Senator Jerry Moran (R-Kan.) recently introduced a resolution to overturn guidance promulgated by the Consumer Financial Protection Bureau in 2013. The resolution seeks to invalidate the Bureau’s guidance under the Congressional Review Act, the same statute that permitted Congress to overturn the arbitration rule.
The guidance at issue is the CFPB’s highly
We are pleased to announce that Troutman Sanders partner Ashley Taylor will participate in a webinar hosted by the American Bar Association on “Abusive Car Loan and Sale Practices: Scope and Potential Remedies to Strengthen Consumer Protections” The event will take place on March 22, 2018 from 1 p.m. – 2:30 p.m. ET.
Today, there
BMW Financial Services N.A. has agreed to settle claims brought by the U.S. Department of Justice that the company violated federal law by failing to refund portions of up-front lease payments made by servicemembers who terminated their leases early due to military obligations. Under the agreement, BMW will pay more than $2 million to affected
On February 6, the Conference of State Bank Supervisors (“CSBS”) announced that seven states have entered into a compact that should streamline the process of applying for state money transmitter licenses.
Moving forward, the participating states– Georgia, Illinois, Kansas, Massachusetts, Tennessee, Texas, and Washington – will accept each other’s findings regarding certain “key elements of
A Roanoke City Circuit Court judge recently ordered a defendant to pay nearly $160,000 to two plaintiffs for violations of the Virginia Consumer Protection Act (“VCPA”) in a dispute over a wrecked car worth no more than $9,300.
In Hughes v. Robert Young Auto & Truck, Inc., No. CL16-1364, the plaintiffs, a married North
The deadline for motor vehicle dealer compliance with the Federal Trade Commission’s revised Used Car Rule is rapidly approaching. The January 28, 2018 compliance date imposed by the FTC requires dealers, as of that date, to use the agency’s revised window sticker, known as the “Buyers Guide,” on all used vehicles offered for public sale.
2017 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation and forthcoming changes from the Trump Administration, Troutman Sanders is uniquely positioned to help its clients find successful resolutions and stay ahead of the compliance curve.
In this report, we share developments on consumer
The Moore v. Rite Aid Headquarters Corp. case has a long history of addressing significant questions regarding an employer’s adverse action responsibilities under the Fair Credit Reporting Act. That history recently ended in the District Court for the Eastern District of Pennsylvania, with a dismissal of Moore’s claims and a denial of her motion for
On December 12, a federal judge dismissed a challenge to the Office of the Comptroller of the Currency’s proposal to issue special purpose national bank charters to financial technology firms, finding that the plaintiff – the New York State Department of Financial Services – lacks standing and that the claims asserted are not ripe because
On December 8, the United States Supreme Court agreed to decide whether the tolling rule adopted in American Pipe & Construction Co. v. Utah – i.e., that the filing of a class action tolls the limitations period for a purported class member’s individual claims – permits a previously absent class member to bring a