On June 4, Commissioner Sandy O’Laughlin of the State of Nevada Financial Institutions Division (“NFID”) informed licensed collection agencies that they may resume operations contingent upon compliance with any outstanding emergency directive issued by Governor Steve Sisolak, guidance issued by a state agency, Justice Court Orders for each jurisdiction, and health and safety guidance from
HyperBeard, Inc., a developer of popular children’s applications, has agreed to settle with the Federal Trade Commission over allegations of its failure to comply with the Children’s Online Privacy Protection Act Rule (“COPPA Rule”). HyperBeard agreed to pay $150,000 in fines and to delete the information allegedly obtained from children under 13 years old without
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
There is no shortage of legislation to address the coronavirus (“COVID-19”) pandemic and the emerging contact tracing applications. In late April 2020, Republican senators introduced a bill called the COVID-19 Consumer Data Protection Act that aims to provide consumers more transparency, choice, and control over information collected in connection with COVID-19. Then, in May, Democrats
The Cybersecurity and Infrastructure Security Agency (“CISA”) launched its first installment of its “Cyber Essentials Toolkit” titled, “Yourself, The Leader – Drive Cybersecurity Strategy, Investment, and Culture” on May 29. CISA is developing the Cyber Essentials Toolkit, with the assistance of small businesses, to equip businesses with resources to improve their cybersecurity practices.
CISA will
World Acceptance Corp., a Greenville, South Carolina-based consumer lender, recently announced it has set aside $21.7 million in anticipation of resolving a Foreign Corrupt Practices Act (“FCPA”) investigation into the company’s Mexico-based subsidiary by the United States Securities and Exchange Commission and the Department of Justice.
The investigation has focused on the legality of certain
June 9th at 2:00 pm ET
State Attorneys General have become more active in their efforts to protect consumers as it relates to banks and payment processors, especially when you take into consideration COVID-19. In this webinar we will discuss some key concerns of State Attorneys General, expectations, and their relationship to federal consumer
Authors:
James Stevens, Partner, Troutman Sanders
Jake Lutz, Partner, Troutman Sanders
Mark Dabertin, Counsel, Pepper Hamilton
Greg Rubis, Counsel, Pepper Hamilton
Rick Eckman, Senior Counsel, Pepper Hamilton
The OCC’s new rule titled “Permissible Interest on Loans That Are Sold, Assigned, or Otherwise Transferred” (the Permissible Interest Rule) states that a national
On June 3, the United States Court of Appeals for the Ninth Circuit held that consent from the intended recipient of calls does not absolve an entity of liability under the Telephone Consumer Protection Act if the entity did not have the consent of the party actually called. This decision aligns with decisions from the
In Alcivar v. Enhanced Recovery Company, the United States District Court for the Eastern District of New York awarded nearly $37,000 in attorneys’ fees and costs to a debt collection agency over a Fair Debt Collection Practices Act claim that the plaintiff’s attorneys brought in bad faith.
Plaintiff Imelda Alcivar owed approximately $1,100 on