product complaints from consumers. Late fees and credit report problems due to confusing payment processing schedules are the most frequent complaint topics for consumers. Other problems identified by consumers include:
On November 11, Tennessee Attorney General Herbert H. Slatery III and the Tennessee Division of Consumer Affairs announced that it had settled allegations against credit card payment processor Elavon, Inc. to resolve claims that it violated state consumer protection laws by misrepresenting the cancellation policy of its credit card processing equipment leases, the duration
On November 4, the Office of the Comptroller of the Currency (“OCC”) released its “Credit Card Lending” booklet of the Comptroller’s Handbook, replacing the outdated booklet issued in October 1996. A copy can be found here.
The Comptroller’s Handbook is intended as a summary restatement of existing laws, regulations, and policies. The “Credit