On March 28, the Consumer Financial Protection Bureau released its monthly complaint snapshot, with a specific focus on credit cards. Since its inception in July 2011, the Bureau has handled 1,136,000 consumer complaints across all products, with 116,200 complaints related to credit cards. The CFPB received 26,300 complaints in February 2017, with 2,299 of those
Consumer Protection Remains Stated Focus of Washington AG
A recent interview given to the Washington State Tri-City Herald highlights the increased focus of the Washington Attorney General’s office on consumer protection issues.
In the interview, Attorney General Bob Ferguson explained that his focus is to recover money for consumers who have been harmed. He told the paper that since he has
Join Us on March 23 for a Complimentary Webinar on Electronic Fund Transfer Act (EFTA) – Latest Trends and Developments
Over the past few years, Regulation E, which implements the Electronic Fund Transfer Act, has been cited by federal regulators in rulemaking, enforcement actions and bulletins. The CFPB has not only used the EFTA in its rulemaking concerning prepaid accounts, but it has filed enforcement actions for alleged violations of EFTA and issued bulletins concerning
DOJ Brief Opposing CFPB Brings More Uncertainty
On March 17, the U.S. Department of Justice submitted a brief to the D.C. Circuit asserting that the Consumer Financial Protection Bureau’s single-director structure violates the Constitution’s separation of powers in the CFPB v. PHH Corporation case.
CFPB’s Single Director Structure
The Democratic-controlled 111th Congress created the CFPB as part of the Dodd-Frank Act in
Republicans Move to Roll Back CFPB Prepaid Card Rules
Republicans in Congress have moved to repeal recently issued Consumer Financial Protection Bureau regulations governing the prepaid card industry. Rep. Tom Graves (R-Ga.) introduced a bill in the House in early February that would submit the rules to a vote of disapproval under the Congressional Review Act. A
CFPB Asks FL District Court to Approve $107M Settlement
On February 24, the Consumer Financial Protection Bureau asked a federal district court in Florida to approve a $107 million settlement to resolve claims against Orion Processing LLC. The Bureau alleged the bankrupt company engaged in a debt-relief scheme that cost consumers millions.
The CFPB filed suit against Orion in August
CFPB Sues Law Firms for Debt Relief Fees Disguised as Bankruptcy Fees
The Consumer Financial Protection Bureau recently sued three law firms in the United States District Court for the Central District of California for collecting advance fees from consumers seeking debt relief. CFPB Director Richard Cordray stated that “[t]he defendants exploited consumers who were already suffering financial difficulties by tricking them into paying steep, illegal fees.”
CFPB Indicates Online Complaint Portal Upgrades are Coming
The Consumer Financial Protection Bureau maintains an online portal for consumers to submit complaints across a wide variety of regulated industries, including credit reporting, background screening, and debt collection. The CFPB has announced that it will upgrade its online portal system in early 2017. The CFPB has released a preview document, which states that the
Join Us at the NAPBS 2017 Mid-Year Legislative & Regulatory Conference
We are pleased to announce that Troutman Sanders partners David Anthony, Cindy Hanson, Ron Raether, and Ashley Taylor will be featured panelists at the National Association of Professional Background Screeners (“NAPBS”) 2017 Mid-Year Legislative & Regulatory Conference to be held March 20-21 in Arlington, Virginia.
In an interview-style format, David will have
CFPB Issues Monthly Complaint Snapshot on Credit Reporting
On February 28, the Consumer Financial Protection Bureau released its monthly snapshot highlighting consumer complaints about credit reporting. A copy of the CFPB’s report can be found here.
Debt collection, student loan, and credit reporting were the top three most-complained about consumer financial products and services, representing about 60 percent of complaints submitted in