The Department of Financial Protection and Innovation (DFPI) of California entered a settlement agreement with Chime Financial, Inc. (Chime), a neobank company that is not licensed to operate as a bank or otherwise exempt...more
The Federal Trade Commission (FTC) is acting swiftly to restore its authority to obtain consumer redress under Section 13(b) of the FTC Act after the Supreme Court’s recent decision in AMG Capital Management, LLC v. FTC,...more
On April 22 the Supreme Court held in AMG Capital Management, LLC v. FTC that the Federal Trade Commission (FTC) does not have authority under the Federal Trade Commission Act Section 13(b) to seek, nor a court to award,...more
Beam Financial, Inc. (Beam), a mobile banking app, will be banned from offering any service that may be used to deposit, store, or withdraw funds, and must give a full refund to users as part of a settlement with the Federal...more
On March 25, the Federal Trade Commission (FTC or Commission) released an article reflecting on its work in 2020. The following are some of the most notable actions of the FTC in 2020...more
On March 22, President Joe Biden announced his intent to nominate Lina Khan to be a commissioner of the Federal Trade Commission (FTC). Khan is an outspoken critic of big tech and a former legal advisor to FTC Commissioner...more
On March 3, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the Northern District of Illinois against a third-party payment processor, BrightSpeed Solutions, Inc., and its founder and former CEO Kevin...more
On March 18, Opportunity Financial, Inc. (OppFi) — a Chicago-based platform lender — announced that the Consumer Financial Protection Bureau (CFPB) is investigating its compliance with the Military Lending Act. The...more
On March 11, the Consumer Financial Protection Bureau (CFPB) announced that it is rescinding a January 2020 policy statement that limited the “abusive acts and practices” standard created by the 2010 Dodd-Frank Act. By...more
At the Nationwide Multistate Licensing System (NMLS) Annual Conference, state financial regulators released an updated cybersecurity examination tool for nonbank financial company supervision. The tool is designed for state...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
In a recently filed Form 10-K, PayPal Holdings, Inc. (PayPal) announced that it received a Civil Investigative Demand (CID) from the Consumer Financial Protection Bureau (CFPB) on January 21 “related to Venmo’s unauthorized...more
Earlier this month, a task force created by the Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger sent Congress a report with over 100 recommendations to strengthen consumer finance law, including fintech...more
On November 17, President Trump nominated current Acting Director of the Office of the Comptroller of the Currency Brian Brooks to a full five-year term as the comptroller of the currency. Though the nomination occurs during...more
On October 1, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory warning of the perils of facilitating ransomware payments involving malicious cyber-enabled activities. OFAC has...more
On September 17, a State of Washington federal judge granted Colorado Attorney General Phil Weiser’s request in State of Washington v. Trump for a nationwide injunction, requiring the U.S. Postal Service (USPS) to stop and...more
On September 15, the Conference of State Bank Supervisors (CSBS) announced that money transmitters operating in 40 or more states will be able to take advantage of a new, comprehensive exam designed to satisfy all state money...more
On September 15, the Conference of State Bank Supervisors (CSBS) announced that money transmitters operating in 40 or more states will be able to take advantage of a new, comprehensive exam designed to satisfy all state money...more
On September 15, 2020, after considerable delay and pursuant to a court settlement, the Consumer Financial Protection Bureau (CFPB) released its Outline of Proposals Under Consideration and Alternatives Considered for small...more
9/18/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Regulatory Requirements ,
Rulemaking Process ,
SBREFA ,
Section 1071 ,
Small Business ,
Women-Owned Businesses
On September 1, 2020, a district court in the Northern District of California weighed in on an issue of recurring importance in internet commerce: how does a business obtain a remote consumer’s effective agreement to terms...more
9/9/2020
/ Arbitration ,
Auto-Dialed Calls ,
E-Commerce ,
Hyperlink ,
Motion to Compel ,
Putative Class Actions ,
TCPA ,
Telecommunications ,
Telemarketing ,
Terms and Conditions ,
Text Messages