If a financial institution unilaterally reopens a closed deposit account to process a transaction, does that constitute an unfair act or practice under the Consumer Financial Protection Act (CFPA)? According to the Consumer...more
On May 1, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans....more
Financial services industry groups are staunchly opposing a proposal by the Consumer Financial Protection Bureau (CFPB or Bureau) to require supervised nonbank entities to provide information about their use of certain terms...more
Yesterday, a three-judge panel of the Second Circuit Court of Appeals issued a unanimous opinion declining to follow the Fifth Circuit’s decision in Community Financial Services Association of America, Ltd. v. Consumer...more
A federal magistrate judge in Rhode Island has ruled that the Consumer Financial Protection Bureau (CFPB or Bureau) must produce three employees for depositions, denying the agency’s motion for a protective order....more
Bankers are opposing any effort by the Consumer Financial Protection Bureau (CFPB or Bureau) to reduce or eliminate the late fee safe harbor, citing a potentially significant adverse impact on community banks and credit...more
In an October 27 letter, the American Bankers Association (ABA) expressed concern regarding a proposal currently being considered by the Consumer Financial Protection Bureau (CFPB) that would shift liability from consumers to...more
Please join Consumer Financial Services Partner Chris Willis and his colleagues and fellow Partners Mary Zinsner and Susan Flint as they discuss the current landscape of wire fraud scams in the financial services industry....more
On September 21 and 22, chief executives from the nation’s seven largest banks faced questioning before Congress, marking the third time senior bank officers have testified before Congress in the last three years. Senators...more
Banking trade groups are challenging a request for information (RFI) issued by the Consumer Financial Protection Bureau (CFPB) regarding customer service at large financial institutions. In a joint letter dated August 22, the...more
As peer-to-peer money transfer services (or cash apps) become more popular, there has been an increase in the number of scams enticing consumers to transfer funds to fraudsters. The law currently provides that the banks that...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