The U.S. Department of Justice announced the end of Operation Choke Point in an August 16 letter to the Chairman of the House Judiciary Committee. Operation Choke Point, which began under the Obama Administration, sought to prohibit banks and other financial firms from giving so-called “bad actors” access to bank accounts and payment processing systems.
Democratic State AGs Urge Senate Leaders to Uphold CFPB’s Arbitration Rule
Twenty-one Democratic state attorneys general wrote to Senate leaders Mitch McConnell and Charles Schumer to express their opposition to S.J. Res. 47, which would nullify the Arbitration Rule issued by the Consumer Financial Protection Bureau under the Congressional Review Act. The AGs requested that both senators oppose the Joint Resolution of Disapproval
Minnesota AG Cracks Down on Pension Advance Companies Allegedly Targeting Veterans and Senior Citizens
On August 16, Minnesota Attorney General Lori Swanson announced the filing of a lawsuit against two pension advance companies alleged to have preyed on veterans and senior citizens, convincing borrowers into signing over large portions of their monthly pensions in exchange for small loans to cover household emergencies and basic living expenses.
The suit, filed
Pennsylvania AG Follows Trend, Creates Consumer Financial Protection Unit
On July 20, Pennsylvania Attorney General Josh Shapiro announced the creation of a Consumer Financial Protection Unit to protect Pennsylvanians from “financial scams.”
According to Shapiro’s announcement, the new unit will focus on lenders and mortgage and student loan servicers that “prey on seniors, families with students, and military service members.” This new consumer unit
New Jersey Legislator Introduces Bill to Prevent Prepaid Account Fees
On June 8, Assemblyman Troy Singleton (D) introduced New Jersey Assembly Bill 4965, which, if enacted, would closely mirror the Consumer Financial Protection Bureau’s Prepaid Rule, but also would prohibit prepaid account issuers in New Jersey from charging a number of fees to prepaid account holders. Singleton co-sponsored a similar bill in 2012 that
Join Us for the Credit and Collection News Annual Creditor Grantor Consortium in Washington, DC
We are pleased to announce that Troutman Sanders partners Ashley Taylor and David Anthony will be featured speakers at the upcoming Credit and Collections News (CCN) Annual Creditor Grantor Summit. The conference will be held August 14-16, 2017 at the Ritz-Carlton in Georgetown, Washington, DC.
Ashley will speak on a panel entitled “Working with Your
Oregon Legislature Passes New Law Regulating Collection Activities of Debt Buyers
Oregon has become the next in a line of states to pass legislation regulating debt buyers. Oregon bill HB2356, initiated by Oregon Attorney General Ellen Rosenblum, passed both the House and Senate prior to legislative adjournment on July 7.
The bill’s new debt buyer provisions purport to ensure protections for Oregon consumers, making it
Join Us for a Complimentary Webinar: “The CHOICE Act Passed the House: Now What? An Update on Financial Industry Regulation Under the Trump Administration”
On Thursday, June 29, from 3-4 p.m. ET, Troutman Sanders attorneys Ashley Taylor, Alan Wingfield and Mary Zinsner will present a webinar examining the current status and prospects for the Financial CHOICE Act 2.0, deregulation and the rollback of Dodd Frank, and the ongoing courtroom attacks on the CFPB. The webinar will also cover recent
Florida AG Announces $5M Settlement with Car Dealership over Alleged Misleading Business Practices
On June 2, Florida Attorney General Pam Bondi announced a settlement with a Jacksonville car dealership, its financing arm, and its president related to allegations that the dealership engaged in misleading business and sales practices. The consent agreement, filed in the Circuit Court of the Fourth Judicial Circuit for Duval County, Florida, requires the dealership
NY AG Settles with IoT Company over Security Practices
On May 22, 2017, New York Attorney General Eric Schneiderman announced a settlement with Safetech Products LLC (“Safetech”) over allegations that the Internet of Things (IoT) company sold insecure wireless door and padlocks. According to the Attorney General, the settlement marks the first time a state Attorneys General has taken legal action against a wireless