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Paul Boller helps clients navigate a variety of federal and state statutory and regulatory requirements in consumer financial services.

On April 17, 2024, Virginia enacted HB 1519 taking a significant step towards amending the Virginia Consumer Protection Act (VCPA) to prohibit creditors from charging fees for accepting electronic payments in connection with credit transactions in Virginia. However, this amendment will not become effective unless the Virginia General Assembly reenacts the bill in 2025. Between now and then, the Virginia State Corporation Commission will assess this change and report its findings to the General Assembly by December of this year.

On May 19, the Massachusetts Division of Banks entered into a consent order with Educational Computer Systems, Inc. (ECSI) to resolve allegations that ECSI was engaging in the business of a third party loan servicer or student loan servicer without the appropriate license. Under the terms of the consent order, ECSI must: 1) pay an

On April 19, the Superior Court of Connecticut issued an opinion affirming the Connecticut Department of Banking’s (DOB) decision to issue a $750,000 fine against a mortgage lender for allowing its unlicensed employees to engage in activities that required a license.

In 1st Alliance Lending, LLC (1st Alliance) v Department of Banking, 1st Alliance

Chris Willis, co-chair of the CFS Regulatory Practice, Announces the Publication of the 2022 CFS Year in Review and a Look Ahead

Troutman Pepper’s Consumer Financial Services Practice Group consists of more than 120 attorneys and professionals nationwide, who bring extensive experience in litigation, regulatory enforcement, and compliance. Our trial attorneys have litigated thousands of individual and class-action lawsuits involving cutting-edge issues across the country, and our regulatory and compliance attorneys have handled numerous 50-state investigations and nationwide compliance analyses.

We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. Our team has prepared this organized and thorough analysis of the most important issues and trends throughout our industry. We not only examined what happened in 2022, but also what to expect — and how to prepare — for the months ahead.

Following a trend started during the COVID pandemic, Virginia State Delegate Bill Wiley (R) introduced a bill, HB 2389 in the current legislative session of the Virginia General Assembly that would allow employees of a Virginia-licensed mortgage lender or broker (licensee) to work at an unlicensed remote location upon certain conditions being met. Specifically

On December 1, the Connecticut Department of Banking issued a cease and desist order to the Law Offices of David M. Katz mandating the law firm cease conducting collection activities in the state without a license. The law firm was also fined $100,000, the maximum allowed by law.

Earlier this year, the Department of Banking

On July 15, the California Department of Financial Protection and Innovation (DFPI) issued an invitation for comments on proposed additions to regulations implementing the Debt Collection Licensing Act (DCLA). According to the invitation, the new provisions pertain “to the scope, annual report, and document retention requirements of the DCLA.” For example, the proposed regulations define

On May 23, California’s Department of Financial Protection and Innovation (DFPI or Department) sent an email notifying license applicants and prospective license applicants that the issuance of licenses under the Debt Collection Licensing Act is unavoidably delayed at this time.

The original deadline for applicants was December 31, 2021; however, that deadline was extended to

On February 3, the Nevada Financial Institutions Division (NFID) issued a bulletin, stating that any licensed collection agency or manager must transition their license to the Nationwide Multistate Licensing System (NMLS) by June 30. Licensees that do not submit a request to transition by June 30 will see their licenses expire without an option for

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