On January 9, 2017, the Consumer Financial Protection Bureau (CFPB) entered a Consent Order against Works & Lentz, Inc., Works & Lentz of Tulsa, Inc., two medical debt collection law firms, and their president, Harry A. Lentz, Jr., for the defendants’ violations of the Fair Debt Collection Practices Act (FDCPA) and the Furnisher Rule (Regulation
OCC Releases Semiannual Risk Perspective – January 2017
The Office of the Comptroller of the Currency’s National Risk Committee, which is tasked with monitoring the overall condition of the federal banking system and any emerging threats to the system’s safety and soundness, released its “Semiannual Risk Perspective for Fall 2016” on January 5. Using data from the first half of 2016, the publication
TransUnion Agrees to Settlement with CFPB
Late last year, TransUnion agreed to pay approximately $17 million as part of a settlement with the Consumer Financial Protection Bureau in connection with TransUnion’s advertising and marketing practices. The settlement stems from a civil investigative demand that addressed TransUnion’s common industry practices relating to the advertising, marketing, and sale of consumer reports, credit scores,
CFPB and Dodd-Frank in Republicans’ Crosshairs
On February 3, President Trump signed an executive order directing the Treasury Secretary to review the Dodd-Frank Wall Street Reform and Consumer Protection Act. Trump earlier characterized Dodd-Frank as “a disaster” and said that his administration would work to cut “a lot out of” the 2010 law.
House Financial Services Committee Chairman Jeb Hensarling (R-Tex.)
Join Us on February 22 for a Complimentary Webinar on Bankruptcy and Debt Collection – Latest Trends and Developments
Debt collection is becoming an increasingly regulated industry and the CFPB has signaled its intention to further regulate the industry by extending regulations to first party creditors. Please join Troutman Sanders Partner David N. Anthony and Of Counsel Andrew B. Buxbaum for a complimentary webinar for a discussion of debt collection issues including how debt
Join Us on February 22-24 for the NACHA Payments Innovation Alliance Meeting in Los Angeles
We are proud to announce that Troutman Sanders partner Keith Barnett will be a featured speaker at the upcoming National Automated Clearing House Association’s (NACHA) Payments Innovation Alliance Meeting at the Omni Los Angeles Hotel at California Plaza on February 24.
Keith will speak on a panel titled, Regulatory Landscape for 2017 – What Can
Join Us on February 9 for the ETA & BAFT for International Payments Policy Day in Washington, DC
We are proud to announce that Troutman Sanders partner Keith Barnett will be a featured speaker at the upcoming Electronic Transactions Association (ETA) and Bankers Association for Finance and Trade (BAFT) International Payments Policy Day, “A New World: The Changing Policy Landscape for International Payments and Financial Technology,” at the Washington, DC offices of Troutman
Virginia AG Reaches Settlement Agreement with CashCall
On January 31, Virginia Attorney General Mark Herring announced a settlement with CashCall, Inc. over allegations that the company illegally deceived borrowers and collected interest in excess of legal rates.
According to the press release, the A.G.’s Office alleged that CashCall violated Virginia’s usury, lending, and licensure laws by entering into an arrangement in
Blue Shield Avoids Potential TCPA Class Action Liability in Prerecorded Phone Call Case
A judge in California recently dismissed a putative Telephone Consumer Protection Act class action against Blue Shield of California, an insurance provider. In Smith v. Blue Shield of California Life & Health Insurance Co. (C.D. Cal.), the judge found that the telephone call at issue was, as a matter of law, not the type of
2016 Consumer Financial Services Year in Review and a Look Ahead
This year is sure to be a transformative one for the consumer financial services world. As we navigate an unprecedented volume of industry regulation and forthcoming changes from a new administration, Troutman Sanders is uniquely positioned to help its clients find successful resolutions and stay ahead of the compliance curve.
We are honored to have