On November 15, as has been widely reported, the Director of the Consumer Financial Protection Bureau, Richard Cordray, announced by email to his staff that he would be resigning at the end of the month. While he did not state the reason for his departure, it is believed that Cordray, a former Ohio attorney general,
Cordray Discusses CFPB’s Priorities During November Consumer Advisory Board Meeting
On November 2, Consumer Financial Protection Bureau Director Richard Cordray delivered remarks during the Consumer Advisory Board meeting in Tampa. Cordray’s public pronouncements reflect and foreshadow the CFPB’s regulatory priorities, and his recent comments indicate the CFPB’s focus on reverse mortgages, consumers with limited English proficiency, and short-term loans.
Cordray mentioned the CFPB’s recently-released report
New York AG Announces Settlements with Two Motor Vehicle Dealer Groups
New York Attorney General Eric Schneiderman announced two settlements with motor vehicle dealer groups that provide for over $900,000 in restitution to approximately 6,400 New York State consumers. The settlements also require the dealers to pay $135,000 in penalties and costs to the state for the unlawful sale of credit repair and identity theft protection
FTC and State AGs Announce Crackdown on Student Loan Debt Relief Scam
The Federal Trade Commission, along with 11 states and the District of Columbia, just announced “Operation Game of Loans.” This is the first coordinated federal-state initiative targeting deceptive student loan debt relief scams. The nationwide crackdown encompasses 36 actions by the FTC and state attorneys general against bad actors that are alleged to
FTC Issues Guidance on the Revised Used Car Rule
In November 2016, the Federal Trade Commission announced its final changes to the Used Car Rule, formally referred to as the Used Motor Vehicle Trade Regulation Rule, which requires motor vehicle dealers to display a winder sticker, known as the “Buyers Guide,” on used vehicles offered for sale. Due to numerous questions raised by
Massachusetts AG Announces Data Breach Bill
Massachusetts Attorney General Maura Healey announced updated legislation that will remove fees for security freezes and consumer credit reports. The new legislation (SB 130/HB 134) includes several pro-consumer changes:
- Consent – Any company seeking to obtain or use a consumer’s credit report or credit score will need the written consent of the consumer and must
State Attorneys General of 41 States Subpoena Opioid Manufacturers and Distributors
In response to the nationwide opioid crisis, forty-one state attorneys general issued subpoenas to five opioid drug manufacturers and three drug distributors this week. New York Attorney General Eric Schneiderman made the first public announcement of the multistate investigation. The subpoena demands information and documentation from the manufacturers and distributors regarding prescription opioid drugs as
Troutman Sanders Lawyers Publish Consumer Financial Regulation Survey
We are pleased to announce that Troutman Sanders attorneys David Anthony, Ashley Taylor, Paige Fitzgerald, and Laura Anne Kuykendall published a survey through Thomson Reuters which focuses on consumer financial regulation issues for the Commonwealth of Virginia. The survey is formatted as a question and answer guide, and addresses state-specific laws governing
House Bill Rescinding CFPB Indirect Auto Financing Guidance Advances
On July 29, the House Financial Services Committee reported House Bill 1737, the “Reforming CFPB Indirect Auto Financing Guidance Act,” to the House for full consideration. If passed, the bill would rescind the CFPB’s March 2013 fair credit guidance to indirect auto lenders (CFPB Bulletin 2013-02), and require the CFPB, when proposing
CFPB Files Suit Against Auto Lender that Targeted Servicemembers for UDAAP Violations
On June 17, the Consumer Financial Protection Bureau filed a lawsuit against Security National Automotive Acceptance Company, LLC, an Ohio-based auto-finance company specializing in lending to members of the United States military to purchase used vehicles. Security National operates in approximately 30 states.
The CFPB’s lawsuit alleges that Security National engaged in unfair, deceptive, or