On July 22, the Senate Appropriations Subcommittee on Financial Services and General Government approved a spending bill for the 2016 fiscal year that would change the Consumer Financial Protection Bureau’s (CFPB) leadership structure by replacing the CFPB director with a five-member commission.
The bill also would bring funding for the CFPB’s budget under the annual
Although most states have consumer protection laws that provide for private rights of action, certain states also hold that such remedies cannot be invoked and pursued on behalf of a class. However, when such a case is filed in federal court, such state-based restrictions conflict with the class action mechanism that is set forth under
On June 30, in Miljkovic v. Shafritz and Dinkin, P.A., the United States Court of Appeals for the Eleventh Circuit held in a case of first impression that representations made by an attorney in court filings during the course of debt-collection litigation are actionable under the Fair Debt Collection Practices Act (“FDCPA”) but that
On Wednesday, July 15, CFPB Director Richard Cordray assured the Senate Banking, Housing and Urban Affairs Committee, as well as the public, that data collected by the CFPB could not be used to personally identify any consumer. A September report by the U.S. Government Accountability Office found that the CFPB collects information on 700,000 car
Troutman Sanders LLP announced that Keith J. Barnett has joined the firm’s Government Investigations, Compliance and Enforcement Practice as a partner in the Atlanta office. He joins the firm from Sutherland Asbill & Brennan.
Keith is a seasoned compliance and government enforcement lawyer with more than a decade of experience representing clients before government regulators,
On July 14, 2015, a federal judge in Atlanta denied a law firm’s Motion to Dismiss a claim against it filed by the Consumer Financial Protection Bureau (“CFPB”) for violations of the Fair Debt Collection Practices Act (“FDCPA”) and the Consumer Financial Protection Act or the Dodd-Frank Act (“Dodd-Frank”).
The CFPB filed suit against a
Representatives from the Credit Union National Association (CUNA) addressed the Senate Banking Committee on July 14 in advance of the Committee’s July 15 Hearing with Director Richard Cordray of the Consumer Financial Protection Bureau (CFPB).
CUNA representatives recommended that Congress clarify and expand the CFPB’s exemption authority. This would permit the CFPB to further exempt
On Friday, July 10, the Federal Communications Commission enacted major changes and clarifications to the Telephone Consumer Protection Act of 1991 (“TCPA”). Approved on a contentious 3-2 vote by the FCC commissioners, the FCC released its Declaratory Ruling and Order (FCC 15-72) formally stating its interpretation of numerous provisions of TCPA.
The TCPA
On July 13, the American Bankers Association, the Consumer Bankers Association, and The Financial Services Roundtable submitted a comment letter to the Consumer Financial Protection Bureau in response to the CFPB’s March 10, 2015 Consumer Arbitration Study.
This Arbitration Study has been widely viewed as potentially laying the groundwork for the abolition of mandatory
On July 9, just weeks after initiating its first enforcement actions against payment processors, the Consumer Financial Protection Bureau issued an outline of nine “guiding principles” for faster payment networks which will provide greater consumer protections. The CFPB indicated that new technology supporting payment systems must be secure, transparent, accessible, affordable to consumers, and have