The Consumer Financial Protection Bureau (CFPB) released on May 7 a 538-page Notice of Proposed Rulemaking (the Rule) that would update the Fair Debt Collection Practices Act (FDCPA). The Rule would be the first major update to the FDCPA since its enactment in 1977 and gives much-needed clarification on the bounds of federally-regulated activities of
On April 10, Priority Payout Corporation, a payment processing company and the successor of InterBill Ltd., agreed to settle charges with the Federal Trade Commission regarding violations of a 2009 Final Judgment and Order for Permanent Injunction and Other Equitable Relief (the “2009 Order”). The 2019 settlement with the FTC bans
On March 18, New Jersey governor Phil Murphy signed a bill that prohibits discrimination against cash-paying retail customers. The new law bans retailers who sell goods or services from requiring buyers to use a credit card or prohibiting the use of cash as payment for the goods or services. The new law takes effect immediately.
A group of 21 states and the District of Columbia submitted a comment letter opposing the Consumer Financial Protection Bureau’s effort to revise and boost its Policy on No-Action Letters (“NAL Policy”) and the creation of a CFPB Product Sandbox. The NAL Policy and Product Sandbox will allow companies
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 new Third Circuit decision applied existing law in a straightforward way to require a disgruntled customer of a for-profit university to arbitrate claims, providing another illustration of an effective way to obtain valid agreements, including arbitration agreements, electronically.
On January 10, the Third Circuit upheld the district court’s decision in Dicent v. Kaplan University
On December 10, the Bureau of Consumer Financial Protection issued proposed revisions to its 2016 Policy on No-Action Letters and proposed a BCFP Product Sandbox.
The proposed new policy has two parts: Part I is a revision of a 2016 policy on No-Action Letters, and Part II is a description of the BCFP Product Sandbox.
A Minnesota District Court judge granted summary judgment on November 13 in favor of the defendant in Roark v. Credit One Bank, N.A., a Telephone Consumer Protection Act lawsuit regarding autodialers leaving pre-recorded messages on a consumer’s cell phone. From September through December 2015, Credit One’s vendors called plaintiff Stewart Roark’s
Remote contracting with customers through the internet is either the current reality or the aspirational goal for many businesses. This article addresses the current state of the law governing a key link to remote contracting — hyperlinks — with the goal of advising how to successfully incorporate by reference separate contract terms using hyperlinks for