Organizations worldwide were busy this weekend after Keyasa, a software provider servicing more than 40,000 organizations, disclosed that it was the victim of a sophisticated cyberattack that is believed to have been orchestrated by REvil, a cybercriminal acting out of Russia. This latest announcement comes on the heels of several high-profile ransomware attacks that have
On July 1, the Consumer Financial Protection Bureau (CFPB or Bureau) released a FCRA Tenant Screening Enforcement Compliance Bulletin, outlining its enforcement focus areas as the country transitions to a post-pandemic rental market. The Bureau states that it “intends to look carefully at the accuracy and dispute-handling practices of [consumer reporting agencies “CRAs”] that
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
On July 1, the Federal Trade Commission (FTC) voted to approve seven omnibus resolutions authorizing staff attorneys to use compulsory process to investigate key enforcement targets. The vote fell along party lines, with Democratic Commissioners Lina Khan, Rohit Chopra, and Kelly Slaughter voting in favor of the resolutions, while Republican Commissioners Christine Wilson and Noah
On June 3, the Supreme Court issued its opinion in Van Buren v. United States,[1] holding that the Computer Fraud and Abuse Act of 1986 (CFAA) does not create liability when a user who is authorized to access information on a computer does so in a manner that violates an acceptable use policy.
On June 23, Commissioner Christine Wilson, a Republican appointee, confirmed that she has agreed to use the Federal Trade Commission’s (FTC) rulemaking authority to craft comprehensive data privacy regulations. With Commissioner Wilson’s agreement, there is an even stronger chance that the FTC will engage in privacy-related rulemaking, especially since recently appointed FTC Chair Lina Khan
On June 4, the Consumer Financial Protection Bureau (CFPB) issued a frequently asked question and answer guide. Regulation E, in part, establishes limitations on a consumer’s liability and requires investigations of consumers’ claims of unauthorized electronic fund transfers. This FAQ concerns unauthorized transfers governed by Regulation E.
The first and second questions deal with
In Watts v. Emergency Twenty Four, Inc. (No. 20-cv-1820 (N.D. Ill. June 21, 2021), the Northern District of Illinois granted a motion to dismiss claims asserted against a security company under the Telephone Consumer Protection Act (TCPA), finding that dialing system at issue did not qualify as an automatic telephone dialing system (ATDS).
On June 26, Minnesota Governor Tim Walz signed into law a bill that expands the regulation of the accounts receivable management industry to include debt buyers and affiliated companies.
Under HF 6, “debt buyers” are defined as businesses “engaged in the purchase of any charged-off account, bill, or other indebtedness for collection purposes, whether
In Johnson v. Columbia Debt Recovery, a Washington district court awarded each plaintiff $30,000 in emotional distress damages under the Fair Debt Collection Practices Act (FDCPA), $120 in treble actual damages under the Washington Collection Agency Act (WCAA) and the Washington Consumer Protection Act (WCPA), and $2,000 in statutory damages under the FDCPA.
In