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
Troutman Pepper attorney Ron Raether presented during the virtual panel, “Private Causes of Action Under CCPA,” at NetDiligence’s Cyber Risk Summit on October 6, 2020. He covered the following trends:
For more information on the summit and registration, please click here.
On September 15, 2020, after considerable delay and pursuant to a court settlement, the Consumer Financial Protection Bureau (CFPB) released its Outline of Proposals Under Consideration and Alternatives Considered for small business lending data collection rulemaking. When the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) was passed, Section 1071 amended the Equal Credit Opportunity Act (ECOA) to require such small business data collection. Dodd-Frank requires the CFPB to comply with The Small Business Regulatory Enforcement Fairness Act (SBREFA) of 1996, which provided new avenues for small businesses to participate in the federal regulatory arena and created Small Business Advocacy Review panels (SBAR panels, also known as SBREFA panels).
Section 1071 states that “in the case of any application to a financial institution for credit for women-owned, minority-owned, or small business, the financial institution shall – (1) inquire whether the business is a women-owned, minority-owned, or small business, without regard to whether such application is received in person, by mail, by telephone, by electronic mail or other form of electronic transmission, or by any other means, and whether or not such application is in response to a solicitation by the financial institution…” The purpose of Section 1071 was to facilitate the enforcement of fair lending laws. The CFPB is beginning the process of writing regulations to implement Section 1071.
The CFPB’s Outline describes the various proposals that are being considered to implement Section 1071, the relevant law, the regulatory process, and an economic analysis of the potential impacts on small entities that will be directly impacted.
September 29, 2020
2pm – 3pm ET
Join us on Tuesday, September 29th as a panel of Troutman Pepper class action litigators examine recent developments in class action litigation in 2020 and provide insights on what the future holds. The panel will dive into the major decisions that were rendered this past year, and explore
On September 4, 2020, the Second Circuit Court of Appeals overturned summary judgment granted to a debt collector who had sent collection documents to the wrong person, ruling that it was not entitled to the bona fide error defense because it lacked procedures governing the factual mistake.
Chiari & Ilecki (“C&I”) attempted to collect a
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 September 4, 2020, the Centers for Disease Control and Prevention (CDC) issued a new Order, entitled “Temporary Halt in Residential Evictions to Prevent the Further Spread of COVID-19.” The Order is effective nationwide through December 31, 2020 and creates the most wide-spread COVID-19 eviction moratorium to date.
Under the CDC’s Order, “a
The Second Circuit Court of Appeals recently issued an opinion affirming the dismissal of a lawsuit because a debt collector’s failure to use the FDCPA’s precise language in its validation notice is not a violation of the FDCPA.
In Chaperon v. Sontag & Hyman, P.C., Chaperon alleged violations of 15 U.S.C. § 1692g and
In late August, the California legislature passed Assembly Bill 1864, creating a Department of Financial Protection and Innovation and bolstering legal protections for consumers.
The new Department is intended to be a state-level version of the Consumer Financial Protection Bureau (CFPB).
For example, similar to the CFPB, the commissioner of the Department is authorized
On August 31, 2020, the Tenth Circuit affirmed the United States Bankruptcy Court for the District of Colorado’s holding that certain student loans not guaranteed by a governmental unit may be discharged in bankruptcy.
Navient Solutions, LLC argued that the debtors’ student loans were excepted from their Chapter 13 discharge under 11 U.S.C. § 523(a)(8)(A)(ii)