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
Two major groups within the financial industry began the month of March with renewed advocacy for structural modifications to the student loan program managed by the U.S. Department of Education, which currently issues about 90% of student loans.
First, in early March, the Consumer Bankers Association, a trade organization representing financial
On February 21, the United States Department of Education, led by Secretary Elisabeth Dee DeVos, issued a memorandum indicating it was considering stepping into the debate over the standard used to determine whether a student loan can be discharged under the Bankruptcy Code. The request for public comment appears aimed in part at revisiting allowing
The FTC has just issued its annual report, the Consumer Sentinel Network Data Book, aggregating data on the 2.68 million consumer complaints that it received in 2017. This number is down from a peak in consumer complaints during 2015 – 3.04 million complaints – and last year’s total of 2.98 million.
According to the FTC’s
In the last few years, the right to privacy has been hotly debated in the United States. What critics do not understand or appreciate is that the next technological paradigm is completely dependent on improvements both to the quality and quantity of data.
As connected things (IoT) explode in popularity, they make things such as
On February 12, 2018, the Consumer Financial Protection Bureau (“CFPB”) released its strategic plan for 2018 through 2022. The plan, which will take two years to implement, calls for placing new restrictions on the CFPB’s enforcement authority. “The proposed reforms would impose financial discipline, reduce wasteful spending, and ensure appropriate congressional oversight,” according to
Today, the United States Court of Appeals for the District of Columbia Circuit (“D.C. Circuit”) issued its en banc decision in the closely-watched PHH Corp. v. Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) matter. In short, the D.C. Circuit upheld the constitutionality of the structure of the CFPB, reversing its 2016 panel decision.
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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