On August 1, the United States Court of Appeals for the Ninth Circuit issued an opinion rejecting federal jurisdiction under the Class Action Fairness Act (CAFA) and the National Banking Act for a lawsuit filed by the Attorney General of Hawaii on behalf of state residents (sometimes called a parens patriae suit) against financial companies…

The annual Auto Finance Summit is quickly approaching and their roster and agenda look superb. AutoFinanceSummit.com describes this year’s event:

“Sharing insights and innovations make it more than the industry’s premier event, it’s your annual opportunity to meet, network and learn from the best. This conference has grown into the “can’t miss” event of the

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According to a recent study by the U.S. Government Accountability Office, the financial data gathered by the Consumer Financial Protection Bureau on 25 million to 75 million U.S. credit cardholders is not safe enough.  As part of its government mandate, the GAO examined laws, regulations, and contracts pertaining to the CFPB’s data collection methodologies, risk…

On Monday, October 20, 2014, Rhode Island Attorney General and NAAG Consumer Protection Committee Chair Peter Kilmartin and North Dakota Attorney General and NAAG Consumer Protection Committee Vice Chair Wayne Stenehjem extend a public invitation to attend the 2014 Fall Consumer Protection Seminar in Providence, Rhode Island. Several members of our Troutman Sanders’ State Attorneys…

As we previously discussed here, on September 18 the Consumer Financial Protection Bureau conducted a field hearing in Indianapolis.  Aside from opening remarks from CFPB Director Richard Cordray himself, the hearing also consisted of a panel discussion of industry participants (including representatives from the NADA, the Consumer Bankers’ Association, and the American Financial Services…

The Consumer Financial Protection Bureau, under fire from both industry and Congressional constituencies for using unexplained statistical methodologies to reach conclusions that auto lenders have engaged in unlawful credit discrimination, issued a report on September 17 that provided details of its methodologies and argued for their validity.

The CFPB and other federal regulators have generally…

The Consumer Financial Protection Bureau, through its announcement on September 17 of the “larger participant” rule for auto lenders, has made clear that it intends to tighten its regulatory grip on the auto lending industry in the United States.  In a separate special “Supervisory Highlights” report, also issued on September 17,…

On September 17, the Consumer Financial Protection Bureau issued proposed regulations that amend the CFPB’s existing regulations defining “larger participants” of consumer financial products it supervises by adding a new section to define larger participants of a market for automobile financing.  The CFPB explains that the approximately 38 nonbank larger participants that would be captured…

The CFPB recently announced via blog post that it will hold a “field hearing” on auto finance in Indianapolis on September 18 at 11:00AM.  The announcement indicates that additional details will follow, but that the hearing will include remarks from CFPB Director Richard Cordray, and that consumer groups, industry representatives, and the public are invited…

On September 10, Congresswoman Maxine Waters released a draft proposal entitled “Fair Credit Reporting Improvement Act of 2014” that, if passed, could lead to fundamental changes in the credit reporting industry.

According to the published summary of the key provisions of the proposed legislation, the legislation would alter various aspects of credit reporting in favor…