Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can
On March 15, the D.C. Council of the District of Columbia Committee of the Whole met in a full hearing, in part to hear amendments introduced to B24-0357 by Councilmember and Chair Phil Mendelson (D).
B24-0357 is the Protecting Consumers from Unjust Debt Collection Practices Amendment Act of 2021, and was raised by Mendelson in
On March 25, a huge sigh of relief was heard from businesses and organizations located throughout the United States and Europe after the U.S. and European Commission announced their agreement in principle on a new Trans-Atlantic Data Privacy Framework (Framework) to effectuate the cross-border transfer of personal data from the European Union (EU) to the
On March 18, the District Court for the Southern District of Texas entered an injunction against a credit repair organization, Turbo Solutions, Inc. d/b/a Alex Miller Credit Repair, and its owner Alex Miller for alleged violations of the FTC Act, Credit Repair Organizations Act (CROA), and the FTC’s Telemarketing Sales Rule (TSR). The complaint against
On March 17, the Financial Industry Regulatory Authority (FINRA) issued a notice, clarifying when chief compliance officers (CCOs) will face liability as supervisors under FINRA Rule 3110.[1] Under Rule 3110, member firms are required to designate individual supervisors and identify their responsibilities as a part of implementing an overall system to “achieve compliance with
Troutman Pepper has expanded its Consumer Financial Services Practice Group with the arrival of Lori Sommerfield and Kim Phan as partners in Washington, D.C. They join more than a dozen other attorneys who came to the firm earlier this year, including seven partners announced last month. Read more
Learn more about the new partners
On March 24, Governor Spencer J. Cox signed the Utah Consumer Privacy Act (UCPA), making Utah the fourth state in the country to adopt a comprehensive privacy law. The UCPA is set to take effect on December 31, 2023, and this law’s substantive requirements closely mirror the Virginia Consumer Data Protection Act (VCDPA). The UCPA
On March 24, the Eighth Circuit Court of Appeals issued an opinion, upholding separate district court decisions finding that a system that sends promotional text messages to phone numbers randomly selected from a database of customer information is not an automatic telephone dialing system (ATDS) under the Telephone Consumer Protection Act (TCPA). The concise
On March 22, the Virginia legislature sent HB1027 (Act) to the governor. If signed by April 11, the Act will impose the nation’s first registration requirement on sales-based financing providers and brokers.
Virginia would also be the third state to create commercial financing disclosure requirements applicable to sales-based financing, after New York and California. The
On March 22, California’s Fifth Appellate District Court of Appeals issued a decision on the availability of attorneys’ fees under the Federal Trade Commission’s (FTC) Holder Rule. This case follows recent FTC guidance and two decisions from California’s Second Appellate District Court of Appeals holding that the Holder Rule does not bar recovery of attorneys’