Regulatory Enforcement + Compliance

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On June 10, Troutman Sanders attended the Federal Trade Commission’s FinTech Forum on marketplace lending. The event marked the first in the FTC’s FinTech Forum series, which is part of the FTC’s ongoing efforts to examine marketplace lending and its impact on consumers. The topics discussed during the forum included adequate …

On April 21, the United States District Court for the District of Columbia held that the Consumer Financial Protection Bureau exceeded its authority when it issued a Civil Investigative Demand (“CID”) to the Accrediting Council for Independent Colleges and Schools (“ACICS”), an accreditor of for-profit colleges.  Notably, this is the first time that the …

On May 20, PayPal entered into an Assurance of Voluntary Compliance (AVC) with the Texas Attorney General over allegations that it failed to clearly explain how the personal information belonging to users of its Venmo mobile payment application would be used and with whom it would be shared.

The AVC stems from Texas Attorney General…

On May 20, the FTC approved its final order resolving its Complaint against Henry Schein Practice Solutions, Inc. (“Schein”), which came after the expiration of a public comment period.  Schein is a provider of office management software for dental practices. 

The FTC’s Complaint alleged that Schein misrepresented the encryption capabilities of its Dentrix G5 …

The Federal Trade Commission, Connecticut, and Pennsylvania have added three new defendants and new charges in a case pending in the United States District Court for the Eastern District of Pennsylvania, alleging that the defendants deceived consumers into buying unneeded tech support services.  According to the amended complaint, the defendants allegedly pretended to represent…

Twice a year, federal agencies must update and release their regulatory agendas for the current year.  The agendas track agency actions through the phases of federal rulemaking, which often takes months (if not years), and provide insight into an agency’s plans.  On May 18, the Consumer Financial Protection Bureau released its Spring 2016 rulemaking agenda.…

On May 18, the Consumer Financial Protection Bureau issued a 24-page report regarding consumer usage and default patterns for vehicle title loans.  Such loans are made to borrowers who sign over their car titles as collateral, and are commonly made to individuals with poor credit histories in need of fast cash.  Although the borrower retains …

On May 16, 2016, a unanimous U.S. Supreme Court ruled that private attorneys hired by states to collect back taxes and other debts did not mislead investors by sending collection letters to borrowers using the state Attorney General’s letterhead. The Court found that the attorneys were acting as agents of the Attorney General and, therefore,…

On May 9, the Federal Trade Commission announced that the debt collection agency Credit Protection Association will pay $72,000 to settle charges that the company violated the Fair Credit Reporting Act (“FCRA”).  This case is part of “Operation Collection Protection,” a program the FTC describes as “an ongoing federal, state and …

The Federal Trade Commission and several telephone billing companies submitted a proposed stipulated order to the United States District Court for the Western District of Texas to resolve allegations that the billing companies violated a 1999 court order and permanent injunction concerning charges of phone bill cramming.  The billing companies have agreed to pay $5.2 …