Pursuant to a stipulated order with the Federal Trade Commission, Sprint will pay $2.95 million in civil penalties for alleged violations of the Fair Credit Reporting Act’s Risk-Based Pricing Rule. The Rule ensures that consumers who are offered less favorable service terms will receive notice of, among other things, any credit score used by the
CFPB Director’s Remarks at MBA Annual Convention: Progress, Updated HMDA Reporting, and Warning to Parties Engaged in Marketing Services Agreements
Consumer Financial Protection Bureau Director Richard Cordray addressed the Mortgage Bankers Association at its Annual Convention on October 19. In his remarks, Cordray:
- Summarized the progress the CFPB has made in addressing the serious problems confronting consumers in the mortgage market and steps taken by the Bureau to restore the American Dream of homeownership;
Following Oral Argument, Supreme Court Appears Split on Whether Offer of Judgment Moots Case
Does a case become moot, and thus beyond the judicial power of Article III, when the plaintiff receives an offer of complete relief on his claim? The Supreme Court is set to answer this constitutional question after hearing oral arguments in Campbell-Ewald Company v. Gomez on October 14.
As we previously reported, Gomez involves
Pennsylvania Federal Court Recognizes Preliminary Decision Does Not Constitute Adverse Action Under FCRA
On October 1, a district judge in the Eastern District of Pennsylvania issued a decision involving disclosure and adverse action claims under the Fair Credit Reporting Act. In its decision, the Court granted summary judgment for the defendants, recognizing a preliminary decision does not constitute adverse action under the FCRA.
In her complaint, the plaintiff
Troutman Sanders Continues Expansion of Privacy Practice with Partner in San Francisco
SAN FRANCISCO, Ca. – Troutman Sanders LLP announced today that Hsiao (Mark) C. Mao has joined the firm as a partner in the San Francisco office. He is a member of the firm’s Cybersecurity, Information Governance and Privacy practice. He joins the firm from Kaufman Dolowich & Voluck, where he was a Co-Chair of the
Join Us for The Knowledge Group Webcast on November 16
We are pleased to announce that Troutman Sanders partners David N. Anthony and Ronald I. Raether, Jr. will present “The Impact of Fair Credit Reporting Act in the Regulatory Enforcement and Developments of Financial Services” during a live webcast on Monday, November 16 from 3-5 p.m. EST. The speakers will provide an overview of the
Federal “Ban the Box” Legislation Announced by Bipartisan Group
On September 10, a bipartisan group of lawmakers in both houses of Congress introduced the Fair Chance Act (S. 2021/H.R. 3470). The Fair Chance Act was introduced by Sen. Cory Booker (D-N.J.) and Rep. Elijah Cummings (D-Md.). Co-sponsors of the bill are Senators Ron Johnson (R-Wi.), Tammy Baldwin (D-Wi), Sherrod Brown (D-Ohio), and Joni Ernst
CFPB Holding Consumer Advisory Board Meeting in October; Topics Will Include Arbitration
The Consumer Financial Protection Bureau announced that it will hold a meeting of the Consumer Advisory Board with Director Richard Cordray discussing topics such as arbitration, trends, and themes in the marketplace, and reaching limited English-speaking consumers.
The meeting will take place on Thursday, October 22, from 10:00 a.m. until 3:30 p.m. EDT in the
Inspector General Chimes In on CFPB Management Challenges
On September 30, the Office of the Inspector General released its report of the four major management challenges facing the Consumer Financial Protection Bureau, including ensuring an effective information security program, building and sustaining a high-performing and diverse workforce, strengthening controls over management operations, and maintaining physical infrastructure. Through the use of audit and evaluation
CFPB Plans to Pave the Way for Yet More Class Actions Against Financial Services Companies
According to remarks made by Consumer Financial Protection Bureau (“CFPB”) Director Richard Cordray on October 7, 2015 (and a subsequent press release), the CFPB is planning to issue regulations that would prohibit many financial services companies from requiring consumers to waive their right to bring a class action lawsuit via a pre-dispute arbitration agreement