On January 27, 2014, the Consumer Financial Protection Bureau (CFPB) published a three-page consumer advisory to help consumers protect themselves in the wake of the recent breaches of payment card and other data. The advisory encourages card holders to submit complaints about issuers’ inadequate responses to disputes related to data breaches. It also contains information
FTC Commissioner Advocates for New Data Broker Legislation
In a lecture at Princeton University last week entitled “Big Data and Consumer Privacy: Addressing Challenges and Finding Solutions,” the Federal Trade Commission’s Julie Brill joined others in calling for Congress to enact new legislation covering data brokers, in particular to improve commercial privacy laws regarding how and what personal information is collected.
Commissioner Brill
Third Circuit Exposes Furnishers to Significant FCRA Liability
In a published opinion on February 21, 2014, a unanimous panel of the Third Circuit in Seamans v. Temple University held that, even if information provided by a furnisher in response to a consumer’s dispute received from a consumer reporting agency (CRA) is technically correct, it may nonetheless be inaccurate in violation of the Fair
CFPB’s Consumer Advisory Board Meeting to Discuss Credit Reporting Market
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
North Carolina Begins Taxing Service Contracts
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
Payday Lenders and Banks Investigated by Justice Department
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
Bill Targeting Data Brokers Introduced in the Senate
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
The CFPB Extends the Comment Deadline for the Announced Notice of Proposed Rulemaking for the Debt Collection Industry
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
Notable Win for Tribal Online Lenders
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
National Association of Dealers Counsel (NADC) Annual Meeting
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