On July 22, the Senate Appropriations Subcommittee on Financial Services and General Government approved a spending bill for the 2016 fiscal year that would change the Consumer Financial Protection Bureau’s (CFPB) leadership structure by replacing the CFPB director with a five-member commission.
The bill also would bring funding for the CFPB’s budget under the annual
On July 20, the Seventh Circuit Court of Appeals ruled that a group of plaintiffs who sued Neiman Marcus over the theft of their credit card information in a data security breach had standing to sue for fraudulent charges, as well as fraud-prevention expenses and credit monitoring. The appellate court reversed a prior decision from
On July 13, the American Bankers Association, the Consumer Bankers Association, and The Financial Services Roundtable submitted a comment letter to the Consumer Financial Protection Bureau in response to the CFPB’s March 10, 2015 Consumer Arbitration Study.
This Arbitration Study has been widely viewed as potentially laying the groundwork for the abolition of mandatory
The Federal Trade Commission (“FTC”) released a new guidance entitled “Start with Security,” intended to assist businesses in improving their data security practices. Stemming from “basic, fundamental security missteps” identified by the FTC through the more than fifty FTC data security enforcement actions, this suggested guidance provides valuable insight into the issues of concern to
On July 9, just weeks after initiating its first enforcement actions against payment processors, the Consumer Financial Protection Bureau issued an outline of nine “guiding principles” for faster payment networks which will provide greater consumer protections. The CFPB indicated that new technology supporting payment systems must be secure, transparent, accessible, affordable to consumers, and have
Expert strategies for in-house and outside counsel on navigating class actions, litigation, and government enforcement actions and examinations in the consumer finance industry
Monday, July 27 to Tuesday, July 28, 2015
The Omni Hotel on the Magnificent Mile, Chicago, IL
On behalf of Troutman Sanders you will receive a discount off the standard registration cost
Effective, July 1, 2015, Georgia HB 328 creates protections to consumers similar to those found in the federal Fair Credit Reporting Act (FCRA).
Specifically, the law amends Part 2 of Article 15 of Chapter 1 of Title 10 of the Official Code of Georgia Annotated, the “Fair Business Practices Act of 1975,” by adding a
As we discussed last year, the Federal Trade Commission announced in May 2014 that it settled charges against Asset Capital and Management Group for illegally extracting payments from consumers for credit card debt that it had purchased from creditors.
In addition to banning the defendants – which includes individuals behind the scheme, a network
On June 18, the Consumer Financial Protection Bureau filed a consent order and announced an enforcement action against a company specializing in medical debt collection for mishandling consumer credit reporting disputes and preventing consumers from exercising important debt collection rights. The CFPB is ordering the company to provide over $5.4 million in relief to harmed
Despite the rise in student loan balances over the past decade, a new TransUnion study found that student loan obligations have not inhibited younger consumers’ ability to access and repay other consumer credit categories, such as auto loans and mortgages, when compared to their peers without student loans.
According to TransUnion, this is contrary