Indiana Governor Eric Holcomb has issued an executive order “banning the box” for jobs within the executive branch. Effective July 1, applicants for employment in the executive branch will no longer be subject to inquiries about their criminal history at the initial application stage, unless the conviction for a specific crime would
House Thwarts CFPB’s Arbitration Rule
On July 25, the United States House of Representatives voted to repeal the Consumer Financial Protection Bureau’s latest arbitration rule.
As we reported previously, the CFPB issued a final rule banning class action waivers in arbitration provisions for covered entities, as well as requiring the covered entities to provide information to the
Join Us on August 10 for a Webinar on A Review of the New York Cybersecurity Framework
Join Troutman Sanders attorneys Shannon VanVleet Patterson and Sheila M. Pham for a complimentary webinar on August 10, 2017 from 3:00 – 4:00 p.m. ET.
On March 1, 2017, the revised Cybersecurity Requirements for Financial Services Companies adopted by the New York Department of Financial Services (“NY DFS”) became effective. This regulation requires banks, insurance
Financial Investment Company Named in Background Check Lawsuit
A nationwide financial investment firm was named on June 30 in a putative class action lawsuit filed in federal district court in Oregon. The case, filed by plaintiff Dustin Kampert, alleges the firm violated the Fair Credit Reporting Act in its background check process related to employment or, alternatively, procured consumer reports without a permissible
New Jersey Legislator Introduces Bill to Prevent Prepaid Account Fees
On June 8, Assemblyman Troy Singleton (D) introduced New Jersey Assembly Bill 4965, which, if enacted, would closely mirror the Consumer Financial Protection Bureau’s Prepaid Rule, but also would prohibit prepaid account issuers in New Jersey from charging a number of fees to prepaid account holders. Singleton co-sponsored a similar bill in 2012 that
CFPB Seeks Commentary on Proposed Changes to Prepaid Rule
The Consumer Financial Protection Bureau has issued a formal request for public commentary on proposed changes to the Prepaid Rule, which was issued in October 2016. According to the Bureau, the proposed changes address those concerns raised by prepaid card issuers about potential problem areas for compliance.
The Bureau’s suggested changes would adjust error resolution
District Court Allows FCRA Lawsuit Alleging Debt Collector’s Improper Acquisition of Credit Report to Proceed
A federal district court in Indiana has allowed a plaintiff’s claim that a debt collector improperly accessed her credit report to proceed because the debt collector did not claim the alleged debt arose from a credit transaction in its motion to dismiss the complaint.
Plaintiff Vivian Pigg incurred the alleged debt after defaulting on
Arbitration Rule Compliance Date Set for March 19, 2018
Financial institutions with arbitration clauses in consumer contracts are on the clock. The Consumer Financial Protection Bureau’s (CFPB) new Arbitration Rule was published in the Federal Register today, with an effective date of September 18, 2017 and a compliance date of March 19, 2018. Absent congressional action or successful litigation challenge, those financial institutions
Seventh Circuit Holds Rule 67 Tender of Full Relief Does Not Moot TCPA Class Action
In Campbell-Ewald Co. v. Gomez, 136 S.Ct. 663 (2016), the Supreme Court held that an unaccepted offer of full relief under Rule 68 to a named plaintiff was insufficient to moot class claims. However, the Supreme Court expressly left open the possibility of a “different result if a defendant deposits the full amount of
Join Us for a Complimentary Webinar: “A Review: The CFPB’s Rule on Arbitration and What It Might Mean for Your Company”
On Tuesday, July 18, from 2-3 p.m. ET, Troutman Sanders attorneys David Anthony, Cindy Hanson and Tim St. George will present a webinar examining the impact of the CFPB’s new July 10, 2017 rule that bans class action waivers in contracts involving consumer financial services and products, and which also imposes a number of other