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
Please join Consumer Financial Services Partner Dave Gettings and his colleagues Ethan Ostroff, Brooke Conkle, and Jon Kenney as they discuss the Third Circuit’s recent decision in the Bibbs case, particularly the Third...more
On September 26, Representative French Hill (R-AR) introduced new legislation, H.R. 8985, also known as the Credit Access and Inclusion Act of 2022, to amend the Fair Credit Reporting Act and allow payment information for...more
What standard should courts use to determine whether information contained in a consumer’s credit report is inaccurate or misleading? According to the Third Circuit in a recent precedential decision, the standard should be...more
Please join Consumer Financial Services Partner Dave Gettings and his fellow Partner Ethan Ostroff as they discuss the Consumer Financial Protection Bureau’s increasingly active interest in credit reporting, including a...more
The Bureau of Consumer Financial Protection (CFPB) ordered Hyundai Capital America (Hyundai) to pay $19.2 million for allegedly providing inaccurate information to consumer reporting agencies, including, the CFPB alleged,...more
Like most industries today, Consumer Finance Services businesses continue to be significantly impacted by COVID-19. To help you keep abreast of relevant activities, below find a breakdown of some of the biggest legislative...more
6/29/2022
/ Banking Sector ,
Central Bank Digital Currency (CBDCs) ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Cards ,
Department of Justice (DOJ) ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Financial Services Industry ,
NYDFS ,
Popular
On May 25, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post, examining what it describes as the “practice of suppressing payment data.”...more
On January 20, the Third Circuit Court of Appeals held oral argument in Bibbs v. Trans Union, LLC. This case is a consolidated appeal of multiple decisions from the Eastern District of Pennsylvania, granting dispositive...more
Recently, a district judge in California granted a defendant’s motion to dismiss in Koeut v. Navient Corp., ruling that the plaintiff failed to specifically allege facts to support an inference that Navient Corporation and...more
Judge James Teilborg of the U.S. District Court Judge for the District of Arizona awarded Thomas McDermott over $17,000 in damages and attorney’s fees after he obtained a default judgment against collection agency, Perfection...more
The Second Circuit Court of Appeals recently upheld a ruling that reporting a judgment as “satisfied” was accurate under the Fair Credit Reporting Act (FCRA) when the underlying lawsuit was dismissed by stipulation as...more
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more
4/7/2021
/ CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Dodd-Frank ,
Eviction ,
Fair Credit Reporting Act (FCRA) ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
HMDA ,
Masks ,
Moratorium ,
U.S. Treasury
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...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
On January 21, 2021, the United States District Court for the Northern District of Illinois granted TransUnion Data Solutions LLC’s (Trans Union) motion for judgment on the pleadings, denying Blue Sobenes’ (Sobenes) claims...more
On January 20, 2021, the Southern District of New York granted Emmanuel Torres’ (“Torres”) motion to remand to state court, holding that Wakefield & Associates’ (“Wakefield”) and Rural Metro Ambulance Corporation’s (“Rural...more
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
We reported in September of this year on a demand from multiple consumer advocacy groups to the Consumer Financial Protection Bureau (“CFPB”) to rescind its April 1, 2020, credit report guidance that relaxed the Fair Credit...more
Multiple consumer advocacy groups are demanding the Consumer Financial Protection Bureau (“CFPB”) rescind its April 1, 2020, credit reporting guidance regarding the investigation of error disputes vowed at the beginning of...more
On July 27, 2020, the Eastern District of Pennsylvania confirmed that a plaintiff lacks Article III standing to state a claim for violation of the Fair Credit Reporting Act (“FCRA”) premised solely on the failure to receive a...more
8/26/2020
/ Article III ,
Background Screening Services ,
Class Action ,
Class Certification ,
Criminal Background Checks ,
Discovery ,
Fair Credit Reporting Act (FCRA) ,
Injury-in-Fact ,
Job Applicants ,
Putative Class Actions ,
Spokeo v Robins ,
Standing