The United States District Court for the Eastern District of New York has dismissed a debtor’s claim that a collection letter stating “Non-interest Charges & Fees: $0.00” was misleading under the Fair Debt Collection Practices Act because an unsophisticated consumer could mistakenly believe that non-interest charges and fees might be added in the future. The
CFPB Orders First National Bank of Omaha to Pay $32 Million for Credit Card Add-On Products
On August 25, the Consumer Financial Protection Bureau ordered First National Bank of Omaha to pay more than $32 million for alleged unlawful credit card practices related to add-on products and services. In addition to a penalty of $4.5 million, the bank must provide $27.75 million in relief to nearly 257,000 consumers.
The CFPB’s order
Join Us at ACI’s 20th Advanced Global Legal and Compliance Forum on Privacy & Security of Consumer and Employee Information
We are pleased to announce that Troutman Sanders partner Ron Raether will be a featured speaker at the American Conference Institute’s 20th Advanced Global Legal and Compliance Forum on Privacy & Security of Consumer and Employee Information, taking place October 13-14 in San Francisco.
Ron will participate on a panel entitled “Big Data in
Join Us on November 3 for a Webinar on “The Ten Commandments to Avoid Lender Liability”
In good times and bad, one of the single largest legal risks for lenders is liability claims brought by borrowers. Either asserted defensively when the borrower is unable to repay, offensively when the borrower has suffered a loss in a transaction financed by the loan, or as in an entrepreneurial effort to recover money based
LendUp to Pay $6.3M in CFPB-California Deal
On September 27, LendUp, an online payday lending company based in San Francisco, entered into a Consent Order with the Consumer Financial Protection Bureau and the California Department of Business Oversight over allegations that LendUp violated the Consumer Financial Protection Act and Regulation Z of the Truth In Lending Act by
Illinois Appellate Court Reverses Ruling in Favor of Neiman Marcus in Background Check Case
On September 27, the Illinois Court of Appeals reversed a ruling in favor of Neiman Marcus, finding that the department store violated the Illinois Employee Credit Privacy Act, 820 ILCS 70/1 et seq., when it ran background checks on potential employees. The Act prohibits an employer from inquiring into a potential employee’s credit history,
Join Us at LEND360 in Chicago
We are pleased to announce that Troutman Sanders partner Keith Barnett will be a featured speaker at the LEND360 conference taking place October 5-7 in Chicago.
Keith will participate on a panel entitled “Regulatory Initiatives and Compliance for Payment Processing” on October 6. The panelists will discuss the current regulatory environment for online lenders and
NY Proposes Regulations Requiring Financial Services Companies to Implement Cyber Security Measures
On September 13, the New York Department of Financial Services issued proposed regulations that would require banks, insurance companies, and other financial services institutions to establish and maintain a cybersecurity program and to take other measures to protect against data breaches and cyber attacks.
Among the planned requirements, regulated financial institutions will be required to
Troutman Sanders Expands Financial Services Litigation Practice
We are pleased to announce that Andrew B. Buxbaum has joined the firm’s Financial Services Litigation practice as Of Counsel in the Richmond Office. He joins the firm from SunTrust Banks, Inc., where he was First Vice President & Senior Counsel of Substantial Litigation.
At SunTrust, Andrew managed major litigation, class actions, government investigations and
FTC Issues Staff Paper Focusing on Lead Generation
On September 15, the Federal Trade Commission published a staff paper providing its perspective on the lead generation business. Although the FTC recognized some of the advantages of lead generation, the paper was a clear warning to “unscrupulous actors in the lead generation industry” of potential consequences. The staff paper signals that the FTC is