In August 2018, a sports concession company successfully moved to dismiss a class action complaint arising under the Fair and Accurate Credit Transactions Act, finding the named plaintiff lacked Article III standing because she suffered no harm. The victory was short-lived, however, as the U.S. Court of Appeals for the District of Columbia Circuit reversed

The Consumer Financial Protection Bureau hosted a symposium with private attorneys to discuss the term “abusive” in “unfair, deceptive, and abusive acts and practices” (“UDAAP”) in late June. This was the first symposium, part of a symposia series, that will help the CFPB explore consumer protections in the changing financial services marketplace. There were two

For the past ten years, financial institutions have been working under the framework of the Consumer Financial Protection Bureau’s Overdraft Rule. This rule limits the ability of financial institutions to charge overdraft fees on ATM and one-time debit card transactions that overdraw consumers’ accounts. In recent months, the CFPB has sought comment on whether to

The Eastern District of New York recently granted a debt collector’s motion for summary judgment in a Fair Debt Collection Practices Act case because the collection letter clearly identified the creditor to whom the debt was owed and would not mislead even the least sophisticated consumer. In doing so, the Court critiqued the “lawyer’s case”

In a recent statement from the Federal Communications Commission, Chairman Ajit Pai proposed the adoption of new rules aimed at extending the anti-spoofing prohibitions in last year’s Ray Baum’s Act to international callers and texters. The provisions in last year’s Ray Baum’s Act extended the scope of the Truth in Caller ID Act, which the

As a part of her plan to address the homeownership gap for black families in America, Democratic presidential candidate Kamala Harris has proposed an amendment to the Fair Credit Reporting Act that will require credit reporting agencies to include rent, cellphone, and utility payments when calculating consumer credit scores. 

The Consumer Financial Protection Bureau has

Haven’t given the California Consumer Privacy Act (CCPA) much thought? This may be a sign that your organization is in need of a CCPA intervention.  The CCPA, which takes effect in less than six months, is a new California privacy law aimed towards providing consumers greater control and transparency over how certain businesses use their

Richmond — Troutman Sanders LLP advised Trustar Bank in Fairfax County, Virginia in connection with its organization, equity offering, and regulatory applications and approvals from the Federal Deposit Insurance Corporation and the Virginia Bureau of Financial Institutions as the first de novo bank in Virginia since 2009.  Trustar Bank was formed to serve customers in

The Conference of State Bank Supervisors (“CSBS”) announced on June 24 that 23 states have joined a multistate agreement to standardize their licensing process for money services businesses (“MSBs”), such as money transmitters. The agreement centralizes the review of common licensing requirements, such as a MSBs’ “business plan; direct and indirect owners, including background checks;