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Investigations Consumer Financial Products

Troutman Pepper Locke

Second Circuit Explains Reasonable Investigation Standard in Identity Theft Case Under FCRA

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In a recent decision, the U.S. Court of Appeals for the Second Circuit clarified the expectations for furnishers when investigating consumer disputes under the Fair Credit Reporting Act (FCRA). In Suluki v. Credit One Bank,...more

Skadden, Arps, Slate, Meagher & Flom LLP

Legislation Introduced To Overhaul CFPB Civil Investigative Demand Process

On October 25, 2024, a bill was introduced in the House of Representatives by sponsors from both parties that would impose heightened requirements and procedural protections for civil investigative demands (CIDs) issued by...more

Sheppard Mullin Richter & Hampton LLP

CFPB and FTC Argue Consumer Reporting Companies Have an Obligation to Correct Errors in Joint Amicus Brief

On March 29, the CFPB and the FTC jointly filed an amicus brief with the Eleventh Circuit in a matter involving a dispute under the Fair Credit Reporting Act. The case involves a consumer who filed disputes with a consumer...more

Ballard Spahr LLP

OIG report finds CFPB can enhance certain aspects of its enforcement investigations process

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The Office of Inspector General (OIG) for the Federal Reserve Board and CFPB has issued a report on its evaluation of the CFPB’s process for conducting enforcement investigations.  OIG concluded that the CFPB can enhance...more

Troutman Pepper Locke

Bank Investigations and Enforcement Actions: Lessons Learned — The Consumer Finance Podcast

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In this episode of The Consumer Finance Podcast, Troutman Pepper Partners Chris Willis and Matthew Orso discuss lessons learned from bank internal investigations. They explore the trigger points that give rise to these...more

Balch & Bingham LLP

Third Circuit Holds Creditors Should Investigate All Indirect Disputes Of Accounts On A Credit Report - (Video Transcript)

Balch & Bingham LLP on

Welcome to Balch's Consumer Finance Compass, where we'll navigate the complex regulatory sphere that is consumer finance. I'm Jason Tompkins, chair of the firm's Issues and Appeals Practice and member of the Consumer Finance...more

Womble Bond Dickinson

Milgram v. Chase Bank USA, N.A.: Eleventh Circuit Holds Furnisher’s Investigation Was Reasonable, Despite Evidence That...

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Does a furnisher always have to reach the “right” answer when it investigates a consumer’s credit reporting dispute? Or does the furnisher just have to engage in a “reasonable” investigation of the dispute before responding?...more

Burr & Forman

Eleventh Circuit Confirms Investigation into Dispute Involving Identity Theft Was Reasonable and Affirms Summary Judgment on FCRA...

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In Milgram v. Chase Bank USA, N.A., --- F.4th ---, 2023 WL 3874276 (11th Cir. June 8, 2023), the Eleventh Circuit affirmed the district court’s dismissal of plaintiff’s FCRA claim based on the bank’s alleged failure to...more

Sheppard Mullin Richter & Hampton LLP

FDIC Settles with Bank for Repeat RESPA Violations, Doubling Previous Fine

The FDIC recently announced a consent order with an Oregon regional bank for violations of Section 8 of RESPA, the FTC Act, and the FRCA, resulting in a civil monetary penalty totaling $425,000. After conducting its...more

Goodwin

California’s DFPI Launches Investigation and First Formal Enforcement Action

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On February 3, 2021, California’s Department of Financial Protection and Innovation (DFPI) announced that it has commenced its first formal enforcement action and launched a separate investigation into student loan debt...more

Morgan Lewis - All Things FinReg

California DFPI Staffs Up, Begins Investigating Previously Out-of-Reach Businesses

The California Department of Financial Protection and Innovation (DFPI) announced in its January 2021 monthly bulletin that it will begin exercising its enhanced powers under the California Consumer Financial Protection Law...more

Hudson Cook, LLP

New York DFS and Other Regulators Launch Investigation into Payroll Advance Industry

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On August 6, 2019, the New York Department of Financial Services Superintendent Linda A. Lacewell announced that the DFS will lead a multistate investigation into the payroll advance industry and allegations of unlawful...more

Ballard Spahr LLP

NYDFS Student Lending Initiative

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New York Department of Financial Services (NYDFS) Superintendent, Linda A. Lacewell, recently wrote an Opinion Article in the New York Daily News, addressing the student lending industry. According to Lacewell, the Trump...more

Ballard Spahr LLP

NY DFS announces multistate investigation of payroll advance industry

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The New York Department of Financial Services (DFS) issued a press release this week to announce that it is leading a multistate investigation into the payroll advance industry.  A payroll advance allows an employee to access...more

Ballard Spahr LLP

Petition filed with FTC seeking investigation of use of “secret surveillance scoring”

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The Consumer Education Foundation, a California-based nonprofit consumer advocacy organization, has filed a petition with the FTC asking it to investigate the use of “secret surveillance scores” in the U.S. marketplace....more

Ballard Spahr LLP

CFPB and DOJ announce redlining settlement

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Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more

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