In late August, the California legislature passed Assembly Bill 1864, creating a Department of Financial Protection and Innovation and bolstering legal protections for consumers.
The new Department is intended to be a state-level version of the Consumer Financial Protection Bureau (CFPB).
For example, similar to the CFPB, the commissioner of the Department is authorized
August 19, 2020
2:00-3:00 P.M. (ET)
Enforcement of the California Consumer Privacy Act (CCPA) began July 1, 2020. Our privacy team at Troutman Pepper has identified six areas of enforcement likely to catch the California Office of the Attorney General’s (OAG) attention, which arguably holds sole enforcement authority under the Act. This webinar will focus
Earlier this month, California Attorney General Xavier Becerra and Massachusetts Attorney General Maura Healey led a group of twenty-three attorneys general in a lawsuit against the U.S. Department of Education (the “Department”) and Secretary of Education Betsy DeVos (the “Secretary”). According to a news release from the California Attorney General’s Office, the lawsuit, filed in
On July 13, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a study, entitled “Targeting Credit Builder Loans: Insights from a Credit Builder Loan Evaluation” and an accompanying practitioner’s guide – ultimately concluding that a credit builder loan (“CBL”) could increase the likelihood of establishing a credit record for consumers without one, and could help
The Federal Trade Commission (“FTC”) held its public workshop on the proposed changes to the Safeguards Rule under the Gramm-Leach-Bliley Act of 1999 (“GLBA”). The FTC has not updated the Safeguards Rule since implementing it in 2003. With substantial developments in the way businesses increasingly depend and operate using non-public personal information through electronic means
The CFPB recently published a blog post about the agency’s on-going efforts to monitor industry updates and innovation and how these changes align with regulatory obligations under the CFPB’s consumer protection laws. This post specifically highlighted using artificial intelligence (AI) and/or machine learning (ML) related to the adverse action notices that are required under the
On July 28, 2020, Troutman Pepper attorneys, Maryia Jones (Virginia Beach office) and Stephen J. Steinlight (New York – East Side office) will serve again on the faculty for their webinar series by Lorman Educational Services entitled, “Collection Disputes: A Good Defense Is the Best Offense.”
The credit and collection industry remain under
The Federal Trade Commission (“FTC”) is holding its public workshop today on the proposed changes to the Gramm-Leach-Bliley Act of 1999’s Safeguards Rule (“Safeguards Rule”). For background, the Safeguards Rule requires financial institutions, and potentially affiliates and/or service providers, to keep customer information secure. The FTC has stated it seeks to modify the Safeguards Rule
The Consumer Financial Protection Bureau (CFPB) issued a final rule on July 7, 2020 rescinding the mandatory ability to repay underwriting provisions on small dollar loans that it had previously announced under 12 C.F.R. § 1041 (the Final Rule). The Final Rule has left the payments provisions intact.
The CFPB first finalized regulations governing small
The Supreme Court ruled yesterday that the Consumer Financial Protection Bureau (CFPB) can carry on, despite its unconstitutional leadership structure. The ruling gives the President the freedom to replace a CFPB Director at will. In a 5-4 decision, the Court held that the CFPB’s leadership by a single director removable only for cause was an