On February 12, the Data Broker Accountability and Transparency Act of 2014 was introduced in the United States Senate by Jay Rockefeller (D-W.Va.) and Edward Markey (D-Mass.) in an effort to lift the “veil of secrecy” behind data collection by ensuring accuracy and accountability for consumers. The legislation would empower the Federal Trade Commission to
The CFPB Extends the Comment Deadline for the Announced Notice of Proposed Rulemaking for the Debt Collection Industry
In a notice published in the January 14, 2014 Federal Register, the CFPB announced that it would be extending the comment deadline for the Announced Notice of Proposed Rulemaking (“ANPR”) that it issued on November 6, 2013 (discussed here). The ANPR seeks to modernize the Fair Debt Collection Practices Act (“FDCPA”) and will
Notable Win for Tribal Online Lenders
Tribal online lenders came away with a significant win in the California Court of Appeals this week in The People of the State of California v. Miami Nation Enterprises, et. al., Civ. No. B242644 (Cal. App. 2d Jan. 21, 2014). In Miami Nation, California’s Second Appellate Division affirmed the dismissal of a suit
National Association of Dealers Counsel (NADC) Annual Meeting
Troutman Sanders’ lawyers, Alan Wingfield and Paige Fitzgerald, will be attending the upcoming NADC Annual Meeting in Palm Beach, FL. NADC’s 10th Annual Member Conference will be held April 27-29, 2014 at the Four Seasons Resort in Palm Beach, Florida. The two day program will provide innovative ideas and valuable insight to meet the
CCN and TS Present – CFPB, State Regulators and Compliance
Credit and Collection News and Troutman Sanders’ Consumer Financial Services group present
“CFPB, State Regulators and Compliance”
Atlanta, GA
February 18-19, 2014
CCN and Troutman Sanders have created a seminar filled with rich and relevant content designed to meet the challenges of collecting in today’s economy, given the highly-regulated nature of the debt collection industry.
Ninth Circuit Holds that Plaintiff has Alleged Adequate Constitutional Standing Under FCRA Based on Claimed Statutory Violations
On February 4, 2014, the United States Court of Appeals for the Ninth Circuit reversed the decision of the district court, which had previously dismissed a lawsuit under the Fair Credit Reporting Act (FCRA) due to the plaintiff’s lack of Article III standing. If adopted more widely, the Ninth Circuit’s decision could create an additional
FTC Targets Deceptive Advertising of Sale, Finance and Lease Terms by Automotive Dealers
Following up its settlement with two automotive dealers in September 2013, the Federal Trade Commission (FTC) has continued its nationwide targeting of misrepresentations made in print, Internet and video advertisements that relate to the sale, financing and leasing of motor vehicles. The FTC alleged that these dealers’ advertisements falsely led consumers to believe they could
CFPB’s Mortgage Rules Take Effect Today
Most of the CFPB’s new mortgage rules take effect today, January 10, 2014. The CFPB has rejected congressional and financial industry’s repeated calls for a one-year mortgage regulation delay. However, Director Cordray expressed that, at least in the early days, the CFPB’s examiners will not be looking for compliance perfection but for a good faith
Large Credit Card Company to Pay $75 Million Over Deceptive Credit Card Practices
On December 23, 2013, a large credit card company was ordered by the Consumer Financial Protection Bureau (CFPB) and other federal agencies to pay $75 million in restitution and penalties based on allegations of a variety of illegal practices, including unfair billing and deceptive marketing of add-on products. The CFPB alleged that the company misled
CFPB Releases New Simpler Mortgage Disclosure Forms to Aid Consumers in Understanding Loan Process and Costs
The Consumer Financial Protection Bureau (CFPB) released a new rule on November 20, 2013, requiring simpler and more streamlined “Know Before You Owe” mortgage disclosure forms. The streamlined forms are designed to facilitate comparison shopping by consumers, to provide a more informed understanding of the fees and monthly payments associated with a potential loan, and