The Consumer Financial Protection Bureau recently released a “special edition” of its standard monthly complaint report. The report gives statistics on the number and types of complaints received by the CFPB, both nationally and broken down by state. By providing data on all fifty states and the District of Columbia, the CFPB gives consumers and
New Jersey Legislator Introduces Bill to Prevent Prepaid Account Fees
On June 8, Assemblyman Troy Singleton (D) introduced New Jersey Assembly Bill 4965, which, if enacted, would closely mirror the Consumer Financial Protection Bureau’s Prepaid Rule, but also would prohibit prepaid account issuers in New Jersey from charging a number of fees to prepaid account holders. Singleton co-sponsored a similar bill in 2012 that
CFPB Seeks Commentary on Proposed Changes to Prepaid Rule
The Consumer Financial Protection Bureau has issued a formal request for public commentary on proposed changes to the Prepaid Rule, which was issued in October 2016. According to the Bureau, the proposed changes address those concerns raised by prepaid card issuers about potential problem areas for compliance.
The Bureau’s suggested changes would adjust error resolution
Arbitration Rule Compliance Date Set for March 19, 2018
Financial institutions with arbitration clauses in consumer contracts are on the clock. The Consumer Financial Protection Bureau’s (CFPB) new Arbitration Rule was published in the Federal Register today, with an effective date of September 18, 2017 and a compliance date of March 19, 2018. Absent congressional action or successful litigation challenge, those financial institutions
Join Us for the Credit and Collection News Annual Creditor Grantor Consortium in Washington, DC
We are pleased to announce that Troutman Sanders partners Ashley Taylor and David Anthony will be featured speakers at the upcoming Credit and Collections News (CCN) Annual Creditor Grantor Summit. The conference will be held August 14-16, 2017 at the Ritz-Carlton in Georgetown, Washington, DC.
Ashley will speak on a panel entitled “Working with Your
Join Us on August 17 for a Clear Law Institute Webinar “Game of Phones: Current Trends in Collection Calls under the TCPA, FDCPA, and other Regulatory Frameworks”
Join Troutman Sanders attorneys James Trefil and Jonathan Floyd for a webinar hosted by the Clear Law Institute on August 17 from 1:00 – 2:15 p.m. In this webinar, you will learn to navigate the various layers of rules and regulations that govern the use of debt collection telephone calls. This presentation will focus on
District Court Approves $1.53M Settlement Between CFPB and Credit Repair Companies in Telemarketing Sales Rule Lawsuit
On June 27, the Consumer Financial Protection Bureau announced it had filed two consumer protection lawsuits against four credit repair companies and three executives for allegedly misleading consumers and charging improper advance fees. On that same day, the CFPB filed corresponding stipulated final judgments providing for approximately $2 million in penalties against the named defendants.
CFPB Issues Rule Banning Class Action Waivers In Arbitration Provisions
On July 10, 2017, the Consumer Financial Protection Bureau issued its long-awaited final rule banning class action waivers in arbitration provisions for covered entities, as well as requiring the covered entities to provide information to the CFPB regarding any efforts to compel arbitration. This rule is of significance to any financial services company that utilizes
FTC and International Consumer Protection Agencies Announce Website Revamp
Partnering with the Federal Trade Commission, the International Consumer Protection and Enforcement Network (“ICPEN”) recently unveiled significant enhancements to its online portal – www.icpen.org – designed to help members identify and respond to consumer challenges crossing international borders.
ICPEN is a network of consumer protection agencies from over 60 countries that strives to protect consumers
Texas Man Pleads Guilty to Felony Charge for Role in Foreclosure Rescue Scheme
The Department of Justice announced that Bruce Kevin Hawkins, 52, of Desoto, Texas, recently pled guilty in a federal court in Texas regarding his role in a foreclosure rescue scheme that ran from February 2012 to January 2013 and bilked over $240,000 from homeowners facing foreclosures. Hawkins pled guilty to one count of mail fraud