Consumer Financial Protection Bureau (CFPB)

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The Supreme Court’s latest arbitration decision is but the latest in a long line of decisions enforcing the strong federal policy enforcing arbitration clauses in consumer contracts. In DirecTV v. Imburgia, a 6-3 decision, Justice Breyer held that the Federal Arbitration Act preempts state laws, in this instance California’s, that invalidate arbitration clauses if…

The Consumer Financial Protection Bureau has taken action against CarHop, one of the country’s biggest “buy-here, pay-here” auto dealers, and its affiliated financing company, Universal Acceptance Corporation, for providing “damaging, inaccurate consumer information to credit reporting companies.”  The CFPB found that CarHop and Universal Acceptance Corporation violated the Fair Credit Reporting Act and the Consumer…

On December 17, the Consumer Financial Protection Bureau took action against two major lead aggregators – D and D Marketing, Inc. d/b/a T3 Leads (“T3 Leads”) and Eric V. Sancho d/b/a Lead Publisher (“Sancho”) – seeking monetary and injunctive relief for the alleged unfair and abusive trafficking of personal information. 

Lead aggregators buy consumer information, …

On December 16, the Consumer Financial Protection Bureau sent warning letters to 17 colleges directing them to improve disclosure of school-sponsored credit card agreements, based on deficiencies identified in a recent agency investigation.  According to the CFPB, more than 10 million college students attend a school that has made a deal with a financial institution…

The Consumer Financial Protection Bureau is not showing any signs of slowing down its recent string of enforcement actions.  On December 7, the CFPB filed a complaint against and proposed a consent order with a debt collection company that will require the company to pay at least $2.5 million to settle claims that it …

On November 20, the Consumer Financial Protection Bureau released its eighth semi-annual report.  

The principal focus of the report was an articulation of the data collected by the CFPB through consumer complaints, including those from the debt collection industry.  According to the report, 30 million consumers currently have accounts in collection, with an average …

January 28-29, Mandarin Oriental, Washington, DC

We are pleased to announce that Troutman Sanders Partner Keith Barnett will participate in a panel discussion entitled “The Latest FTC Initiatives on Lead Generators and Online Marketing, How Prepaid Cards Rely on These to Attract Customers, and Related Privacy Issues.”

American Conference Institute’s 14th National Forum on…

On December 3, the Consumer Financial Protection Bureau released its updated report on the impact of the Credit Card Accountability Responsibility and Disclosure Act (“CARD Act”) since its inception.  According to the CFPB, the CARD Act has helped reduce the cost of credit card fees by eliminating certain back-end pricing practices.  The CFPB also found…

Expert strategies for in-house and outside counsel on navigating class actions, litigation, and government enforcement actions in the consumer finance industry.

January 26-27, Viceroy Miami, Miami, Florida

We are pleased to announce that John Lynch, partner at Troutman Sanders LLP, will speak on: Consumer Finance Class Action Litigation and Settlement Strategies, Procedural Considerations, Emerging Theories…

Last month, Republican staff members on the Committee of Financial Services in the U.S. House of Representatives issued a Report criticizing tactics used by the Consumer Financial Protection Bureau in the auto finance area.  The Staff Report generally questions the CFPB’s disparate-impact claims under the Equal Credit Opportunity Act (“ECOA”) and the Bureau’s use of …