On Wednesday, July 15, CFPB Director Richard Cordray assured the Senate Banking, Housing and Urban Affairs Committee, as well as the public, that data collected by the CFPB could not be used to personally identify any consumer. A September report by the U.S. Government Accountability Office found that the CFPB collects information on 700,000 car
Troutman Sanders Welcomes Keith Barnett
Troutman Sanders LLP announced that Keith J. Barnett has joined the firm’s Government Investigations, Compliance and Enforcement Practice as a partner in the Atlanta office. He joins the firm from Sutherland Asbill & Brennan.
Keith is a seasoned compliance and government enforcement lawyer with more than a decade of experience representing clients before government regulators,
CUNA Calls for Additional Oversight of CFPB
Representatives from the Credit Union National Association (CUNA) addressed the Senate Banking Committee on July 14 in advance of the Committee’s July 15 Hearing with Director Richard Cordray of the Consumer Financial Protection Bureau (CFPB).
CUNA representatives recommended that Congress clarify and expand the CFPB’s exemption authority. This would permit the CFPB to further exempt
Director Cordray Comments on Ability-to-Repay, TRID, and Credit Cards
On July 15, Consumer Financial Protection Bureau (“CFPB”) Director Richard Cordray provided insightful testimony on a number of subjects in an appearance before the Senate Banking Committee. During the question-and-answer session, Cordray indicated that the CFPB will be revisiting the income-verification standards of the Ability-to-Repay Rule at some point in the near term. He commented
FCC Issues Sweeping Order Expanding Reach of the Telephone Consumer Protection Act
On Friday, July 10, the Federal Communications Commission enacted major changes and clarifications to the Telephone Consumer Protection Act of 1991 (“TCPA”). Approved on a contentious 3-2 vote by the FCC commissioners, the FCC released its Declaratory Ruling and Order (FCC 15-72) formally stating its interpretation of numerous provisions of TCPA.
The TCPA
Trade Groups Submit Comment Letter to CFPB Regarding Its Study on Consumer Arbitration
On July 13, the American Bankers Association, the Consumer Bankers Association, and The Financial Services Roundtable submitted a comment letter to the Consumer Financial Protection Bureau in response to the CFPB’s March 10, 2015 Consumer Arbitration Study.
This Arbitration Study has been widely viewed as potentially laying the groundwork for the abolition of mandatory
The Legislatures of State and Local Governments Consider Additional “Ban the Box” Legislation
A growing number of state and local governments have “banned the box” by prohibiting inquiry into a job applicant’s criminal history at the initial application stage. This summer saw a number of additional state and local proposals in this regard, some of which became law and others of which were rejected.
Connecticut House Bill 6875
FTC Issues “Start with Security” Guidance Aimed at Helping Businesses Avoid a Data Breach
The Federal Trade Commission (“FTC”) released a new guidance entitled “Start with Security,” intended to assist businesses in improving their data security practices. Stemming from “basic, fundamental security missteps” identified by the FTC through the more than fifty FTC data security enforcement actions, this suggested guidance provides valuable insight into the issues of concern to
CFPB Issues “Guiding Principles” for Financial Technology Payment Systems to Ensure Consumer Protections
On July 9, just weeks after initiating its first enforcement actions against payment processors, the Consumer Financial Protection Bureau issued an outline of nine “guiding principles” for faster payment networks which will provide greater consumer protections. The CFPB indicated that new technology supporting payment systems must be secure, transparent, accessible, affordable to consumers, and have
47 State AGs Ask Congress to Preserve their Authority to Investigate Data Breaches
On July 7, 47 state attorneys general signed onto a multistate letter to the U.S. Congress emphasizing the importance of maintaining states’ authority to enforce data breach and data security laws, and their ability to enact laws to address future data security risks.
The letter to Senate Majority and Minority Leaders, Mitch McConnell and Harry