Consumer Financial Services Law Monitor

Monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues

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Consumer Financial Services Law Monitor

Troutman Pepper’s National Consumer Financial Services Practice Expands with Addition of Partner Justin Balser

By Justin

September 20, 2021

Justin Balser, an experienced litigator and compliance attorney, has joined Troutman Pepper’s nationally recognized Consumer Financial Services Practice Group as a partner. Balser joins from Akerman where he was managing partner of the firm’s Denver office. He previously served as legal counsel and advisor to senior management at Lehman Brothers’ mortgage subsidiary, Aurora Loan Services LLC. Balser works with financial institutions, mortgage lenders, loan servicers, and other credit related entities throughout the United States…

Consumer Financial Services Law Monitor

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

By Ethan G. Ostroff, Elizabeth Briones, Ronald I. Raether, Jr., Dan Stillman, Jed Komisin, Edgar Vargas & Alan D. Wingfield

September 20, 2021

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 through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can use free of charge. Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19,…

Consumer Financial Services Law Monitor

Movement on All Sides Toward Broader Data Privacy and Security Oversight by FTC

By Ronald I. Raether, Jr., Ashley L. Taylor, Jr. & Graham Dean

September 20, 2021

Earlier this month, we reported on two Senate privacy bills reintroduced from last year’s legislative session. These reintroductions are part of a broader wave of federal privacy bills, none of which are making meaningful progress toward becoming law. While the prospect of a comprehensive federal privacy law in the near term remains unlikely, a recent appropriation proposal and the nomination of longtime privacy advocate Alvaro Bedoya indicate that Democrats are attempting to empower the Federal…

Consumer Financial Services Law Monitor

Minnesota Establishes Licensing Requirement for Debt Buyers

By Paul Boller & David M. Gettings

September 15, 2021

Earlier this summer, Minnesota extended many of its collection agency requirements to debt buyers through the enactment of H. F. No. 6. As of January 1, 2022, debt buyers will need to hold a collection agency license or have a licensing application filed with the Minnesota Department of Commerce (Department) in order to “engage[] in the purchase of any charged-off account, bill, or other indebtedness for collection purposes, whether the business collects the account,…

Consumer Financial Services Law Monitor

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

By Ethan G. Ostroff, Elizabeth Briones, Ronald I. Raether, Jr., Dan Stillman, Jed Komisin, Alan D. Wingfield & Edgar Vargas

September 14, 2021

Consumer Financial Services Law Monitor

Sixth Circuit Reverses Lindenbaum, Finds TCPA Government-Backed Debt Exemption Did Not Render Remainder of Statute Unconstitutional

By Virginia Bell Flynn, Chad R. Fuller & Brooke Conkle

September 10, 2021

On Thursday, September 9, the U.S. Court of Appeals for the Sixth Circuit issued its opinion in Lindenbaum v. Realgy LLC, reversing a district court opinion that found the Telephone Consumer Protection Act was unconstitutional from 2015 to 2020. Specifically, the Sixth Circuit found that the government-backed debt exemption — added to the TCPA in 2015 and later struck down by the Supreme Court — was severable from the statute, and the statute did not…

Consumer Financial Services Law Monitor

The Uniform Personal Data Protection Act: A New Approach to Scoping

By Graham Dean & Ronald I. Raether, Jr.

September 9, 2021

This July, the Uniform Law Commission (ULC) approved a final draft of the Uniform Personal Data Protection Act (UPDPA). The ULC is a nonpartisan group, which drafts model laws with the goal of widespread state adoption. One noteworthy example is the Uniform Commercial Code (UCC), which has been adopted to some extent by all 50 states. The final draft of the UPDPA deviates significantly from existing state privacy laws. One of the most noteworthy aspects…

Consumer Financial Services Law Monitor

Agencies Issue Guide to Help Community Banks Evaluate Fintech Relationships

By Chris Capurso, Carlin McCrory & James Stevens

September 9, 2021

On August 27, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the “Agencies”) issued “Conducting Due Diligence on Financial Technology Companies: A Guide for Community Banks.” While the guide is primarily intended to help community banks assess risks when considering prospective relationships with financial technology (fintech) companies, the Agencies note that the fundamental concepts may be useful for…

Consumer Financial Services Law Monitor

Signing Bonuses and Article III Standing: Seventh Circuit Reverses and Remands District Court Entry of Summary Judgment for Plaintiff in FDCPA Case

By Jonathan Turner & David M. Gettings

September 8, 2021

In Wadsworth v. Kross, Liberman & Stone, Inc., the Seventh Circuit Court of Appeals reversed a district court’s entry of summary judgment for the plaintiff in a Fair Debt Collection Practices Act (FDCPA) case and remanded the case with instructions to dismiss for lack of jurisdiction. In its holding, the court emphasized that in order to establish Article III standing, a plaintiff must establish concrete harm that he/she would not have incurred had the debt…

Consumer Financial Services Law Monitor

Join Us on October 4-6 for the NetDiligence Cyber Risk Summit

By Sadia Mirza

September 8, 2021

We are pleased to announce that Troutman Pepper attorney Sadia Mirza will be presenting during the NetDiligence Cyber Risk Summit at the Loews Santa Monica Beach Hotel in California. This conference features two full days of panel discussions by leading cyber experts who will share their insights on hot topics, trends, and cybersecurity concerns. Sadia will be moderating the panel, “How 2020 Has Blurred Attorney Client Privilege in Incident Response” on Tuesday, October 5, 2021…

Consumer Financial Services Law Monitor

Monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues

Blog Authors

Troutman Pepper’s National Consumer Financial Services Practice Expands with Addition of Partner Justin Balser

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Movement on All Sides Toward Broader Data Privacy and Security Oversight by FTC

Minnesota Establishes Licensing Requirement for Debt Buyers

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Sixth Circuit Reverses Lindenbaum, Finds TCPA Government-Backed Debt Exemption Did Not Render Remainder of Statute Unconstitutional

The Uniform Personal Data Protection Act: A New Approach to Scoping

Agencies Issue Guide to Help Community Banks Evaluate Fintech Relationships

Signing Bonuses and Article III Standing: Seventh Circuit Reverses and Remands District Court Entry of Summary Judgment for Plaintiff in FDCPA Case

Join Us on October 4-6 for the NetDiligence Cyber Risk Summit

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