Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can
Recently, a district judge in California granted a defendant’s motion to dismiss in Koeut v. Navient Corp., ruling that the plaintiff failed to specifically allege facts to support an inference that Navient Corporation and Navient Solutions LLC violated the Fair Credit Reporting Act (FCRA) and the California Consumer Credit Reporting Agencies Act (CCRAA). The
A recent settlement between the Federal Trade Commission (FTC) and a lead generator provides new insight into the FTC’s enforcement of sensitive personal data collection and sales under the Fair Credit Reporting Act (FCRA) and the agency’s Section 5(a) authority.
On January 5, the Federal Trade Commission (FTC) filed a complaint, alleging that ITMedia
Ruling on several motions to dismiss on January 14, the U.S. District Court for the Eastern District of Virginia denied an effort to dismiss Courthouse News Service’s (CNS) First Amendment challenge to Virginia’s restrictions on public access to electronic court records. This clears the way for the lawsuit to proceed on the merits. Although this
On January 10, the Federal Trade Commission’s final rule, amending the Standards for Safeguarding Customer Information (Safeguards Rule) under the Gramm-Leach-Bliley Act (GLBA), became effective. We wrote about the final rule when it first published in October 2021 (see here). As a practical matter, the amendments will likely require many financial institutions to
Will 2022 be the year of comprehensive digital asset legislation in the U.S.?
In 2021, Congress waded into the digital asset policy waters through its inclusion of expanded cryptocurrency and digital asset rules as part of the $1 trillion Infrastructure Investment and Jobs Act (HR 3584), which was signed into law by President Joe Biden
Kamran Salour (CIPP/US, CIPP/E, and CIPT), an experienced data security attorney, has joined Troutman Pepper’s national Cybersecurity, Information Governance, and Privacy practice in Orange County as a partner. Salour will help grow the firm’s Data Security Incident Response team. He joins the firm from Lewis Brisbois.
“Kamran brings an excellent blend of incident response, compliance,
Finding that the defendant debt collector was entitled to rely on the information provided by its client about the name of the debtor, a district court judge in Washington state granted summary judgment in favor of Puget Sound Collections, Inc. (PSC) in a Fair Debt Collections Practices Act (FDCPA) case. Angela Campbell v. Puget Sound
On January 18, the Office of the Comptroller of the Currency (OCC) conditionally approved an application by Social Finance Inc. (SoFi) to acquire Golden Pacific Bank, National Association, so long as the new bank does “not engage in any crypto-asset activities or services.”
SoFi’s application allows for the creation of SoFi Bank, National Association (SoFi
In a January 10 report titled, “Virtual Currencies: Additional Information Could Improve Federal Agency Efforts to Counter Human and Drug Trafficking,” the Government Accountability Office (GAO) identified virtual currency kiosks as one reason driving an increase in the use of crypto payments to facilitate illegal activities, such as human and drug trafficking. According to the