In a September 19 speech at the Federal Communications Bar Association in Washington, FTC Acting Chairman Maureen K. Ohlhausen stated that the Commission should focus on addressing instances of “substantial consumer injury” in deciding which cases to pursue. Echoing (intentionally or not) the language of the Supreme Court’s foundational decision in Spokeo, Inc. v. Robins
CFPB Takes Action Against Zero Parallel LLC for Issuing Allegedly Illegal Payday Loans
On September 5, the Consumer Financial Protection Bureau signed a consent order against payday and installment loan company Zero Parallel LLC and its president and primary owner for acts the CFPB alleged were unfair, deceptive, and abusive. The order concludes the matter initiated by a complaint filed against the owner of Zero Parallel and another
CFPB Files Suit Against Litigation Loan Company
On September 19, the Consumer Financial Protection Bureau filed a complaint, together with a proposed consent order, against Top Notch Funding II, LLC, Rory Donadio, and John “Gene” Cavalli, alleging that the defendants engaged in deceptive practices in offering loans to consumers who are awaiting payments from settlements or victim compensation funds. These
Bill to Cap FCRA Liability Gets Hearing Before Congressional Subcommittee
This past May, Rep. Barry Loudermilk (R-Ga.) introduced H.R. 2359, the FCRA Liability Harmonization Act, which would cap class action damages in Fair Credit Reporting Act claims at $500,000 or one percent of the defendant’s net worth, whichever is less, and eliminate punitive damages. Such changes would align the Fair Credit Reporting Act with numerous
Eleventh Circuit Weighs In on DPPA Remedies Provision
In Ela v. Kathleen Destefano, the Eleventh Circuit recently commented on the remedies provision of the Driver’s Privacy Protection Act (“DPPA”), holding that the liquidated damages provision does not apply to individual violations of the statute in instances where multiple violations are alleged.
As background, plaintiff Theresa Ann Ela sued Kathleen Destefano, an Orange
Second Circuit Affirms Dismissal of FACTA Class Action Against Donna Karan for Lack of Standing
On September 20, the Second Circuit Court of Appeals in Katz v. The Donna Karan Company, LLC, affirmed the lower court’s dismissal of a Fair and Accurate Credit Transactions Act putative class action for failure to establish a concrete injury sufficient to maintain Article III standing to bring suit.
As we previously reported,
Join Us for a Complimentary Webinar: “Litigators Discuss the Current State of Individual and Class Action Consumer Mortgage Claims”
On Thursday, October 5th, from 2-3 p.m. ET, Troutman Sanders attorneys John Lynch, Jon Hubbard and Mohsin Reza will present a webinar discussing trends in consumer mortgage litigation across the country and major decisions in individual and class actions involving ECOA, FHA, RESPA, TILA, FCRA, FDCPA, and state mortgage and consumer protection laws. The webinar
Join Us for a Webinar on October 18: Privacy and GDPR – What It Means for Your Company
Join Troutman Sanders for a webinar on October 18, 2017 from 3:00 – 4:00 p.m. ET. During the webinar, the presenters will discuss the European Union’s upcoming General Data Protection Regulation (GDPR) and what it means for your company. The speakers will cover the basics of the GDPR and its impact on key departments and
State Attorneys General of 41 States Subpoena Opioid Manufacturers and Distributors
In response to the nationwide opioid crisis, forty-one state attorneys general issued subpoenas to five opioid drug manufacturers and three drug distributors this week. New York Attorney General Eric Schneiderman made the first public announcement of the multistate investigation. The subpoena demands information and documentation from the manufacturers and distributors regarding prescription opioid drugs as
CFPB Issues First No-Action Letter to Online Lender Using Alternative Data
On Thursday, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued its first no-action letter to Upstart Network, Inc., an online lender. The no-action letter green-lights the lender’s use of alternative data in marketing and pricing decisions. In exchange, Upstart will report lending and compliance information to the CFPB.
UPSTART’S MODEL
California-based Upstart provides an