Monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues
On March 3, the Eleventh Circuit Court of Appeals, in Stalley v. ADS Alliance Data Systems, Inc., No. 14-10872, held that a servicer of credit card accounts did not violate the Florida Security Communications Act (FSCA) when it recorded conversations with consumers in the ordinary course of business without the consent of all parties.
In…
On February 27, the White House proposed a bill that would provide consumers with a “Privacy Bill of Rights” as well as provide an enforcement mechanism for data breach enforcement actions by the FTC and state attorneys general. The language used is similar to a proposal by the administration in 2012 which failed to gain…
On February 19, the CFPB proposed a rule that would suspend the requirement that creditors submit agreements for open-end consumer credit plans to the Bureau under section 1632(d) of the Truth in Lending Act and section 1026.58 of Regulation Z. The temporary suspension would last one year, making it applicable to the next three quarterly…
On February 23, legislation was introduced in the West Virginia Senate to amend the state’s Consumer Credit Protection Act. Senate Bill 542 would revise sections 46A-2-121, -122, -125, -126, and -128, sections 46A-5-101 and -106, and add new section 46A-5-107.
Among these proposed changes, the Bill seeks to:
…
On February 12, Representative Steve Stivers (R-Ohio) reintroduced bi-partisan legislation that would require the Senate to confirm an independent inspector general for the Consumer Financial Protection Bureau, arguing it would provide greater oversight.
The Bureau of Consumer Financial Protection-Inspector General Act of 2015 (H.R. 957) is co-sponsored by Tim Walz (D-Minn.), Blaine Luetkemeyer (R-Mo.), and…
On February 11, a group of Florida retainers, including a jewelry store and hobby shop, filed an appeal before the Eleventh Circuit Court of Appeals that, in part, challenges Florida’s law prohibiting merchants from charging “swipe fees” on credit card sales. According to the retailers, the state law is unconstitutional and violates the First Amendment…
On February 11, Pennsylvania Attorney General Kathleen Kane announced that payday lender Advance America Cash Advance Centers Inc. will pay $10 million to settle claims that it hid allegedly sky-high interest rates from consumers in violation of state law.
In a lawsuit against Advance America, Kane alleged that the company offered a loan product it…
Last week, the Consumer Financial Protection Bureau ordered Continental Finance Company LLC, a credit card lender, to refund an estimated $2.7 million to approximately 98,000 consumers. The CFPB found that the company’s subprime credit cards misrepresented certain fees and hit consumers with illegal charges. The order also requires the company to pay a civil penalty…
On February 5, Illinois Attorney General Lisa Madigan testified before the U.S. Senate, calling on Congress to enact a strong, meaningful federal data breach notification law, while at the same time lobbying Congress to avoid preempting states from enforcing their own data protection laws.
Before the Senate’s Subcommittee on Commerce, Science and Transportation in a…
On January 16, 2014, Troutman Sanders secured a victory for client Paris Baguette America, Inc. when District Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York dismissed with prejudice a putative class action alleging that Paris Baguette willfully violated the Fair and Accurate Credit Transaction Act by printing…
In addition to cookies that are necessary for website operation, this website uses cookies and other tracking tools for various purposes, including to provide enhanced functionality and measure website performance. To learn more about our information practices, please visit our Privacy Notice.
