The Bureau of Consumer Financial Protection (“CFPB”) and Conduent Education Services, LLC (“CES”), a student loan servicing company formerly operating as ACS Education Services, reached a $3.9 million deal for the company’s alleged failure to provide accurate balances on more than 200,000 student loans.
The CFPB found that CES engaged in unfair practices that violated
On May 7, Sen. Ted Cruz (R-Tex.) announced that he is reintroducing a bill titled the “Repeal CFPB Act” which would eliminate the Consumer Financial Protection Bureau. This represents the third time that Cruz has attempted to introduce a bill in the Senate that would eliminate the CFPB. In 2015 and 2017 the
A bipartisan group of attorneys general from thirty-eight states have signed on to a letter backing the Secure and Fair Enforcement (“SAFE”) Banking Act – H.R. 1595 – as it moves toward the floor of the House of Representatives.
Thirty-three states plus the District of Columbia, Puerto Rico, and Guam have legalized marijuana for medical
On April 29, New Jersey’s governor signed into law bill A4997, known as the Mortgage Servicers Licensing Act. As the title indicates, the Act creates a licensing regime for servicers of residential mortgage loans secured by real property within New Jersey. As with many state licensing regimes, the Act exempts most banks and
We are pleased to announce that Troutman Sanders attorney Ron Raether will be presenting during the iSMG Fraud & Breach Summit in Seattle. The summit will take place at The W in Seattle, Washington. The summit will focus on security topics such as fraud and breach prevention and on many key industry verticals such as
We are pleased to announce that Troutman Sanders attorney David Anthony will be presenting at the Consumer Data Industry Association Law & Industry Conference at the Covington & Burling, LLP office in Washington, DC. David will be a panelist on the subject matter, “Managing Risk in an Always Changing Litigation & Enforcement Environment” on June
Federal Trade Commissioner Christine Wilson said that federal privacy laws should preempt state privacy laws that have been unworkable for businesses. While Congress considers drafting a federal online privacy law, all five commissioners have supported new rulemaking and enforcement authority.
At an American Enterprise Institute event in Washington, Wilson pointed to California’s new privacy law
A fight over a receipt for chocolate could end up in the Supreme Court. The Eleventh Circuit affirmed a $6.3 million settlement between Godiva Chocolatier, Inc. and a class of plaintiffs who alleged that Godiva violated the Fair and Accurate Credit Transactions Act by printing too many digits of the plaintiffs’ credit cards on their
On May 2, the Financial Industry Regulatory Authority announced a new proposal targeting brokerage firms with questionable disciplinary histories. In a Regulatory Notice released on its website, FINRA announced that it is considering a plan to require member firms with a high number of registered representatives with disciplinary histories to pay into a fund that
On May 6, a Ninth Circuit panel held that the Consumer Financial Protection Bureau’s single-director structure does not violate the Constitution, rejecting a California law firm’s argument that it should not be required to comply with a civil investigative demand issued by the agency.
The CFPB issued the CID to Seila Law as part of