Lessons Learned and Best Practices in an Era of Heightened Government Scrutiny for the Industry October 29-30, 2015 – The Carlton Hotel – New York City We are pleased to announce that David N. Anthony, Partner at Troutman Sanders, will present “Protection of Consumer Financial Information Including Consumer Financial Privacy (FCRA and GLBA) Plus
CFPB to Hold Field Hearing on Arbitration in Denver on October 7, 2015
The Consumer Financial Protection Bureau has announced that it will be holding a field hearing on arbitration in Denver, Colorado on Wednesday, October 7 at 11:00 a.m. MDT.
The CFPB’s March 10, 2015 Consumer Arbitration Study has come under scrutiny from the financial services industry. Many believe the CFPB has already concluded that there are
Virginia’s Attorney General Promises Crackdown on Car-Title Loans
On September 11, Virginia Attorney General Mark Herring announced a crackdown on Virginia’s car-title loan industry. Car-title loans are made to borrowers who sign over their car titles as collateral, and are commonly made to individuals with poor credit histories in need of fast cash. Herring claims that such loans “are trapping a lot of
CFPB Appoints New Members to the Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council
On September 18, the Consumer Financial Protection Bureau announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council.
“These advisory bodies play a crucial role in ensuring that the Bureau is addressing the wide variety of perspectives in the consumer financial marketplace,” said CFPB Director
FTC Fines Texas Auto Dealer $82,777 for Violating Credit Reporting Requirements
A recent Federal Trade Commission settlement with an auto lender highlights two basic requirements under the Fair Credit Reporting Act for companies that furnish consumer information to consumer reporting agencies (CRAs): (1) furnishers are required by federal law to have written policies aimed to ensure the accuracy and integrity of the information supplied, and (2)
Trade Groups’ Comment Letters Urge CFPB to Fix Complaint Database Before Trying to Normalize Data
In response to the CFPB’s request for information (RFI) regarding “best practices” for normalizing the data in the Consumer Complaint Database, issued on June 30, 2015, the American Bankers Association (ABA) submitted a comment letter that argues any efforts made by the CFPB to “normalize” data in its consumer complaints database – that is,
FCC Continues to Expand Its TCPA Reach with E-Faxes
On August 28, the Federal Communications Commission issued a declaratory ruling holding that electronic faxes or “e-faxes” are covered by the Telephone Consumer Protection Act and the Junk Fax Protection Act. E-faxes are communications that originate as a fax, but are converted to electronic files during transmission and received as attachments to emails. This ruling
Upsurge in Car Lending Sends Total Auto Debt Above $1 Trillion for First Time
The Federal Reserve Bank of New York released its Household Debt and Credit Report this month. The report, which uses anonymous credit data to generate a nationally representative sample, found that consumers’ overall indebtedness increased $2 billion to $11.9 trillion in the second quarter of 2015.
This number was aided by the increased number of
California Supreme Court Upholds Validity of Standard Auto Sale Arbitration Clause
On August 3, to the relief of car dealerships and auto finance companies, the California Supreme Court upheld a standard arbitration clause from an automotive purchase agreement by a 6-1 majority decision in Sanchez v. Valencia Holding Co., LLC, which reversed both the trial court and Court of Appeal’s rulings invalidating the entire arbitration
Auto Finance, Credit/Debt Practices, and Identity Theft Top Consumer Protection Complaints
On July 29, the Consumer Federation of America and the North American Consumer Protection Investigators released their annual survey of consumer complaint data from state and local consumer agencies, which is based on 280,000 claims to thirty-seven agencies from twenty-one states and the District of Columbia.
Just as in 2013, the most common complaints arose