Earlier this month, the United States District Court for the Western District of Texas permanently banned Madera Merchant Services and B&P Enterprises, LLC from payment processing for their involvement in business practices that scammed consumers out of millions of dollars. The Federal Trade Commission and Ohio Attorney General Dave Yost filed their complaint in 2019.
On June 1, the Criminal Division of the Department of Justice (“DOJ”) issued new guidance on how it evaluates corporate compliance programs when making corporate charging decisions. The additional guidance provides valuable insight into best practices when companies update their corporate compliance programs and paints a clear picture of the DOJ’s expectations regarding those programs.
On May 11, the United States Court of Appeals for the Seventh Circuit issued its decision in Denan v. Trans Union LLC, affirming the district court’s finding that the Fair Credit Reporting Act does not require consumer reporting agencies to determine the legal validity of a disputed debt.
In Denan, two individuals sued Trans
The Consumer Financial Protection Bureau issued a statement on June 3 relaxing the requirements for some electronic disclosures given for requests by consumers made via telephone for credit card plans. The CFPB acknowledged that credit card issuers are receiving more calls and may have limited staffing due to the pandemic. Many institutions are asking for
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Sanders and Pepper Hamilton have 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
Tuesday, June 30, 2020
1:00-2:00 p.m. ET
Experienced Troutman attorneys will take a close look at the nitty-gritty of the practical side of credit reporting during the COVID-19 pandemic and economic downturn. We will cover guidance from the Consumer Data Industry Association and very recent new guidance from the Consumer Financial Protection Bureau on the
On June 15, a court in the United States District Court for the Southern District of Indiana granted summary judgment in favor of a Telephone Consumer Protection Act class defendant based on the Seventh Circuit’s seminal decision in Gadelhak. The decision puts an end to a previously-certified class of more than 4,300 members.
Plaintiff
Yesterday, Troutman Sanders LLP’s Consumer Financial Services Law Monitor reported that AB-2501, a proposed bill allowing for homeowners to defer their mortgage payments for up to a year, failed to pass by a narrow margin. The bill’s author, Assembly Member Monique Limón (D-Santa Barbara), quickly moved for reconsideration. However, as the Assembly has now entered
On June 16, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a seven-page FAQ memorandum addressing some of the most critical questions for compliance with the new consumer reporting requirements of the “CARES Act”. In sum, this Compliance Aid:
After numerous amendments, readings, and committee hearings, California Assembly Bill 2501 narrowly failed to pass in Sacramento on June 15, with a vote total of 28 Ayes, 25 Noes, and 26 abstentions. The bill would have offered major payment relief to homeowners and certain renters, as well as owners of mobile homes. It might see