On April 27, the Consumer Financial Protection Bureau filed a lawsuit in an Illinois federal court against four online installment loan companies operated by a California Native American tribe. Although the tribe operates the installment loan companies, the CFPB’s complaint alleges that the defendants are not “arms of the tribe” and therefore
CFPB Meets With Community Bankers to Discuss Use of Alternative Data in Credit Decisions
On April 25, the Consumer Financial Protection Bureau held its Spring 2017 Community Bank Advisory Council meeting in Washington. The purpose of the meeting was to allow representatives from community banks an opportunity to provide additional input on the Bureau’s Request for Information (“RFI”) on the use of alternative data to assess creditworthiness of consumers
CFPB Publishes Guide to Prepaid Card Rule, Delays Rule’s Effective Date
At the end of January, the Consumer Financial Protection Bureau published its Prepaid Rule – Small Entity Compliance Guide. The Bureau intends for the Guide to provide a user-friendly summary of the Prepaid Rule, issued in October, but cautions that the Guide is not a substitute for reviewing the Rule, Regulation E, or
Multistate Coalition of AGs Calls on Congress to Support Consumer Protections for Prepaid Debit Cards
A multistate coalition of attorneys general led by District of Columbia Attorney General Karl A. Racine is opposing three resolutions before Congress (S.J. Res. 19, H.J. Res. 62, and H.J. Res. 73) that would block a Consumer Financial Protection Bureau final rule intended to give users of prepaid cards some of the same protections given
U.S. District Court Dismisses CFPB Case Against Payment Processor
On March 17, the U.S. District Court for the District of North Dakota granted Intercept Corporation (“Intercept”), Bryan Smith, and Craig Dresser’s Motion to Dismiss the Consumer Financial Protection Bureau’s (“CFPB”) Complaint in the case between the CFPB and Intercept. The decision to grant the Motion to Dismiss marks the first time that the Bureau
Troutman Sanders Welcomes Amy Pritchard Williams
Troutman Sanders LLP announced today that Amy Pritchard Williams has joined the firm’s Financial Services Litigation practice in the Charlotte office. She previously practiced at K&L Gates LLP.
Williams’ practice focuses on financial services litigation and bankruptcy. She represents financial institutions in connection with False Claims Act actions, internal investigations and government investigations. She also
Join Us for the Consero Financial Services and Insurance Litigation Forum April 2-4
We are pleased to announce that Troutman Sanders partners John Lynch and Ashley Taylor will be featured speakers at this year’s Consero Financial Services & Insurance Litigation Forum on April 2-4, 2017 at The Biltmore Miami – Coral Gables.
Consero’s 2017 Financial Services & Insurance Litigation Forum will address current and looming legal and business
CFPB Releases Monthly Report Highlighting Credit Card Complaints
On March 28, the Consumer Financial Protection Bureau released its monthly complaint snapshot, with a specific focus on credit cards. Since its inception in July 2011, the Bureau has handled 1,136,000 consumer complaints across all products, with 116,200 complaints related to credit cards. The CFPB received 26,300 complaints in February 2017, with 2,299 of those
NY AG Announces Settlement with Health App Developers Over Marketing and Privacy Practices
On March 23, New York Attorney General Eric Schneiderman announced settlements with three health-related applications sold in Apple’s App Store and Google’s Play Store. The settlements arose from allegations of misleading claims and irresponsible privacy practices. Under the terms of the settlements, the developers agreed to provide additional information about how the apps
Lawmakers in U.S. House of Representatives Considering Bill That Would Reform Class Action Litigation under Federal Rule of Civil Procedure 23
On February 9, 2017, Judiciary Committee Chair Bob Goodlatte (R.-Va.), introduced H.R. 985, the Fairness in Class Action Litigation Act of 2017 (“the Act”). The Act aims to “amend the procedures used in federal court class actions and multidistrict litigation proceedings to assure fairer, more efficient outcomes for claimants and defendants.” Rep. Goodlatte issued a