We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more
2/1/2024
/ Automotive Loans ,
Banks ,
Class Action ,
Consumer Bankruptcy ,
Consumer Financial Products ,
Debt Collection ,
Digital Assets ,
Fair Lending ,
Financial Services Industry ,
FinTech ,
Mortgages ,
Student Loans ,
Tribal Loans ,
Uniform Commercial Code (UCC)
Earlier this year, a district court for the Middle District of Florida upheld a jury award of $225,000 in punitive damages in a debt collection case finding the defendant’s conduct “reprehensible” based on the physical harm...more
11/9/2023
/ Bankruptcy Code ,
Chapter 7 ,
Consumer Financial Products ,
Creditors ,
Debt Buyers ,
Debt Collection ,
Debtors ,
Dischargeable Debts ,
Dish Network ,
Emotional Distress Damages ,
FCCPA ,
Financial Institutions ,
Financial Services Industry ,
Jury Awards ,
Punitive Damages ,
Unsecured Debt
The Connecticut Banking Commissioner (Commissioner), acting through the Consumer Credit Division of the Department of Banking (the Division), conducted an investigation into the Law Offices of David M. Katz, discovering that...more
More than two years after the Supreme Court’s opinion in Facebook v. Duguid, courts and litigants continue to wrestle with the statutory definition of “automatic telephone dialing system” (ATDS) under the Telephone Consumer...more
Please join Troutman Pepper Partner Chris Willis and his colleagues Jonathan Floyd and Meagan Mihalko as they discuss recent trends in Article III standing in the federal courts. The trio examine why this is a big deal in...more
Earlier this month, a district court for the Eastern District of Michigan dismissed on its own initiative a Fair Credit Reporting Act (FCRA) claim brought by a consumer alleging inaccurate reporting of her charged-off vehicle...more
The Fair Credit Reporting Act saw no shortage of activity in 2022. That activity included judicial decisions, regulatory actions, and federal and state legislation. As we reflect on certain significant developments from the...more
On March 15, Judge Eve M. Reilly of the Circuit Court of Cook County, Illinois, dismissed a class action complaint based solely on the allegation that a collection letter was sent by a third-party letter vendor....more
An Illinois federal district court recently denied a creditor-defendant’s motion for summary judgment in a Fair Credit Reporting Act (FCRA) case brought by a consumer who questioned why his debt was being reported twice — as...more
According to the district court for the District of Massachusetts, debt collectors may be found in violation of § 1692g(a)(3) of the Fair Debt Collection Practices Act (FDCPA) when sending debt collection letters requiring...more
Federal courts across the country continue to divest themselves of Fair Debt Collection Practices Act (FDCPA) cases following the Supreme Court’s salient Article III standing decision in TransUnion LLC v. Ramirez. The...more
On January 4, the District Court of New Jersey dismissed a Fair Debt Collection Practices Act (FDCPA) complaint against an unlicensed debt collector for lack of standing. In Valentine v. Unifund CCR, LLC, et al., the court...more
On Dec. 15, 2022, the Federal Financial Institutions Examination Council’s (FFIEC) Task Force on Consumer Compliance adopted revised examination procedures for the Fair Debt Collection Practices Act (FDCPA) and its...more
As part of its ongoing initiative to scrutinize so-called “junk fees,” the Consumer Financial Protection Bureau (CFPB) published guidance on two practices that it opines potentially violate the Consumer Financial Protection...more
On July 19, the U.S. District Court for the District of Delaware issued a decision that should draw the attention for banks that charge overdraft fees for overdraft protection....more
The Ninth Circuit recently affirmed a Central District of California decision, denying a motion to remand and granting a motion to dismiss in Tailford, No. 20-56344, 2022 U.S. App. LEXIS 5357, at *11-12 (9th Cir. Mar. 1,...more
On March 18, the three nationwide consumer reporting agencies — Equifax, Experian, and TransUnion (NCRAs) — announced plans to change how medical debt will be reported on credit reports. The joint measures will result in the...more
On February 10, the Ninth Circuit affirmed a Central District of California decision, finding that a consumer reporting agency (CRA) did not violate the Fair Credit Reporting Act (FCRA) when it reported a criminal record with...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
The Supreme Court granted cert in Ramirez v. TransUnion LLC to consider “whether either Article III or Rule 23 permits a damages class action where the vast majority of the class suffered no actual injury, let alone an injury...more