Regulatory Enforcement + Compliance

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CashCall Inc. and Western Sky Financial LLC have settled another state action over alleged charging of interest rates in excess of the 18 percent limit.  The action, filed by the Florida Office of Attorney General, alleged that loans with illegal interest rates were made to consumers by Western Sky and were later purchased, serviced, …

On December 28, the New York Department of Financial Services (“NY DFS”) released its highly anticipated revised cyber security rule.  As we previously noted here, the proposed regulations would require banks, insurance companies, and other financial services institutions to establish and maintain a cybersecurity program and to take other measures to protect against data…

We are pleased to announce that Troutman Sanders partners John Lynch and Chad Fuller will be featured moderators and speakers, respectively, at the American Conference Institute’s 27th National Conference on Consumer Finance Class Actions and Litigation on January 24, 2017 at the W Miami Hotel.

John will moderate the  second portion of the panel …

The Consumer Financial Protection Bureau has released a new tool designed to help the public track consumer lending trends as well as identify future risks.  The tool, available on the CFPB website, is called “Consumer Credit Trends,” and it currently tracks originations of mortgages, credit cards, auto loans and student loans.  Within each of…

On December 16, the Consumer Financial Protection Bureau executed a consent order with Moneytree, Inc., whereby Moneytree was required to pay $255,000 in redress and an additional $250,000 in civil monetary penalties arising out of the Bureau’s allegations that Moneytree violated the Consumer Financial Protection Act (“CFPA”) and the Electronic Funds Transfer Act (“EFTA”).  According…

On December 20, the Consumer Financial Protection Bureau executed a consent order with Military Credit Services, LLC, whereby the lender was required to pay a $200,000 civil monetary penalty, implement certain compliance measures, and hire an independent consultant to review the company’s  compliance with federal laws.  The order arose out of Military Credit Services’ alleged …

On December 19, the Consumer Financial Protection Bureau filed four nearly identical lawsuits against lenders based in the Commonwealth of Virginia.  Copies of the complaints can be found here, here, here, and here.  The complaints allege that the defendants violated the Truth in Lending Act and Consumer Financial Protection Act by …

Approximately a year after filing an amended complaint and three months after settling with a group of co-defendants, the Federal Trade Commission and Florida Attorney General have filed papers seeking entry of agreed permanent injunctions and monetary judgments against a second group of co-defendants involved in an alleged nationwide debt relief telemarketing scam.  The…

The FTC issued a new video and updated guide for businesses on how to respond to a data breach.  The three steps identified in the guide and discussed in the video are:

  1. Secure your operations – This step focuses on preventing further attacks due to the same vulnerabilities.
  • Mobilize your breach response team
  • Engage a

…

On November 15, the Consumer Financial Protection Bureau issued a fact sheet to highlight the new requirements and deadlines imposed by the Bureau’s latest Prepaid Rule, which was finalized last month.  The fact sheet notes the effective dates of new requirements under the Rule and lists any related exceptions or accommodations. 

The Bureau issued the …