On January 24, the Consumer Financial Protection Bureau (CFPB) published a request for public comments on its use of Civil Investigative Demands or “CIDs”. The CFPB expects the request to be published in the Federal Register on January 26, and public comments will therefore be due on or around March 27.
The CFPB’s use –
2017 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation and forthcoming changes from the Trump Administration, Troutman Sanders is uniquely positioned to help its clients find successful resolutions and stay ahead of the compliance curve.
In this report, we share developments on consumer
On Tuesday, January 23rd, from 3-4 p.m. ET, Troutman Sanders attorneys David Anthony, Cindy Hanson and Tim St. George will present a webinar examining class actions under the Fair Credit Reporting Act. These class actions have surged, and they are a favorite vehicle for plaintiff’s counsel in both federal and state court. Because of the
One of the largest data breaches in U.S. history, the Equifax breach has reverberating implications not only for the big three consumer credit reporting agencies, but for all organizations maintaining and transmitting protected information. Talks of universal data breach law immediately grew louder and within weeks, state Attorney Generals from Massachusetts to California, the U.S.
Until last week, the CFPB was accepting comments on its proposal to conduct a survey on debt collection disclosures. This survey was closely linked to the CFPB’s planned debt collection rule that would impose additional restrictions and burdensome regulations on the debt collection industry. However, on December 14, 2017 – the last day to submit
A group of 17 state attorneys general issued a letter to the White House on December 12, promising that they will “continue to vigorously enforce consumer protection laws regardless of changes to the [Consumer Financial Protection] Bureau’s leadership or agenda.” The letter, coupled with other efforts, shows that regulatory relief in Washington may be offset
On December 8, the United States Supreme Court agreed to decide whether the tolling rule adopted in American Pipe & Construction Co. v. Utah – i.e., that the filing of a class action tolls the limitations period for a purported class member’s individual claims – permits a previously absent class member to bring a
On Tuesday, December 5, 2017, the Government Accountability Office (“GAO”) levelled a heavy blow on a major regulatory initiative of the Consumer Financial Protection Bureau (“CFPB”): its highly controversial “disparate impact” discrimination theories as applied to pricing in the indirect automobile financing industry. The specific GAO ruling finds that a 2013 “Bulletin” stating the CFPB’s
Mick Mulvaney, President Donald J. Trump’s choice to head the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) until a permanent director can be appointed, will remain in place as Acting Director of the Bureau, following a ruling by Judge Timothy J. Kelly of the U.S. District Court for the District of Columbia on Tuesday denying
We are pleased to announce that Troutman Sanders attorneys Ashley Taylor and Tim Butler will participate in a webinar panel discussion hosted by the American Bar Association on “State Attorneys General Series: Enforcement Agencies Confront Class Actions.” The event will take place on December 5, 2017 from 1:00 – 2:30 p.m. ET.
The still vibrant