On February 26-27, the Consumer Advisory Board (CAB) will be meeting in Washington, D.C., on a variety of topics, including the credit reporting market and managing consumer credit.
Richard Cordray will speak at a public session of CAB on February 27, where he is expected to focus on protecting consumer credit profiles. There will
The North Carolina Department of Revenue has issued a directive explaining new legislation that took effect January 1, 2014, that imposes sales tax at a rate of 4.75 percent on certain service contracts that previously were treated as non-taxable.
Under North Carolina law, service contracts are defined as warranty agreements, maintenance agreements, repair contracts, and
Banks have recently come under fire from federal and state regulators and prosecutors. In late 2013, the Justice Department launched “Operation Choke Point,” an initiative that is scrutinizing banks to crack down on lucrative relationships they have with predatory lenders and unscrupulous online merchants. The Justice Department is investigating whether some banks, because of significant
On February 12, the Data Broker Accountability and Transparency Act of 2014 was introduced in the United States Senate by Jay Rockefeller (D-W.Va.) and Edward Markey (D-Mass.) in an effort to lift the “veil of secrecy” behind data collection by ensuring accuracy and accountability for consumers. The legislation would empower the Federal Trade Commission to
In a notice published in the January 14, 2014 Federal Register, the CFPB announced that it would be extending the comment deadline for the Announced Notice of Proposed Rulemaking (“ANPR”) that it issued on November 6, 2013 (discussed here). The ANPR seeks to modernize the Fair Debt Collection Practices Act (“FDCPA”) and will
Tribal online lenders came away with a significant win in the California Court of Appeals this week in The People of the State of California v. Miami Nation Enterprises, et. al., Civ. No. B242644 (Cal. App. 2d Jan. 21, 2014). In Miami Nation, California’s Second Appellate Division affirmed the dismissal of a suit
Troutman Sanders’ lawyers, Alan Wingfield and Paige Fitzgerald, will be attending the upcoming NADC Annual Meeting in Palm Beach, FL. NADC’s 10th Annual Member Conference will be held April 27-29, 2014 at the Four Seasons Resort in Palm Beach, Florida. The two day program will provide innovative ideas and valuable insight to meet the
CCN and Troutman Sanders have created a seminar filled with rich and relevant content designed to meet the challenges of collecting in today’s economy, given the highly-regulated nature of the debt collection industry.
On February 4, 2014, the United States Court of Appeals for the Ninth Circuit reversed the decision of the district court, which had previously dismissed a lawsuit under the Fair Credit Reporting Act (FCRA) due to the plaintiff’s lack of Article III standing. If adopted more widely, the Ninth Circuit’s decision could create an additional
Following up its settlement with two automotive dealers in September 2013, the Federal Trade Commission (FTC) has continued its nationwide targeting of misrepresentations made in print, Internet and video advertisements that relate to the sale, financing and leasing of motor vehicles. The FTC alleged that these dealers’ advertisements falsely led consumers to believe they could