The Supreme Court ruled yesterday that the Consumer Financial Protection Bureau (CFPB) can carry on, despite its unconstitutional leadership structure. The ruling gives the President the freedom to replace a CFPB Director at will. In a 5-4 decision, the Court held that the CFPB’s leadership by a single director removable only for cause was an
Authors:
Ron Raether, Partner, Troutman Sanders
Wynter Deagle, Partner, Troutman Sanders
Sharon Klein, Partner, Pepper Hamilton
Alex Nisenbaum, Partner, Pepper Hamilton
Sadia Mirza, Associate, Troutman Sanders
Sam Hyams, Associate, Troutman Sanders
On June 24, 2020, the California Secretary of State released a memorandum (available here) stating that the California Privacy Rights Act
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Sanders and Pepper Hamilton have developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools
Yesterday, Troutman Sanders LLP’s Consumer Financial Services Law Monitor reported that AB-2501, a proposed bill allowing for homeowners to defer their mortgage payments for up to a year, failed to pass by a narrow margin. The bill’s author, Assembly Member Monique Limón (D-Santa Barbara), quickly moved for reconsideration. However, as the Assembly has now entered
On June 16, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a seven-page FAQ memorandum addressing some of the most critical questions for compliance with the new consumer reporting requirements of the “CARES Act”. In sum, this Compliance Aid:
Earlier this month, the United States District Court for the District of Minnesota granted a national credit reporting agency’s motion for judgment on the pleadings, holding that it was not obligated under the Fair Credit Reporting Act to report all tradelines contained in a consumer’s credit file.
In this case, plaintiff Troy Krosch alleged that
Authors:
Miranda Hooker, Partner, Pepper Hamilton
Ashley L. Taylor, Jr., Partner, Troutman Sanders
Ryan J. Strasser, Associate, Troutman Sanders
Katherine E. Stark, Associate, Pepper Hamilton
Throughout the 20th and 21st centuries, every national crisis in the United States has left a long wake of investigations in its trail at all levels of government.
The COVID-19 pandemic has wreaked havoc on the U.S. economy in unimaginable ways. Millions are unemployed as a result of federal and state action to contain and limit the spread of the virus. The cascading effects of shutting down the entire U.S. economy have already been felt by both mortgage servicers and borrowers alike.
In
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A review of privacy and data breach class action lawsuits reveal an ongoing trend. Plaintiffs filing these actions, time and time again, rely on the same allegations concerning missteps taken by an organization in the areas of privacy and data security. Allegations usually range
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Sanders and Pepper Hamilton have developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools