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CFPB Announces Annual Threshold Adjustments for Credit Cards and Mortgages

The Consumer Financial Protection Bureau (CFPB) has issued a final rule adjusting the Truth in Lending Act (TILA) dollar amounts for certain provisions, including under the Home Ownership and Equity Protection Act of 1994...more

CFPB Will Seek Public Input on Proposed Rule on Mandatory Pre-Dispute Arbitration Provisions

In response to a petition filed last week by a number of consumer advocacy groups, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it will be seeking public input on a possible rule that would curtail...more

July Consumer Litigation Filings: Mixed Bag

According to a recent report by WebRecon, court filings under the Fair Credit Reporting Act (FCRA) and Fair Debt Collection Practices Act (FDCPA) were slightly up while filings under the Telephone Consumer Protection Act...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2023 # 4

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Impending FCRA Data Broker Rulemaking Announced by CFPB Director Chopra at White House Data Broker Roundtable

At a White House Roundtable on protecting Americans from allegedly harmful “data broker” practices, Consumer Financial Protection Bureau (CFPB or Bureau) Director Rohit Chopra announced the Bureau’s intention to expand the...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2023 # 3

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Rhode Island AG Settles with Dealerships over Allegedly Charging Fees Not Included in Advertised Prices

Rhode Island Attorney General Peter F. Neronha announced a total settlement of $557,815 with three car dealerships to resolve allegations that the dealerships...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2023 #2

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Tenth Circuit Affirms Summary Judgment in Favor of Defendant in FDCPA Case on the Basis of Claim Preclusion

On August 1, the U.S. Court of Appeals for the Tenth Circuit upheld a trial court’s order granting summary judgment in favor of a debt buyer holding that claim preclusion barred the plaintiff’s claims brought under the Fair...more

Federal Reserve’s July Senior Loan Officer Opinion Survey Shows Tightened Auto Loan Standards and Weakened Demand Amid Uncertain...

On July 31, the Board of Governors of the Federal Reserve System (Federal Reserve) issued its July Senior Loan Officer Opinion Survey on Bank Lending Practices, which addressed changes in the standards and terms on, and...more

Consumer Litigation Filings Back Down in June

According to a recent report by WebRecon, court filings under the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), and the Telephone Consumer Protection Act (TCPA) were down for the month of June....more

CFPB Releases Blog Post Favoring Use of Self-Reported Cash Flow Data in Credit Underwriting

On July 27, the Consumer Financial Protection Bureau (CFPB) released a new blog post, positing that cashflow data, broadly defined as the various inflows, outflows, and accumulated amounts in a consumer’s checking and savings...more

CFPB’s Summer Edition of Supervisory Highlights Focuses on Auto Lending/Servicing and Debt Collection Practices

On July 26, the Consumer Financial Protection Bureau (CFPB or Bureau) released the summer edition of its Supervisory Highlights report, providing a high-level overview of alleged unfair, deceptive, or abusive acts or...more

First Post-Facebook Appeal Makes Its Way to Supreme Court

More than two years after the Supreme Court released its ruling in Facebook v. Duguid, confirming the meaning of automatic telephone dialing systems (ATDS) under the Telephone Consumer Protection Act (TCPA), a plaintiff has...more

FCC Proposes New Rules for Revocation under the TCPA

On June 29, 2023, the Federal Communications Commission (FCC or Commission) issued a notice of proposed rulemaking clarifying how consumers may revoke consent to receive calls or texts under the Telephone Consumer Protection...more

Seventh Circuit Finds Furnisher Not Liable Under FCRA Despite CRA’s Inaccurate Interpretation of Furnisher’s Reporting

In Frazier v. Dovenmuehle Mortgage, Inc., the Seventh Circuit recently issued an opinion affirming summary judgement in favor of the defendant data furnisher in a suit brought by a consumer under § 1681s-2(b) of the Fair...more

Michigan House Bill Proposes Excluding Tenant Credit Scores from Rental Decisions

The drumbeat to increase regulation of tenant screening continues, this time in Michigan. On June 15, Michigan state Representative Brenda Carter (D-29) introduced House Bill 4818, which proposes to amend landlord-tenant...more

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