State Attorneys General

Subscribe to State Attorneys General via RSS

On September 21, the Department of Justice cleared the way for a group of the twenty-four largest U.S. banks to create a real-time payment system that will permit immediate transfer of funds between financial institutions.  The system was proposed by The Clearing House Payments Co., LLC (“TCH”), a joint venture between the twenty-four banks that…

Massachusetts Attorney General Maura Healey announced updated legislation that will remove fees for security freezes and consumer credit reports.  The new legislation (SB 130/HB 134) includes several pro-consumer changes:

  • Consent – Any company seeking to obtain or use a consumer’s credit report or credit score will need the written consent of the consumer and must

…

In response to the nationwide opioid crisis, forty-one state attorneys general issued subpoenas to five opioid drug manufacturers and three drug distributors this week. New York Attorney General Eric Schneiderman made the first public announcement of the multistate investigation.  The subpoena demands information and documentation from the manufacturers and distributors regarding prescription opioid drugs as…

On July 19, the New York Attorney General’s Office initiated an investigation into the National Collegiate Student Loan Trusts, sending subpoenas to request information on every collection lawsuit filed by National Collegiate against residents of the state.  National Collegiate, one of the largest owners of private student loan debt in the nation, has been aggressively…

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. …

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 …

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…

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…

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 …

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…