2018 was a busy year in the consumer financial services world. As we navigate the continuing heavy volume of regulatory change and forthcoming developments from the Trump administration, Troutman Sanders is uniquely positioned to help its clients successfully resolve problems and stay ahead of the compliance curve.
In this report, we share developments on
A Pennsylvania district court recently dismissed a complaint due to the plaintiff’s lack of standing to assert violations of the Fair Credit Reporting Act. In Harmon v. RapidCourt, LLC, Case No. 17-5699 (E.D. Pa. Nov. 20, 2018), consumer plaintiff Icarus Harmon asserted violations based on a stale criminal history that RapidCourt had provided to
The Eastern District of Wisconsin issued a ruling dismissing an Equal Credit Opportunity Act case that asserted a novel claim regarding discrimination by a lender in requiring that the applicant remove disputes from his credit score before reviewing his application for a home equity loan. In Kolodzinski v. Pentagon Federal Credit Union, the Court
On Thursday, February 22nd, from 3-4 p.m. ET, Troutman Sanders attorneys Michael Lacy, Mary Zinsner, Andrew Buxbaum, and Sarah Warren Smith presented a webinar that provided an overview of recent trends in the areas of lender liability, bank litigation, and arbitration. The webinar covered principles for avoiding liability, provided an update on important case law
On Thursday, February 22nd, from 3-4 p.m. ET, Troutman Sanders will host a webinar that will provide an overview of recent trends in the areas of lender liability, bank litigation, and arbitration. Economic recession and unrest in the credit market has provided fertile ground for borrowers, guarantors, depositors, and other third parties to test legal
California Governor Jerry Brown has signed legislation creating a new exception to mandatory arbitration within the California Arbitration Act. SB 33, introduced by Sen. Bill Dodd in December 2016, permits an existing customer of a bank to sue a depository bank when a fraudulent account is opened unknowingly in the consumer’s name. The exception specifically
The Consumer Financial Protection Bureau recently issued a “Request for Information Regarding Home Mortgage Disclosure Act Resubmission Guidelines.” The Home Mortgage Disclosure Act was enacted in 1975 and requires covered depository and nondepository institutions to collect and publicly disclose information about applications for, originations of, and purchases of home purchase loans, home improvement
The Supreme Court’s latest arbitration decision is but the latest in a long line of decisions enforcing the strong federal policy enforcing arbitration clauses in consumer contracts. In DirecTV v. Imburgia, a 6-3 decision, Justice Breyer held that the Federal Arbitration Act preempts state laws, in this instance California’s, that invalidate arbitration clauses if
Last month, Republican staff members on the Committee of Financial Services in the U.S. House of Representatives issued a Report criticizing tactics used by the Consumer Financial Protection Bureau in the auto finance area. The Staff Report generally questions the CFPB’s disparate-impact claims under the Equal Credit Opportunity Act (“ECOA”) and the Bureau’s use of