On June 23, a discussion draft of “The Financial CHOICE Act” was released by the House Financial Services Committee. A primary purpose of this bill is to replace the Dodd-Frank Act, including reforming financial institution regulations and significantly changing the structure and authority of the Consumer Financial Protection Bureau.
Specifically, the
On July 8, European Union member states approved the Trans-Atlantic Privacy Shield data transfer deal, finally paving the way for the pact to be formally approved by EU and U.S. officials on July 12.
The Article 31 committee, which is made up of representatives of each EU member state, held their highly anticipated final
On June 2, the Consumer Financial Protection Bureau released a newly proposed rule that, if enacted, will place new burdens on lenders who offer consumers payday loans, auto title loans, and other short-term, small-dollar loans.
Overview
The proposed rule will require lenders to inquire about the loan applicant’s income and expenses by conducting a “full-payment”
On May 16, 2016, the Supreme Court of the United States issued its much-anticipated decision in Spokeo, Inc. v. Robins. Spokeo considered whether Congress may confer Article III standing by authorizing a private right of action based on the violation of a federal statute alone, despite a plaintiff having suffered no “real world” harm.
On May 3, the United States Court of Appeals for the Eighth Circuit reversed a lower court’s rejection of class certification in Sandusky Wellness Ctr., LLC v. Medtox Scientific, Inc., a case brought under the Telephone Consumer Protection Act (“TCPA”) relating to junk faxes sent by a lead testing company. In its opinion, the
In April, the Maryland General Assembly approved legislation on consumer debt collection that addresses how statutes of limitation may be calculated against consumers.
Senate Bill 771, which addresses certain “debt buyers” and “debt collectors,” provides that “certain actions may not revive or extend a certain statute of limitations prohibiting a debt buyer or a certain
In a recent interview, the Information Security Media Group (“ISMG”) featured Troutman Sanders partner Ron Raether, who lent his comments regarding the verdict Epic Systems obtained against Tata Consultancy involving the misuse of trade secrets. Ron discusses how customary data security controls can be used beyond protecting personally identifiable information to
On April 1, the Federal Communications Commission issued a notice of proposed rulemaking (“NPRM”) that would require Internet service providers (“ISPs”) to clearly disclose how customer data is being used, take reasonable steps to protect that information, and notify affected customers within 10 days of discovering a data breach. The NPRM — formally approved by
Troutman Sanders is proud to announce its Consumer Financial Services Webinar Series beginning on May 3. Speakers throughout this webinar series will address cybersecurity and data privacy, the Telephone Consumer Protection Act (“TCPA”), the Fair Credit Reporting Act (“FCRA”), the Fair Debt Collection Practices Act (“FDCPA”), mortgage lending and servicing, and other related consumer finance
On February 29, the FTC announced more tentative details of the Privacy Shield program, subject to a determination of adequacy from the EU prior to implementation.[1] The documents provided concurrent with the announcement suggest that the Privacy Shield program likely will include the following requirements in its final form:[2]