The Federal Trade Commission’s recent settlement with online consumer lender Avant, LLC provides a reminder to fintech companies of the importance of ensuring regulatory compliance, while delivering innovative solutions to the financial services industry. On April 15, Avant agreed to settle a lawsuit by the FTC accusing the e-lender of “engag[ing] in a pattern of
On April 19, the Federal Communications Commission (FCC) released its agenda for its May Open Commission Meeting scheduled for May 9, 2019. Once again, however, there is no agenda item regarding the FCC’s highly anticipated rulemaking under the Telephone Consumer Protection Act (TCPA). The FCC’s silence on this topic means yet another month will pass
On April 11, U.S. Magistrate Judge Sallie Kim of the Northern District of California issued a two-page order vacating judgment and final approval of a class action settlement based upon the parties’ failure to send correct notices to more than 300 class members. See Tyler Smith et al. v. Pacific Personnel Services Inc., No.
On April 16, the U.S. Court of Appeals for the Seventh Circuit ruled that the definition of “conviction” under the Fair Credit Reporting Act (FCRA), 15 U.S.C. 1681, et seq, should be interpreted under federal law, not the law of the state where the criminal record is generated. See Aldaco v. RentGrow, Inc.,
Distinguishing some recent cases, the U.S. District Court for the Eastern District of New York clarified that a debt collector who discloses the current amount due in an initial communication has fewer obligations under the Fair Debt Collection Practices Act than a debt collector that provides the amount due as of a future date.
Generally,
The West Virginia Supreme Court ruled against a debt collector in LTD Financial Services, L.P. v. Collins, affirming the lower court’s order granting the plaintiff’s motion for a directed verdict. Specifically, the Court ruled that the plaintiff was not required to prove intent as part of his affirmative claim and LTD Financial Services did
On April 5, the Minnesota Department of Commerce issued guidance to the motor vehicle sales finance industry intended to clarify the types of entities that meet the definition of “sales finance company” under Minnesota law. The guidance solidified the Commerce Department’s stance that companies that purchase motor vehicle retail installment contracts must obtain a motor
On April 3, the Northern District of West Virginia issued an order denying Monitronics International, Inc.’s motion for summary judgment on multiple Telephone Consumer Protection Act grounds. In re Monitronics Int’l, Inc., No. 1:13-md-02493-JPB (N.D. W.Va. April 3, 2019). Monitronics sought summary judgment, claiming there was no evidence that it was the seller under
In a comprehensive report issued last week, the American Bankruptcy Institute Commission on Consumer Bankruptcy proposed recommendations that would allow student loans to be easier to discharge in bankruptcy, citing the staggering $1.5 trillion in student loan debt held in the United States and the current difficulties with discharging this type of debt in bankruptcy.
We are pleased to announce that Troutman Sanders attorney Sadia Mirza will be presenting during the iSMG Fraud & Breach Summit in Chicago. The summit will take place at the Convene Conference Center in Chicago, Illinois. The summit will focus on security topics such as fraud and breach prevention and on many key industry verticals