Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield and Caleb Rosenberg for the second installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule. Part 2 takes a deeper dive into the rule’s data collection requirements, including what needs to be collected, when and how, and significant new provisions, dealing with discouraging people from responding to Section 1071 information requests, particularly concerning demographic information.

In Schmitt v. Security National Servicing Corporation, the plaintiff filed a class action complaint alleging violations of the Fair Debt Collection Practices Act (FDCPA) and Ohio Residential Mortgage Lending Act (RMLA) premised on the assertion that her loan documents did not provide for the imposition of late fees after acceleration of the loan. The…

Nearly two years after the Supreme Court’s 2021 decision in Transunion v. Ramirez, courts and litigants continue to grapple with standing issues in Fair Debt Collection Practices Act (FDCPA) cases brought by plaintiffs alleging intangible harms to reputation and privacy interests. Prominent among these post-Ramirez FDCPA cases was Hunstein v. Preferred Collection &…

On May 10, Florida’s Third District Court of Appeal issued an opinion in Pet Supermarket, Inc. v. Eldridge, holding that the plaintiff and putative class representative lacked standing to pursue his class action lawsuit under the Telephone Consumer Protection Act (TCPA). In Eldridge, the plaintiff visited a Pet Supermarket store where he learned…

Please join Troutman Pepper Partners Chris Willis and Kim Phan for an in-depth discussion about the Securities and Exchange Commission’s (SEC’s) recent record retention enforcement actions. Chris and Kim explore the uptick in enforcement actions over the last year, the claims made in these cases, the SEC-imposed requirements and penalties on these companies, what we can expect going forward from the financial services regulators, and what financial institutions should do now to get ahead of these types of enforcement actions.

On May 1, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans.

A PACE loan is a way for consumers to borrow money for home improvements by increasing their property tax payments. Homeowners repay PACE loans through an additional assessment that is…

A district court in the Western District of Washington held that the Fair Credit Reporting Act (FCRA) does not require a consumer reporting agency (CRA), as part of its investigative duties, to issue an opinion on the legal validity of a consumer’s debt. Through its holding, the court denied the plaintiff’s motion for reconsideration and…

In Bemero v. Lloyd & McDaniel, PC, the U.S. District Court for the Northern District of Illinois granted a motion to dismiss in a Federal Debt Collection Practices Act (FDCPA) case where the Model Validation Notice (MVN) was undated, finding the plaintiff lacked standing because she did not allege a concrete injury.

The defendant…

In Casillas v. Thunderbird Collections Specialists Incorporated, et al., the plaintiff sustained a work-related injury requiring medical treatment for which a worker’s compensation claim was filed. Under state law, an injured worker who receives a workers’ compensation award is not legally responsible for medical bills covered by the award. Unaware of this law, a…