Until October 10, none of the constitutional or scope of enforcement authority challenges to the Consumer Financial Protection Bureau’s (“CFPB” or Bureau”) power have been successful. That changed on October 11 when the U.S. Court of Appeals for the District of Columbia held the Director of the Bureau has too much unilateral, unchecked power and
Supreme Court Grants Cert. In FDCPA Claim Related to Filing of Stale Claims in Bankruptcy
On October 11, 2016, the United States Supreme Court granted the petition for certiorari of Midland Funding, LLC v. Johnson, an appeal from the Eleventh Circuit bringing to a head two issues that has been boiling for several years: (i) whether the filing of an accurate proof of claim for an unextinguished time-barred debt
CFPB Issues Final Prepaid Card Rule
On October 5, the Consumer Financial Protection Bureau issued its much anticipated final rules regulating prepaid card accounts. The final rules follow the proposed rules that the Bureau issued in December 2014, and are mostly unchanged from the proposed rules. The new rules apply to “prepaid accounts,” which the Bureau defines as accounts that are
Blue Shield and SQM Defeat TCPA Putative Class Action Following Spokeo
U.S. District Judge Cathy A. Bencivengo recently dismissed a plaintiff’s TCPA putative class claim due to lack of standing required under Article III. In Anton Ewing v. SQM US, Inc. et al., No. 3:16-cv-1609-CAB-JLB (S.D. Cal., Sept. 29, 2016), the plaintiff alleged that he received a single survey call made by SQM on Blue
Join Us on November 3 for a Webinar on “The Ten Commandments to Avoid Lender Liability”
In good times and bad, one of the single largest legal risks for lenders is liability claims brought by borrowers. Either asserted defensively when the borrower is unable to repay, offensively when the borrower has suffered a loss in a transaction financed by the loan, or as in an entrepreneurial effort to recover money based
Troutman Sanders Expands Financial Services Litigation Practice
We are pleased to announce that Andrew B. Buxbaum has joined the firm’s Financial Services Litigation practice as Of Counsel in the Richmond Office. He joins the firm from SunTrust Banks, Inc., where he was First Vice President & Senior Counsel of Substantial Litigation.
At SunTrust, Andrew managed major litigation, class actions, government investigations and
Court Certified FCRA Class Over Spokeo Objections
A federal judge in the Northern District of California certified a class of job applicants in a lawsuit claiming a background check firm violated the federal Fair Credit Reporting Act. The Court certified the class over the arguments of the defendant that the members of the putative class lacked Article III standing under the standard
CFPB Introduces New Protections for Borrowers
On August 4, 2016, the CFPB issued its final mortgage servicing rule pursuant to Regulation X of the Real Estate Settlement Procedures Act (RESPA) and Regulation Z of the Truth in Lending Act (TILA). The final rule provides greater foreclosure protections to borrowers and requires further transparency between borrowers and mortgage servicers. The final rule
Payment Processor Group Files Amicus Brief in CFPB v. Intercept Case
On August 15, the Third Party Payment Processors Association (“TPPPA”), a national, not-for-profit organization of payment processors, payroll processors, and banks, this week filed a brief, amicus curiae, in support of the defendants’ motion to dismiss in the Consumer Financial Protection Bureau’s lawsuit against Intercept. The TPPPA filed the amicus brief in the United States
Troutman Sanders Expands Financial Services Litigation Practice in Atlanta
Troutman Sanders LLP announced today that Cindy Hanson has joined the firm’s Financial Services Litigation practice as a partner in Atlanta. Prior to joining Troutman Sanders, Cindy was a partner at Kilpatrick Townsend & Stockton LLP.
Cindy focuses on class action defense and has handled hundreds of matters under the Fair Credit Reporting Act (FCRA).