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Susan Flint

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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.

Please join Consumer Financial Services Partner Chris Willis and his colleagues and fellow Partners Mary Zinsner and Susan Flint as they discuss the current landscape of wire fraud scams in the financial services industry. Topics include:

  • Wire fraud scams, such as Business Email Compromise (BEC) fraud, and the potential liability of banks;
  • How banks should analyze wire fraud claims in the pre-litigation stage;
  • How courts are ruling on the issues;
  • Responsibilities of nonbank parties to the wire; and
  • Tips for bank in-house counsel in handling wire fraud transfer situations.

On September 21 and 22, chief executives from the nation’s seven largest banks faced questioning before Congress, marking the third time senior bank officers have testified before Congress in the last three years. Senators remarked that only two were the same due to changes in CEOs and a decision to bring in super-regionals.

The first…

Banking trade groups are challenging a request for information (RFI) issued by the Consumer Financial Protection Bureau (CFPB) regarding customer service at large financial institutions. In a joint letter dated August 22, the Bank Policy Institute, Consumer Bankers Association, and the American Bankers Association objected to the CFPB’s insinuation that big banks are providing a…

An amendment to the National Defense Authorization Act passed by the House in July would create a “systemically important entity” designation, applying new regulations and offering priority aid to certain critical infrastructure companies. But the American Bankers Association and Bank Policy Institute say the amendment as applied to financial institutions would duplicate existing regulations under…

A recent decision out of the Northern District of Illinois should help banks defend against increasingly common claims involving fraudulent wire transfers. In Trivedi v. Bank of America, et al., the district court granted the defendant banks’ motions to dismiss, holding that the plaintiff’s common law claims were preempted by the Illinois Uniform Commercial Code (UCC), the consumer fraud claims failed to meet R. 9(b)’s heightened pleading standard, and claims under the Electronic Funds Transfer Act failed to state a claim.

A federal district court in New Jersey recently dismissed a complaint against a bank filed by a commercial customer duped by a business email compromise incident. The case involved four wire transfers totaling $1.4 million dollars. The court found that even though the customer was tricked by a fraudster into initiating the transfers, the wires…

A Kentucky district court judge recently granted in part and denied in part a defendant’s motion for summary judgment in a Telephone Consumer Protection Act (TCPA) case, Barnett v. First National Bank of Omaha. The court held that the plaintiff’s request to have information sent to him via the mail instead of over the…

In Cadence Bank, N.A. v. Roy J. Elizondo III, PLLC, the Supreme Court of Texas recently held that an administrative form relied upon by a victim of a fraud scam did not impose contractual obligations on a bank to verify available funds before processing the wire transaction.

A Texas lawyer maintained an IOLTA deposit…