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
CFPB Encourages Retail Credit Card Companies to Consider More Transparent Promotions
The Consumer Financial Protection Bureau (“CFPB”) sent letters to the top retail credit card companies at the beginning of June, encouraging the companies to use more transparent promotions, citing a major retailer’s decision to end deferred-interest programs associated with its credit card. In the letter, the Bureau outlined its concerns that temporary promotions – such
Join Us for a Complimentary Webinar: “The CHOICE Act Passed the House: Now What? An Update on Financial Industry Regulation Under the Trump Administration”
On Thursday, June 29, from 3-4 p.m. ET, Troutman Sanders attorneys Ashley Taylor, Alan Wingfield and Mary Zinsner will present a webinar examining the current status and prospects for the Financial CHOICE Act 2.0, deregulation and the rollback of Dodd Frank, and the ongoing courtroom attacks on the CFPB. The webinar will also cover recent
CFPB Updates Its Planned Overhaul of Acceptable Debt Collection Practices
In July of 2016, the Consumer Financial Protection Bureau released an outline of new rules targeting third-party debt-collection operations. The new rules targeted various areas including: Debt validation, Limits on Contact, Consumer Disputes, and Deceased Consumers. At the time, the CFPB stated it planned to release rules relevant to first-party creditors at a later