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
Join Us for the Credit and Collection News Annual Creditor Grantor Consortium in Washington, DC
We are pleased to announce that Troutman Sanders partners Ashley Taylor and David Anthony will be featured speakers at the upcoming Credit and Collections News (CCN) Annual Creditor Grantor Summit. The conference will be held August 14-16, 2017 at the Ritz-Carlton in Georgetown, Washington, DC.
Ashley will speak on a panel entitled “Working with Your
Join Us on August 17 for a Clear Law Institute Webinar “Game of Phones: Current Trends in Collection Calls under the TCPA, FDCPA, and other Regulatory Frameworks”
Join Troutman Sanders attorneys James Trefil and Jonathan Floyd for a webinar hosted by the Clear Law Institute on August 17 from 1:00 – 2:15 p.m. In this webinar, you will learn to navigate the various layers of rules and regulations that govern the use of debt collection telephone calls. This presentation will focus on
District Court Approves $1.53M Settlement Between CFPB and Credit Repair Companies in Telemarketing Sales Rule Lawsuit
On June 27, the Consumer Financial Protection Bureau announced it had filed two consumer protection lawsuits against four credit repair companies and three executives for allegedly misleading consumers and charging improper advance fees. On that same day, the CFPB filed corresponding stipulated final judgments providing for approximately $2 million in penalties against the named defendants.
Fifth Circuit Affirms FDCPA Violation Where Debt Collector Failed to Mark Account as Disputed
The Fifth Circuit Court of Appeals recently affirmed summary judgment on a Fair Debt Collection Practices Act claim in favor of a debtor, finding that the debt collector violated the FDCPA when it failed to mark the debtor’s account as “disputed” when the collector reported the account to the bureaus.
Plaintiff Robert Sayles sued Advanced
CFPB Issues Rule Banning Class Action Waivers In Arbitration Provisions
On July 10, 2017, the Consumer Financial Protection Bureau issued its long-awaited final rule banning class action waivers in arbitration provisions for covered entities, as well as requiring the covered entities to provide information to the CFPB regarding any efforts to compel arbitration. This rule is of significance to any financial services company that utilizes
Debt Collector Prevails by Using Safe Harbor Language on Letters in Current Balance Case
In dismissing a claim against a debt collector, brought under the Fair Debt Collection Practices Act, the U.S. District Court for the Eastern District of Wisconsin found that language used by the debt collector clearly informing the consumer that interest and fees would continue to accrue on the balance did not violate the
FTC and International Consumer Protection Agencies Announce Website Revamp
Partnering with the Federal Trade Commission, the International Consumer Protection and Enforcement Network (“ICPEN”) recently unveiled significant enhancements to its online portal – www.icpen.org – designed to help members identify and respond to consumer challenges crossing international borders.
ICPEN is a network of consumer protection agencies from over 60 countries that strives to protect consumers