In a unanimous decision, the U.S. Supreme Court held that Section 523(a)(2)(A) of the U.S. Bankruptcy Code precludes a debtor from discharging a debt obtained by fraud, regardless of the debtor's own...more
6/26/2023
/ Bankruptcy Code ,
Bankruptcy Court ,
Bartenwerfer v Buckley ,
Chapter 7 ,
Chicago v Fulton ,
Community Property ,
Consumer Bankruptcy ,
Debtors ,
Dischargeable Debts ,
Financial Services Industry ,
Fraud ,
SCOTUS ,
Section 362
Mindful of the impending retirement of many millions of investors in the “baby boomer” generation, which hold a substantial amount of the world’s wealth, the Financial Industry Regulatory Authority (FINRA) continues to...more
6/23/2023
/ Arbitration ,
Consumer Financial Products ,
Elder Issues ,
Enforcement Actions ,
Exploitation ,
Financial Adviser ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Financial Transactions ,
Investment ,
Investment Management ,
Vulnerable Victims
In January, the U.S. Supreme Court agreed to hear Lac du Flambeau Band of Lake Superior Chippewa Indians v. Coughlin after the First Circuit barred the Lac du Flambeau Band from seeking to collect on a $1,600 debt obligation...more
As any Wall Street litigator knows, in the securities industry, it is typical for brokerage firms to incentivize their employed financial advisers with significant upfront compensation at the beginning of a relationship or...more
As discussed here, on February 1, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would amend Regulation Z to: 1) decrease the safe harbor for credit card late fees to $8 and eliminate altogether a higher...more
On March 16, the Consumer Financial Protection Bureau (CFPB) released a compliance bulletin entitled Unfair Billing and Collection Practices After Bankruptcy Discharges of Certain Student Loan Debts. The compliance bulletin...more
On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has issued orders to nine of the largest auto lenders requesting information about their auto lending portfolios. According to the...more
In a unanimous decision, the Supreme Court held that § 523(a)(2)(A) of the Bankruptcy Code precludes a debtor from discharging a debt obtained by fraud, regardless of the debtor’s own culpability. In Bartenwerfer v. Buckley,...more
Banking trade groups are challenging a request for information (RFI) issued by the Consumer Financial Protection Bureau (CFPB) regarding customer service at large financial institutions. In a joint letter dated August 22, the...more
A recent decision out of the Northern District of Illinois should help banks defend against increasingly common claims involving fraudulent wire transfers. In Trivedi v. Bank of America, et al., the district court granted the...more
A federal district court in New Jersey recently dismissed a complaint against a bank filed by a commercial customer duped by a business email compromise incident. The case involved four wire transfers totaling $1.4 million...more
In Cadence Bank, N.A. v. Roy J. Elizondo III, PLLC, the Supreme Court of Texas recently held that an administrative form relied upon by a victim of a fraud scam did not impose contractual obligations on a bank to verify...more
As we recently reported, the Federal Communications Commission (FCC) provided new maximum call guidance in a December 2020 order (Order) for callers subject to the Telephone Consumer Protection Act (TCPA). The guidance was...more
2020 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Pepper is uniquely positioned to help its clients find successful resolutions...more
3/3/2021
/ Background Checks ,
Banking Sector ,
Bankruptcy Code ,
Banks ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Debt Collection ,
Debt Collectors ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Lenders ,
Student Loans ,
TCPA
Calls exempt from the Telephone Consumer Protection Act (“TCPA”) will soon be subject to call volume limits. At the close of 2020, the Federal Communications Commission (“FCC”) issued new guidance capping the number of...more
The Tenth Circuit recently confirmed in a Telephone Consumer Protection Act class action that a plaintiff has to provide more than a list of potential plaintiffs’ names to certify a class....more