The attorneys general of all 50 states as well as the District of Columbia, Puerto Rico, the Virgin Islands, and Guam have offered their support to pending legislation, the Telephone Robocall Abuse Criminal Enforcement and Deterrence (“TRACED”) Act, aimed at significantly reducing robocalls. The support was in the form of a letter sent by
On March 1, the Consumer Financial Protection Bureau released a report concerning mortgages made to members of the U.S. armed forces and veterans purchasing a first home. It is part of a series of quarterly reports the CFPB will issue focusing on consumer credit trends. This Quarterly Consumer Credit Trends report highlights trends among first-time
The Supreme Court agreed to hear a consumer’s appeal from the Third Circuit’s ruling that his claims under the Fair Debt Collection Practices Act were time-barred despite being brought within one year of discovering the violation. The circuits have been split on whether the one-year statute of limitations under the FDCPA begins to run when
A federal court in Pennsylvania recently awarded summary judgment in favor of a consumer who brought a suit under the Fair Debt Collection Practices Act against a collection agency. The plaintiff alleged, and the Court agreed, that the collection letter misleadingly indicated that a dispute could be made by phone, despite the letter’s inclusion of
On January 29, the Consumer Financial Protection Bureau released a snapshot report of consumer complaints to provide a high-level overview of the trends in complaints it has received over the past 24 months. The report is split into two sections – a summary of the volume of all consumer complaints received by the CFPB
On January 31, 2019, Senator Mike Azinger introduced Senate Bill 495 to the West Virginia Legislature (referred to the Judiciary Committee). The Bill proposes amendments to the West Virginia Consumer Credit and Protection Act (“WVCCPA”), W. Va. Code § 46A-5-101, which are intended to “bring the Act in conformity with the federal Fair Debt Collection
If a recent proposal is any indication, the Federal Housing Finance Agency (“FHFA”) may feel more comfortable with the status quo than with permitting Fannie Mae and Freddie Mac (“the Enterprises”) to explore the benefits of using VantageScore 3.0, a credit-scoring alternative jointly created by the nationwide consumer reporting agencies, or “CRAs.”
Last month, the
On January 25, the Consumer Financial Protection Bureau posted a list of four frequently asked questions, or “FAQs,” clarifying some aspects of the TILA-RESPA Integrated Disclosure Rule (“TRID Rule”).
The TRID Rule, which applies to many consumer mortgage loans, consolidated the various disclosure forms that were required
The United States District Court for the District of New Jersey ruled in favor of a debt collector in Martinez v. Diversified Consultants, Inc., granting a motion to dismiss the plaintiffs’ class claims regarding a collection letter that contained the collector’s phone number.
Plaintiff Waleska Martinez alleged violations of Section 1692g of the Fair
2018 was a busy year in the consumer financial services world. As we navigate the continuing heavy volume of regulatory change and forthcoming developments from the Trump administration, Troutman Sanders is uniquely positioned to help its clients successfully resolve problems and stay ahead of the compliance curve.
In this report, we share developments on