Highlights from the CFPB’s Spring 2024 Semi-Annual Regulatory Agenda
Troutman Pepper | Consumer Financial Services Law Monitor Blog
by Stefanie Jackman, Lori Sommerfield and Chris Willis
1d ago
The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. The CFPB releases regulatory agendas twice a year in voluntary conjunction with a broader initiative led by the Office of Budget and Management to publish a Unified Agenda of Regulatory and Deregulatory actions across the federal government. This agenda includes a mix of rules in the pre-rulemaking, proposed rule, and final rule stages, covering a wide range of topics from mortgage closing costs to financial data transparency. The CFPB has ..read more
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CFPB Says Earned Wage Access Products are Subject to the Truth in Lending Act
Troutman Pepper | Consumer Financial Services Law Monitor Blog
by Keith J. Barnett, Jason Cover, Mark Furletti, James Kim, Caleb Rosenberg, Jesse Silverman, Glen Trudel, Alan D. Wingfield, Carlin McCrory, Taylor Gess and Josh McBeain
1d ago
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed interpretive rule opining that earned wage access (EWA) products — whether provided through employer partnerships or marketed directly to borrowers — are subject to Truth in Lending Act (TILA) and Regulation Z requirements. The proposed rule’s broad definitions and aggressive stance on fees and tips as finance charges conflict with many state laws and could lead to litigation. Notably, yesterday’s proposed interpretive rule abruptly reverses the Bureau’s earlier stance on EWA products. In November 2020, the ..read more
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CFPB Moves to Dissolve Preliminary Injunction and Supplements Motion to Transfer in Credit Card Late Fee Rule Case; Court Immediately Requests Further Briefing
Troutman Pepper | Consumer Financial Services Law Monitor Blog
by Jason Cover, Stefanie Jackman, Lori Sommerfield, Glen Trudel, Chris Willis and Josh McBeain
1d ago
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a brief in the U.S. District Court for the Northern District of Texas in support of its motion to dissolve the preliminary injunction that has stayed the implementation of its credit card late fee rule. Concurrently, the Bureau also filed a notice of supplemental authority in support of their motion to dismiss or transfer on the grounds that the Fort Worth Chamber of Commerce does not have associational standing to bring the suit. Within hours, the court issued an order requiring further briefing on the issue of associa ..read more
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Monumental Win in Data Breach Class Action: A Case Study
Troutman Pepper | Consumer Financial Services Law Monitor Blog
by Ronald I. Raether, Jr., Tim J. St. George and Chris Willis
2d ago
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partners Ron Raether and Tim St. George to discuss a landmark victory in a major data breach class action multidistrict litigation. The team delves into the details of the successful defense of an attempt at class certification involving a ransomware attack on software provider Blackbaud. This episode highlights the strategic legal maneuvers, team approach, extensive discovery, and expert practices that led to this important industry win. Don’t miss this in-depth case study and learn how the Troutman Pepper team navigat ..read more
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Understanding Breach Notification Obligations Under California Law: What Does the CCPA Require?
Troutman Pepper | Consumer Financial Services Law Monitor Blog
by Troutman Pepper
4d ago
Dear Mary, I am the privacy compliance officer at a cloud-based software company. We recently experienced an incident where, although none of our client’s data was compromised, it appears that our employees’ information may have been copied and removed from our environment. This information includes employees’ full names, salaries, and salary schedules. All of our employees reside in California, and given the CCPA’s broad definition of personal information, I am assuming notification will be required? – Frowning in Fresno July 17, 2024 Dear Frowning, I have been patiently waiting for this ques ..read more
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After Multiple Attempts, Missouri Becomes Latest State to Enact Commercial Financing Disclosure Law
Troutman Pepper | Consumer Financial Services Law Monitor Blog
by Mark Furletti, Taylor Gess and Caleb Rosenberg
4d ago
After several attempts in the Missouri legislature, last week Governor Mike Parson signed a Commercial Financing Disclosure Law. This legislation requires certain disclosures to be made by providers of commercial purpose closed-end and open-end loans, and sales-based financing transactions. The law will take effect six months after the Division of Finance finalizes promulgating rules or on February 28, 2025, if the Division does not intend to promulgate rules. The law applies to a “provider” who consummates more than five “commercial financing transactions” to businesses located in Missouri in ..read more
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Troutman Pepper Weekly Consumer Financial Services Newsletter
Troutman Pepper | Consumer Financial Services Law Monitor Blog
by Ethan G. Ostroff, Elizabeth Briones, Thailer Buari, Jed Komisin, Addison Morgan, Trey Smith and Alan D. Wingfield
4d ago
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: Federal Activities State Activities Federal Activities: On July 15, the U.S. Department of Housing and Urban Development (HUD) announced that it has charged multiple entities with housing discrimination for issuing a biased appraisal and then denying a refinance loan application in Denver, CO. HUD’s charge against the appraiser, Maksym Mykhailyna; the appraisal company, Maverick Appraisal Group; the appr ..read more
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The CARs Rule
Troutman Pepper | Consumer Financial Services Law Monitor Blog
by Brooke Conkle and Chris Capurso
4d ago
In this inaugural episode of Moving the Metal, Troutman Pepper attorneys Brooke Conkle and Chris Capurso examine the major requirements of the FTC’s proposed CARS Rule. After a refresher on the rule’s requirements, Brooke and Chris discuss the current status of the litigation surrounding the rule, including a discussion of the briefs and data submitted by the FTC and the trade groups fighting the rule. Tune in as Brooke and Chris look under the hood to examine the FTC’s fine print and where the rule currently stands in the courts, helping your auto finance company avoid regulatory pitfalls. T ..read more
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CFPB Proposes New “Streamlined” Mortgage Servicing Rules
Troutman Pepper | Consumer Financial Services Law Monitor Blog
by Stefanie Jackman and Joseph Reilly
6d ago
As we predicted here, the Consumer Financial Protection Bureau (CFPB or Bureau) last week proposed new and, in some cases, streamlined rules governing what mortgage servicers must do after a borrower becomes delinquent. The proposed rules incorporate some pandemic-era practices, such as allowing servicers to offer assistance without a comprehensive review of the borrower’s financial situation. According to the CFPB, the new rules would require mortgage servicers to prioritize loss mitigation over foreclosing, reduce paperwork requirements, improve communication with borrowers, and ensure criti ..read more
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Seventh Circuit Reverses District Court Decision, Expands ECOA to Include Prospective Applicants
Troutman Pepper | Consumer Financial Services Law Monitor Blog
by Mark Furletti, Lori Sommerfield, Chris Willis and Alan D. Wingfield
1w ago
As discussed here, on February 3, 2023, an Illinois federal court dismissed a case brought by the Consumer Financial Protection Bureau (CFPB or Bureau) in 2020 against Townstone Financial, Inc., a Chicago mortgage lender, for alleged violations of the Equal Credit Opportunity Act (ECOA). The CFPB had accused Townstone of discouraging prospective African American applicants in the Chicago metropolitan area from applying for mortgages. Townstone moved to dismiss arguing that the ECOA only prohibits discrimination against “applicants.” The district court agreed finding that “the word ‘applicant ..read more
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