The Safeguards Rule of the Gramm-Leach-Bliley Act of 1999 requires financial institutions to implement security programs in order to keep customer information secure. The Safeguards Rule also extends contractually to affiliates and/or service providers of those financial institutions, including possibly “finders” (i.e., entities charging a fee to connect consumers looking for loans to lenders).
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On April 22, 2020, Troutman Sanders attorneys, Maryia Jones and Stephen J. Steinlight, will serve again on the faculty for their webinar series by Lorman Educational Services entitled, “Collection Disputes: A Good Defense Is the Best Offense.”
The credit and collection industry remain under an increased scrutiny from regulators and legislators and
On March 6, the Federal Trade Commission filed a complaint in the United States District Court for the District of Colorado against BoostMyScore LLC (“Boost”), BMS, Inc., and William O. Airy – the principal operator of both Boost and BMS. The complaint alleges that the defendants violated the FTC Act, Credit Repair Organizations Act, and
On February 26, the Consumer Financial Protection Bureau added ten FAQs concerning lender credits to its TILA-RESPA Integrated Disclosures (“TRID”) FAQs resource.
The new lender credit FAQs appear to be consistent with the industry’s current practices for managing and disclosing lender credits. They address topics such as:
The Federal Trade Commission’s Bureau of Consumer Protection division recently issued a staff perspective paper on the consumer protection issues facing small business financing. The paper follows the agency’s “Strictly Business” forum, held in May 2019, which examined trends in the marketplace, including online loans and alternative financing products. “The agency remains committed to protecting
On February 24, Judge Dale Kimball of the United States District Court for the District of Utah granted in part and denied in part a defendant debt collector’s motion for judgment on the pleadings. Plaintiffs Karl Buhler and Reginald Benoit, two Utah residents, filed a lawsuit against BCG Equities (BCG), claiming that it violated
In many of the settlement agreements and stipulated orders in the FTC’s recently released 2019 Privacy and Data Security Update, the FTC repeatedly imposed a set of uniform mandates for businesses to implement following a data breach. Businesses subject to the new California Consumer Privacy Act may be able to use this mandate to
Applying the definition of an automatic telephone dialing system required by the recent Eleventh Circuit decision Glasser v. Hilton Grand Vacations Co., LLC, Judge Charlene Honeywell from the United States District Court for the Middle District of Florida held in Northrup v. Innovative Health Ins. Partners, LLC, et al., that the Twilio
Ever steadfast in its mission to provide market transparency, this month the Financial Industry Regulatory Authority, Inc. announced the launch of a “targeted examination” of the sales practices of investment firms that claim to charge “zero commissions” on client trades, and “the impact that not charging commissions has or will have on the [f]irms’ order
On February 27, 2020, the United States Court of Appeals for the Ninth Circuit issued its decision in Ramirez v. TransUnion LLC, a class-action case watched closely by consumer reporting agencies and other persons regulated by the Fair Credit Reporting Act (“FCRA”). In Ramirez, the Court held for the first time that all