Consumer Financial Services Law Monitor

Consumer Financial Services Law Monitor

monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues

Timothy Butler

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Eleventh Circuit Imposes Joint and Several Liability on Payment Processor for Fraud by Client

Posted in ALL CFS Blog Entries, Payment Processing & Cards, State Attorneys General, CFPB, & FTC
On November 13, the U.S. Court of Appeals for the Eleventh Circuit affirmed the imposition of joint and several liability on a payment processor that had provided “substantial assistance” to another entity that violated a federal ban on improper telemarketing practices. The decision leaves the payment processor responsible for paying the $1.7 million judgment with… Continue Reading

Federal Court Dismisses Challenge to OCC Fintech Charter Proposal

Posted in ALL CFS Blog Entries, Auto Finance, Mortgage Lenders & Servicers, Payment Processing & Cards
On December 12, a federal judge dismissed a challenge to the Office of the Comptroller of the Currency’s proposal to issue special purpose national bank charters to financial technology firms, finding that the plaintiff – the New York State Department of Financial Services – lacks standing and that the claims asserted are not ripe because… Continue Reading

Supreme Court to Decide Whether American Pipe Tolling Permits Successive Class Actions

Posted in ALL CFS Blog Entries, Auto Finance, Background Screening, CFS Events, Credit Reporting & Data Brokers, Cyber Security, Information Governance & Privacy, Debt Buyers & Collectors, Featured Posts, Mortgage Lenders & Servicers, Payment Processing & Cards, State Attorneys General, CFPB, & FTC
On December 8, the United States Supreme Court agreed to decide whether the tolling rule adopted in American Pipe & Construction Co. v. Utah – i.e., that the filing of a class action tolls the limitations period for a purported class member’s individual claims – permits a previously absent class member to bring a subsequent… Continue Reading

Join Us on December 5 for an ABA Webinar – State Attorneys General Series: Enforcement Agencies Confront Class Actions

Posted in ALL CFS Blog Entries, CFS Events, Featured Posts, State Attorneys General, CFPB, & FTC
We are pleased to announce that Troutman Sanders attorneys Ashley Taylor and Tim Butler will participate in a webinar panel discussion hosted by the American Bar Association on “State Attorneys General Series: Enforcement Agencies Confront Class Actions .” The event will take place on December 5, 2017 from 1:00 – 2:30 p.m. ET. The still vibrant debate… Continue Reading

Tax Preparation Firm Settles FTC Claims Flowing from Data Breach

Posted in ALL CFS Blog Entries, Cyber Security, Information Governance & Privacy, State Attorneys General, CFPB, & FTC
On November 8, the Federal Trade Commission announced that it had approved a final order settling claims arising out of a data breach at Georgia-based tax preparation firm TaxSlayer, LLC. In late 2015, hackers hit TaxSlayer with a “list validation” or “credential stuffing” attack.  With that type of attack, hackers attempt to use login credentials… Continue Reading

Join Us on November 14 for a Complimentary Webinar: Autonomous Vehicles – An Overview of the Regulatory Pileup

Posted in ALL CFS Blog Entries, CFS Events, Cyber Security, Information Governance & Privacy, Featured Posts, State Attorneys General, CFPB, & FTC
Autonomous vehicles, or self-driving cars, will revolutionize the way people and products move. But the technologies that have made autonomous vehicles a reality raise novel safety, data privacy, and cybersecurity concerns for federal and state regulators. Addressing these issues will pave the road for other integrated technologies in the internet of everything. Please join Troutman… Continue Reading

FTC and State AGs to Announce Major Coordinated Consumer Fraud Enforcement Initiative

Posted in ALL CFS Blog Entries, Featured Posts, State Attorneys General, CFPB, & FTC
The Federal Trade Commission (FTC) issued a press release earlier today alerting the media and other interested parties that it will announce a “major coordinated consumer fraud enforcement initiative” Friday, October 13 at 11:30 a.m. EST. The Acting Director of the FTC’s Bureau of Consumer Protection, Thomas Pahl, and Illinois Attorney General Lisa Madigan will headline… Continue Reading

House Financial Services Committee Chairman Urges National Data Breach and Data Security Standards

Posted in ALL CFS Blog Entries, Cyber Security, Information Governance & Privacy, State Attorneys General, CFPB, & FTC
On October 5, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) called for national standards for data breach notification and data security. While voicing concerns about a “Washington-forced technology solution,” Hensarling said, “We do need a consistent national standard for both data security and breach notification in order to better protect our consumers, hold companies… Continue Reading

CFPB’s Latest Supervisory Highlights Provides Valuable Statistics and Insight on Enforcement Efforts

Posted in ALL CFS Blog Entries, Auto Finance, Debt Buyers & Collectors, Mortgage Lenders & Servicers, State Attorneys General, CFPB, & FTC
The Consumer Financial Protection Bureau recently released its Summer 2017 Supervisory Highlights, which summarizes the agency’s supervisory activities during the first half of this year. Looking to the numbers.  From January through June, the CFPB’s nonpublic supervisory activities led to restitution payments that totaled approximately $14 million, and public enforcement actions that netted an additional… Continue Reading