On September 15, 2020, after considerable delay and pursuant to a court settlement, the Consumer Financial Protection Bureau (CFPB) released its Outline of Proposals Under Consideration and Alternatives Considered for small business lending data collection rulemaking. When the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) was passed, Section 1071 amended the Equal Credit Opportunity Act (ECOA) to require such small business data collection. Dodd-Frank requires the CFPB to comply with The Small Business…

September 29, 2020 2pm – 3pm ET Join us on Tuesday, September 29th as a panel of Troutman Pepper class action litigators examine recent developments in class action litigation in 2020 and provide insights on what the future holds. The panel will dive into the major decisions that were rendered this past year, and explore ways for class action practitioners and in-house counsel to effectively and efficiently manage class actions. Please click here to register.…

On September 4, 2020, the Second Circuit Court of Appeals overturned summary judgment granted to a debt collector who had sent collection documents to the wrong person, ruling that it was not entitled to the bona fide error defense because it lacked procedures governing the factual mistake. Chiari & Ilecki (“C&I”) attempted to collect a debt from William J. Wagner, Jr.  C&I located the appellant, William J. Wagner, and incorrectly concluded he was the debtor. …

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. To help you keep abreast of relevant activities, below is a breakdown of some of the biggest…

The Second Circuit Court of Appeals recently issued an opinion affirming the dismissal of a lawsuit because a debt collector’s failure to use the FDCPA’s precise language in its validation notice is not a violation of the FDCPA. In Chaperon v. Sontag & Hyman, P.C., Chaperon alleged violations of 15 U.S.C. § 1692g and § 1692e related to a notice she received regarding past-due rent. Specifically, she alleged that, though the notice stated she could…

In late August, the California legislature passed Assembly Bill 1864, creating a Department of Financial Protection and Innovation and bolstering legal protections for consumers. The new Department is intended to be a state-level version of the Consumer Financial Protection Bureau (CFPB). For example, similar to the CFPB, the commissioner of the Department is authorized to bring a civil action or other proceeding to enforce the provisions of the federal Consumer Financial Protection Act of…