Monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues
On April 22, the House of Representatives passed a bill requiring the Consumer Financial Protection Bureau to solicit input from several advisory boards and to cap the CFPB’s future funding.
H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards Act, was adopted in a 235-183 vote, after a House committee earlier adopted…
On March 26, the Federal Trade Commission conducted a media call regarding the completion of “Operation Ruse Control,” a joint effort targeting deceptive auto dealer practices involving approximately 252 enforcement actions executed by the FTC and approximately 30 other government agencies. During the media call, two individuals – Jessica Rich, Director of the…
Following up on the failure in 2014 to implement changes to the CFPB through legislative action, on March 5, U.S. Rep. Sean Duffy (R-Wis.) reintroduced a package of bills seeking to make changes to the CFPB’s leadership structure, how data is collected from consumers, and more.
Representative Duffy is the Chairman of the House Financial…
As anticipated, yesterday the CFPB announced the release of its report to Congress following the CFPB’s study of arbitration agreements in connection with offering or providing consumer financial products or services. According to the CFPB, the study’s results “indicat[e] that arbitration agreements restrict consumers’ relief for disputes with financial service providers by limiting class…
On March 10, the CFPB will hold a field hearing on arbitration at 11 a.m. in Newark, New Jersey.
The event will include remarks by Richard Cordray, head of the Consumer Financial Protection Bureau, and will be held at the J. Harry Smith Lecture Hall at Essex Community College, 303 University Avenue. Tomorrow’s field hearing…
A recent decision of the Northern District of Ohio, Vantu v. Echo Recovery, L.L.C., held that a repossession agency, while generally not subject to liability under the Fair Debt Collection Practices Act, becomes subject to such liability when it undertakes to repossess collateral that it does not have a present right to possess.
This case…
Several attorneys from Troutman Sanders attended this week’s meeting of the National Association of Attorneys General in Washington, during which Richard Cordray, Director of the Consumer Financial Protection Bureau and former Ohio Attorney General, provided an overview of the four obstacles that, in his view, “interfere with justice and dignity for consumers.” He referred to…
On February 23, legislation was introduced in the West Virginia Senate to amend the state’s Consumer Credit Protection Act. Senate Bill 542 would revise sections 46A-2-121, -122, -125, -126, and -128, sections 46A-5-101 and -106, and add new section 46A-5-107.
Among these proposed changes, the Bill seeks to:
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We’ve been reporting for almost two years now on federal regulators’ attempts to use an effects-based test for discrimination – disparate impact – to fundamentally alter the auto sales and finance industries, and how those efforts have consistently gained steam from late 2013 through to more recent times. We’ve also reported on challenges to…
On February 17, the Court in United States of America v. Dish Network, LLC reconsidered a portion of its opinion granting partial summary judgment for the United States for tens of millions of calls made by Dish Network in violation of state and federal telemarketing laws. The Court found that it erred by determining liability…
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