On June 9, Representative Matt Salmon (R-AZ) introduced legislation to impose new requirements on how the Consumer Financial Protection Bureau makes consumer complaints public in the Consumer Complaint Database. According to Salmon, the Consumer Financial Protection Bureau (“CFPB”) Data Accountability Act “would improve the current database by requiring the CFPB to verify the
Join Us for the ACI Consumer Finance Class Actions & Litigation Conference in Chicago
We are pleased to announce that Troutman Sanders partner John Lynch will be a featured speaker at the American Conference Institute’s 26th National Conference on Consumer Finance Class Actions & Litigation on July 29, 2016 at the Omni Chicago Hotel.
John will participate in a panel entitled, “The Telephone Consumer Protection Act (TCPA): Litigation
CFPB Issues Update to Its Supervision and Examination Manual
On June 22, 2016, the Consumer Financial Protection Bureau (“CFPB”) issued its third update to its exam procedures for mortgage servicers. In its press release, the CFPB stated that mortgage servicers should “note a greater emphasis” on complaint handling, responses to requests by borrowers, and fair lending issues. According to the CFPB, the update
CFPB Releases “Know Before You Owe” Guide for Auto Purchases
The Consumer Financial Protection Bureau (“CFPB”) has released an “auto loan shopping sheet” and other online resources as part of its “Know Before You Owe” initiative, which aims to assist consumers with comparison shopping and financing auto purchases. The initiative “walks consumers through each step of the auto finance process to help them
Final Days of Payday? CFPB Proposes Update to Payday Lending Rule
On June 2, the Consumer Financial Protection Bureau released a newly proposed rule that, if enacted, will place new burdens on lenders who offer consumers payday loans, auto title loans, and other short-term, small-dollar loans.
Overview
The proposed rule will require lenders to inquire about the loan applicant’s income and expenses by conducting a “full-payment”
CFPB Will Appeal Decision Blocking its Investigation into College Accreditation Organization
In a case that looks at the statutory bounds of the Consumer Financial Protection Bureau’s investigative authority, the CFPB announced that it plans to appeal a federal district court decision denying the agency’s request to enforce a civil investigative demand, or “CID”.
In August 2015, the CFPB issued a CID to the Accrediting Council for
Vermont Executes Assurance of Discontinuance with Payday Lender Payment Processor
On May 19, 2016, the Vermont Attorney General announced that it had executed an Assurance of Discontinuance with a payment processor arising out of the Attorney General’s allegation that the payment processor violated a Vermont state statute prohibiting unfair and deceptive practices when the processor processed payments for dozens of payday lenders who did not
New Putative Class Action Challenges FCRA Disclosure Form
A new putative class action against Petco Animal Supplies Inc. was filed in the U.S. District Court for the Southern District of California. The complaint challenges Petco’s form of disclosure for employment background checks.
“By embedding its purported disclosure in an employment application and including extraneous information within and around the disclosure, defendant disregarded
Connecticut Becomes Latest State to “Ban the Box”
On June 1, Connecticut Governor Dan Mallory signed the Fair Chance Employment Act (CT HB 5237) into law. The statute, like other “ban the box” laws nationwide, prohibits covered employers from asking about an applicant’s criminal history on an initial employment application.
Under the Act, “employers” are broadly defined to mean “any person engaged in
Minnesota Attorney General Sues Company for Deceptive Sales
On June 9, Minnesota Attorney General Lori Swanson filed a lawsuit against Your Magazine Service, Inc., a Minnesota corporation, and the corporation’s owner, Wayne R. Dahl, Jr., alleging that the company used deceptive sales tactics to sign up customers for magazine subscriptions.
According to the suit, the company would call individuals who had purchased