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A nationwide financial investment firm was named on June 30 in a putative class action lawsuit filed in federal district court in Oregon.  The case, filed by plaintiff Dustin Kampert, alleges the firm violated the Fair Credit Reporting Act in its background check process related to employment or, alternatively, procured consumer reports without a permissible…

On June 8, Assemblyman Troy Singleton (D) introduced New Jersey Assembly Bill 4965, which, if enacted, would closely mirror the Consumer Financial Protection Bureau’s Prepaid Rule, but also would prohibit prepaid account issuers in New Jersey from charging a number of fees to prepaid account holders.  Singleton co-sponsored a similar bill in 2012 that …

The Consumer Financial Protection Bureau has issued a formal request for public commentary on proposed changes to the Prepaid Rule, which was issued in October 2016.  According to the Bureau, the proposed changes address those concerns raised by prepaid card issuers about potential problem areas for compliance. 

The Bureau’s suggested changes would adjust error resolution …

A federal district court in Indiana has allowed a plaintiff’s claim that a debt collector improperly accessed her credit report to proceed because the debt collector did not claim the alleged debt arose from a credit transaction in its motion to dismiss the complaint.

Plaintiff Vivian Pigg incurred the alleged debt after defaulting on …

Financial institutions with arbitration clauses in consumer contracts are on the clock. The Consumer Financial Protection Bureau’s (CFPB) new Arbitration Rule was published in the Federal Register today, with an effective date of September 18, 2017 and a compliance date of March 19, 2018. Absent congressional action or successful litigation challenge, those financial institutions…

In Campbell-Ewald Co. v. Gomez, 136 S.Ct. 663 (2016), the Supreme Court held that an unaccepted offer of full relief under Rule 68 to a named plaintiff was insufficient to moot class claims.  However, the Supreme Court expressly left open the possibility of a “different result if a defendant deposits the full amount of …

On Tuesday, July 18, from 2-3 p.m. ET, Troutman Sanders attorneys David Anthony, Cindy Hanson and Tim St. George will present a webinar examining the impact of the CFPB’s new July 10, 2017 rule that bans class action waivers in contracts involving consumer financial services and products, and which also imposes a number of other …

We are pleased to announce that Troutman Sanders partners Ashley Taylor and David Anthony will be featured speakers at the upcoming Credit and Collections News (CCN) Annual Creditor Grantor Summit.  The conference will be held August 14-16, 2017 at the Ritz-Carlton in Georgetown, Washington, DC.

Ashley will speak on a panel entitled “Working with Your…

Join Troutman Sanders attorneys James Trefil and Jonathan Floyd for a webinar hosted by the Clear Law Institute on August 17 from 1:00 – 2:15 p.m. In this webinar, you will learn to navigate the various layers of rules and regulations that govern the use of debt collection telephone calls. This presentation will focus on…

On June 27, the Consumer Financial Protection Bureau announced it had filed two consumer protection lawsuits against four credit repair companies and three executives for allegedly misleading consumers and charging improper advance fees.  On that same day, the CFPB filed corresponding stipulated final judgments providing for approximately $2 million in penalties against the named defendants.…