Consumer Financial Protection Bureau (CFPB)

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In early February, Virginia Attorney General Mark Herring and the Consumer Financial Protection Bureau announced that the agencies had reached a settlement with Woodbridge Coins and Jewelry Exchange, Inc. d/b/a Woodbridge Gold & Pawn (“Woodbridge Pawn”) to provide $56,763.60 in refunds to approximately 1,000 consumers. The CFPB and the AG’s Office alleged that the business…

On January 9, 2017, the Consumer Financial Protection Bureau (CFPB) entered a Consent Order against Works & Lentz, Inc., Works & Lentz of Tulsa, Inc., two medical debt collection law firms, and their president, Harry A. Lentz, Jr., for the defendants’ violations of the Fair Debt Collection Practices Act (FDCPA) and the Furnisher Rule (Regulation…

Late last year, TransUnion agreed to pay approximately $17 million as part of a settlement with the Consumer Financial Protection Bureau in connection with TransUnion’s advertising and marketing practices.  The settlement stems from a civil investigative demand that addressed TransUnion’s common industry practices relating to the advertising, marketing, and sale of consumer reports, credit scores,…

On February 3, President Trump signed an executive order directing the Treasury Secretary to review the Dodd-Frank Wall Street Reform and Consumer Protection Act.  Trump earlier characterized Dodd-Frank as “a disaster” and said that his administration would work to cut “a lot out of” the 2010 law.  

House Financial Services Committee Chairman Jeb Hensarling (R-Tex.) …

Debt collection is becoming an increasingly regulated industry and the CFPB has signaled its intention to further regulate the industry by extending regulations to first party creditors.  Please join Troutman Sanders Partner David N. Anthony and Of Counsel Andrew B. Buxbaum for a complimentary webinar for a discussion of debt collection issues including how debt…

On January 31, Virginia Attorney General Mark Herring announced a settlement with CashCall, Inc. over allegations that the company illegally deceived borrowers and collected interest in excess of legal rates.   

According to the press release, the A.G.’s Office alleged that CashCall violated Virginia’s usury, lending, and licensure laws by entering into an arrangement in …

This year is sure to be a transformative one for the consumer financial services world. As we navigate an unprecedented volume of industry regulation and forthcoming changes from a new administration, Troutman Sanders is uniquely positioned to help its clients find successful resolutions and stay ahead of the compliance curve.

We are honored to have…

Join Troutman Sanders Partners James W. Stevens and Alan D. Wingfield on Thursday, February 9 at 12 p.m. ET for a complimentary webinar to discuss current trends and outlook for the key fair lending issues of redlining and disparate impact.

Specific topics of discussion include the basics of federal regulators’ theories and methodologies in assessing…

On January 24, attorneys general for Massachusetts, Maine, Maryland, Illinois, New York, and the District of Columbia filed a motion to intervene in a case between the U.S. Department of Education and the Accrediting Council for Independent Colleges and Schools (“ACICS”). 

ACICS, which previously has come under federal scrutiny for its accreditation practices, filed the …

On January 23, Democratic attorneys general from 16 states and the District of Columbia filed a motion to intervene in the closely watched PHH Corp. v. Consumer Financial Protection Bureau case, currently pending in the U.S. Court of Appeals for the District of Columbia.  As we reported here and here, in October …