Nearly a decade after the financial crisis of 2007-08, the Senate recently advanced the most significant overhaul of the Dodd–Frank Wall Street Reform and Consumer Protection Act, signed into federal law by President Barack H. Obama on July 21, 2010. Specifically, on March 14, 2018, the Senate passed the Economic Growth, Regulatory Relief,
We are proud to announce that Troutman Sanders partner David Anthony will be a featured speaker at the Practising Law Institute’s 23rd Annual Consumer Financial Services Institute at the Practising Law Institute (PLI) Center in New York City on March 26-27, 2018.
In its 23rd year, topics will focus on a broad array of recent
On February 12, the White House released its budget proposal for Fiscal Year 2018, a document that calls for numerous changes to the repayment and forgiveness of federal student loans taken out after July 1, 2019. While Congress, of course, retains responsibility for any appropriations legislation, this document’s wish-list reflects the apparent priorities of the
As summarized in the March 2018 issue of the American Bankruptcy Institute Journal, ABI’s Consumer Bankruptcy Committee has recently issued several recommendations and made several observations regarding the treatment of student loans under the Bankruptcy Code, codified in Title 11 of the United States Code.
First, the Committee intends to fashion a program
The Senate’s latest banking bill primarily focuses on overturning large chunks of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Somewhat unexpectedly, on March 8, the Senate’s Banking, Housing, and Urban Affairs Committee approved the addition of two bipartisan proposals that provide help to some of the nation’s forty-four million student loan borrowers to
State in the House: Bill Passed Committee, but Vote Not Scheduled
Introduced by Rep. Virginia Foxx (R-N.C.), the Promoting Real Opportunity, Success, and Prosperity through Education Reform (PROSPER) Act cleared the Committee on Education and the Workforce of the United States House of Representatives on December 13, 2017. It did so despite claims by Democrats—and
How much may a consumer reporting agency charge for a security freeze on a consumer’s credit report? The 2018 session of the Virginia General Assembly answered that question by halving the existing $10 maximum fee, dropping the fee cap to $5.
Measures passed the Senate (Senate Bill 16) and House (House Bill
On March 9, the Ninth Circuit affirmed dismissal of a putative FACTA class action on Article III standing grounds, citing the requirement of a “concrete injury” reinforced by the U.S. Supreme Court’s 2016 decision in Spokeo v. Robins. In Noble et al. v. Nevada Checker Cab Corp. et al., No. 16-16573, the court
DirecTV was on the receiving end of a proposed class action in the Central District of California earlier this week alleging the direct broadcast satellite service provider violates the Fair Credit Reporting Act and California state law by pulling credit reports on consumers without a permissible purpose. A copy of the complaint is available here
Can the United States Government be liable for reporting inaccurate credit information on a consumer and then failing to investigate the consumer’s dispute? Many courts are divided as to whether the Fair Credit Reporting Act (“FCRA”) applies to the United States Government. In Jones v. United States Department of Agriculture, the District Court for