Monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues
We are pleased to announce that Troutman Sanders partner David Anthony will be a featured speaker at the 2016 ACA International Convention & Expo in Denver at the Hyatt Regency on June 16-18.
David will speak on a panel entitled “Industry Response to Current Trends in Fair Debt Collection Practices Act Enforcement.” He will …
On May 4, the Federal Trade Commission announced that it had reached a settlement with Very Incognito Technologies, Inc., d/b/a Vipvape, a hand-held vaporizer manufacturer. The settlement resulted from the FTC’s allegations that Vipvape violated the FTC Act by representing on its website that it was a participant in the Asia-Pacific Economic Cooperation Cross-Border Privacy …
On May 5, 2016, the CFPB announced proposed rules that would further restrict the ability of financial institutions to enter into mandatory arbitration clauses with consumers, including an outright ban on provisions that would prohibit consumers from pursuing class actions in court. The proposed rules do not forbid all mandatory arbitration clauses, however. Financial institutions…
On April 25, the Consumer Financial Protection Bureau entered into consent orders with the debt collection law firm Pressler & Pressler, LLC, two principal partners, and New Century Financial Services, Inc., a debt buyer, for the defendants’ alleged violations of the Fair Debt Collection Practices Act. The consent orders require Pressler and the …
On April 13, the House Financial Services Committee approved a bill by a 33-20 vote that is intended to end direct funding of the CFPB by the Federal Reserve and require the Bureau to be subject to the regular congressional appropriations process. This Committee joins others in approving similar measures that would institute a variety …
The Consumer Financial Protection Bureau recently issued its annual Fair Debt Collection Practices Act (“FDCPA”) report, which provides a comprehensive overview of both the CFPB’s and Federal Trade Commission’s enforcement efforts throughout 2015. The report specifically provides a background of the debt collection market, an overview of consumer complaints, a description of the CFPB’s…
On March 16, Massachusetts Attorney General Maura Healey announced a $7.4 million settlement with two national auto lenders, American Credit Acceptance LLC (“ACA”) and Westlake Services LLC (“Westlake”). The settlement resolves claims against the lenders that they charged excessive interest rates on subprime automotive loans. ACA settled for $1.7 million, and Westlake for $5.7 million. …
Join Troutman Sanders partners David Anthony and Ashley Taylor at the upcoming National Association of Professional Background Screeners (NAPBS) Mid-Year Legislative & Regulatory Conference at the Washington Marriott Wardman Park in Washington, DC on April 3-5.
The NAPBS Mid-Year Conference focuses on regulation, legislation, education, and compliance related to the background screening industry and, …
We are pleased to announce that Troutman Sanders partner Keith Barnett will be a featured speaker during a live webinar entitled “UDAAP and Third Party Payment Processors” on Monday, March 7 from 12:00 noon to 1:00 p.m. EST.
In its enforcement actions, the Consumer Financial Protection Bureau has expanded the scope of what …
On February 2, following a joint investigation of the Consumer Financial Protection Bureau and the Civil Rights Division of the Department of Justice, Toyota Motor Credit Corporation, the financing arm and subsidiary of the Japanese auto giant, agreed to pay up to $21.9 million in restitution to thousands of minority borrowers who allegedly were charged …
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