In this episode of Payments Pros, Carlin McCrory is joined by Mary Zinsner, a partner in the Consumer Financial Services Practice Group, to explore the increasing litigation trends in the payments industry, with a focus on...more
Mass arbitration continues to be a significant and evolving issue in the legal landscape, particularly for consumer, healthcare, and employment disputes. The American Arbitration Association (AAA) recently released data from...more
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
2/17/2025
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Regulatory Agenda ,
Regulatory Requirements ,
TCPA ,
UDAAP ,
Uniform Commercial Code (UCC)
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Mary Zinsner and Heryka Knoespel, partners in Troutman Pepper Locke’s Consumer Financial Services Practice Group, to discuss the latest in deposit...more
2/13/2025
/ Banking Sector ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Deposit Accounts ,
Depository Institutions ,
Financial Institutions ,
Financial Services Industry ,
Fraud ,
Ponzi Scheme ,
Scams
Hours before a scheduled hearing yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed an “Emergency Notice” in the U.S. Court of Appeals for the Fifth Circuit with respect to the ongoing litigation...more
2/4/2025
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
Enforcement Actions ,
Final Rules ,
Financial Services Industry ,
Lending ,
Regulatory Requirements ,
Rulemaking Process ,
Section 1071 ,
Small Business ,
Small Business Loans ,
UDAAP
On January 27, a three-judge panel of the U.S. Court of Appeals for the Fourth Circuit issued a significant opinion holding that the Servicemembers Civil Relief Act (SCRA) does not prohibit the enforcement of arbitration...more
1/29/2025
/ Appeals ,
Arbitration ,
Arbitration Agreements ,
Class Action ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Dispute Resolution ,
Federal Arbitration Act ,
Financial Institutions ,
Financial Services Industry ,
Mandatory Arbitration ,
Military Lending Act ,
Servicemembers Civil Relief Act (SCRA)
Earlier this week, the Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National...more
12/6/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Corporate Governance ,
ECOA ,
Elder Abuse ,
Elder Issues ,
Exploitation ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Fraud and Abuse ,
FRB ,
Joint Statements ,
NCUA ,
OCC ,
Suspicious Activity Reports (SARs) ,
Unfair or Deceptive Trade Practices ,
Vulnerable Victims
The U.S. Court of Appeals for the Fourth Circuit recently affirmed a district court’s decision denying a defendant’s motion to compel arbitration, underscoring the importance of clear and conspicuous notice in online...more
In a recent decision, the U.S. District Court for the Eastern District of Virginia denied a retailer’s motion to compel individual arbitration of a claim brought in a putative class action lawsuit. The complaint alleges that...more
8/21/2024
/ Arbitration ,
Arbitration Agreements ,
Arbitrators ,
Financial Services Industry ,
Illusory Contracts ,
Motion to Compel ,
Privacy Policy ,
Putative Class Actions ,
Retailers ,
Terms and Conditions ,
Terms of Use ,
Unenforceable Contract Terms ,
Unfair or Deceptive Trade Practices
On May 30, the U.S. Supreme Court unanimously decided Cantero, reaffirming and elaborating on the Barnett Bank preemption standard, and remanding the case to the Second Circuit for further proceedings. Cantero addressed...more
6/21/2024
/ Cantero v Bank of America NA ,
Consumer Financial Products ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Interest Rates ,
Mortgage Lenders ,
Mortgages ,
National Bank Act ,
Preemption ,
SCOTUS
The Consumer Financial Protection Bureau (CFPB or Bureau) has issued a circular warning covered persons that including unlawful or unenforceable terms and conditions in consumer contracts can violate the prohibition on...more
6/6/2024
/ Arbitration ,
Consent Order ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Terms ,
Covered Person ,
Financial Institutions ,
Financial Services Industry ,
Unenforceable Contract Terms ,
Unfair or Deceptive Trade Practices
On May 2, JAMS announced its new Mass Arbitration Procedures and Guidelines and Mass Arbitration Procedures Fee Schedule (together, the Procedures), with the express goal to “facilitate the fair, expeditious and efficient...more
The U.S. Court of Appeals for the Ninth Circuit recently reversed a district court’s ruling, which had denied a motion to compel arbitration of Opportunity Financial (OppFi) on the basis that the arbitration clause was...more
The United States District Court for the District of Maryland recently denied a mortgage servicer’s motion to dismiss a putative class action claim pursuant to the Real Estate Settlement Procedures Act (RESPA) § 2605(g),...more
The U.S. Department of Education (ED) recently announced the approval of an additional $4.9 billion in student loan forgiveness for 73,000 individuals. The relief was provided through several modifications to the...more
On January 15, the American Arbitration Association (AAA) issued amended Mass Arbitration Supplementary Rules and new Consumer Mass Arbitration and Mediation Fee Schedules (collectively, the New Rules). The New Rules will...more
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)
Please join Troutman Pepper Partner Chris Willis, along with colleagues Lori Sommerfield and Mary Zinsner, as they discuss the impact of a consent order issued by the Consumer Financial Protection Bureau (CFPB) in May 2022...more
A group of non-profit consumer advocacy organizations, the Conference of State Bank Supervisors, and the American Association of Residential Mortgage Regulators filed two separate briefs asking the U.S. Supreme Court to...more
12/21/2023
/ Amicus Briefs ,
Banks ,
Breach of Contract ,
Certiorari ,
Dodd-Frank ,
Escrow Accounts ,
Financial Institutions ,
Financial Services Industry ,
Interest Rates ,
Mortgages ,
National Bank Act ,
Preemption ,
SCOTUS
On November 20, a judge for the Southern District of New York granted a motion to dismiss a Fair Debt Collection Practices Act (FDCPA) class-action holding that a simple lack of a date on a model validation notice did not...more
On October 17, the Clearing House Association, LLC (Association) and National Automated Clearing House Association (Nacha) joined forces to submit an amicus brief in support of a credit union held liable by a district court...more
10/23/2023
/ Amicus Briefs ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Credit Unions ,
Due Diligence ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
Fraudulent Concealment ,
Fund Transfers ,
Punitive Damages ,
Uniform Commercial Code (UCC)
Join Troutman Pepper Partners Chris Willis, Mary Zinsner, and Dave Gettings for an in-depth discussion about litigating elder financial exploitation cases. Elder abuse and financial exploitation of the elderly are increasing...more
On August 24, the U.S. District Court for the Southern District of Georgia denied the defendant’s motion to dismiss claims asserted under the Fair Debt Collections Practices Act (FDCPA), holding that for claims based on...more
In Valentine v. Mullooly, Jeffrey, Rooney & Fylnn LLP the U.S. District Court for the District of New Jersey found that the plaintiff had not suffered an injury in fact and therefore lacked standing to assert a claim under...more
9/7/2023
/ Article III ,
Consumer Lenders ,
Creditors ,
Debt Collectors ,
FDCPA ,
Financial Services Industry ,
Injury-in-Fact ,
Licenses ,
New Jersey ,
Standing ,
Statutory Violations
In a matter involving the bona fide error defense to claims asserted under the Fair Debt Collections Practices Act (FDCPA), an Indiana court of appeals reversed a trial court’s order granting summary judgment in favor of the...more