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

Complimentary Webinar: U.S. Supreme Court Update & Review

By Misha Tseytlin & Elizabeth Andrews

June 15, 2021

Please join us on Wednesday, June 30 at 3 PM Eastern/12 noon Pacific for an update from Troutman’s Appellate and Supreme Court practice on the most important cases from the U.S. Supreme Court in the last year, as well as a preview of major certiorari grants for the 2021–2022 term. Two of the firm’s appellate specialists will provide an overview of what you can expect to see at the top of the news and discuss…

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

June 15, 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

FTC Says: “Show Me the Money”

By Timothy Butler, Chelsea Lamb, Matt Fay & Travis Andrews

June 11, 2021

On June 7, the Federal Trade Commission (FTC) announced a proposed settlement with MoviePass. And in an interesting twist, the FTC used the proposed settlement to announce a novel means of obtaining monetary relief. As you’ll remember from our prior commentary, the Supreme Court recently held in AMG Capital Management that Section 13(b) of the FTC Act does not authorize the FTC to obtain monetary remedies. That decision threatened to upend the FTC’s fraud…

Consumer Financial Services Law Monitor

Biden Signs Executive Order Aimed at Improving the Federal Government’s Cybersecurity

By Timothy Butler, Hilary Cairnie, Chelsea Lamb & Travis Andrews

June 10, 2021

On May 12, President Biden signed an executive order (EO) that seeks to improve the federal government’s cybersecurity. This comes in the wake of sweeping cyber incidents, such as the SolarWinds incident. The EO calls on both the federal government and the private sector to work collaboratively to identify, deter, detect, and respond to cyber incidents, stating that “bold changes and significant investments” are needed to defend the nation’s computer systems from attack. Of note,…

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

June 7, 2021

Consumer Financial Services Law Monitor

The Scope of the Least Sophisticated Consumer Standard: New York District Court Grants Defendant’s Motion to Dismiss in FDCPA Case

By Jonathan Turner & David M. Gettings

June 7, 2021

In Teitelbaum v. I.C. Sys., a New York district court granted a defendant’s motion to dismiss in a Fair Debt Collection Practices Act (FDCPA) case. In its holding, the court emphasized that the least sophisticated consumer standard may not be invoked to support the proposition that a collection letter is ambiguous in situations where the interpretation, in context of a reading of the entire letter, is clearly illogical or “tortured and ‘idiosyncratic.'” In that case,…

Consumer Financial Services Law Monitor

GDPR – Three Years Later, The Lessons Learned and What’s to Come

By Angelo A. Stio III, Jim Calvert, Brett Dorman & Edgar Vargas

June 4, 2021

Register Here Thursday, June 24 • 3:00 – 4:00 p.m. ET The General Data Protection Regulation was passed May 25, 2018 and sparked a worldwide discussion on how organizations both within and outside the EU approach data privacy. During this webinar, our speakers will provide an overview of the law, discuss key trends and observations since its inception, as well as provide an overview of similar frameworks on the horizon. Speakers will also discuss one…

Consumer Financial Services Law Monitor

Court Finds Plaintiff’s Subjective Interpretation of a Debt Collection Letter Insufficient to Confer Standing Under the FDCPA

By Mark Kundmueller & David M. Gettings

June 3, 2021

The Southern District of Florida has added to the growing collection of cases under the Fair Debt Collections Practices Act (FDCPA) based on a lack of standing. In Preisler v. Eastpoint Recovery Grp., No. 20-CV-62268-RAR (S.D. Fla. May 25, 2021), the defendant, United Holding Group, LLC, purchased a debt owed by the plaintiff, Amir Preisler, and hired defendant Eastpoint Recovery Group, Inc. (Eastpoint) to help collect it. On November 7, 2019, Eastpoint sent…

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

June 1, 2021

Consumer Financial Services Law Monitor

CSBS Seeks Comment on Licensing Requirements for MSBs

By Keith J. Barnett, Timothy Butler, Carlin McCrory & Matthew White

June 1, 2021

On May 24, the Conference of State Bank Supervisors (CSBS) released that it is seeking public comment on proposed nationwide licensing requirements for money service businesses (MSBs). The comment period will end on July 23. The proposal aims to create a national standard for licensure across the MSB industry, while providing state regulators with the requisite information to make licensing decisions. The proposed structure is based on nationwide requirements reviewed by a lead state agency.…

Consumer Financial Services Law Monitor

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

Blog Authors

Complimentary Webinar: U.S. Supreme Court Update & Review

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

FTC Says: “Show Me the Money”

Biden Signs Executive Order Aimed at Improving the Federal Government’s Cybersecurity

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

The Scope of the Least Sophisticated Consumer Standard: New York District Court Grants Defendant’s Motion to Dismiss in FDCPA Case

GDPR – Three Years Later, The Lessons Learned and What’s to Come

Court Finds Plaintiff’s Subjective Interpretation of a Debt Collection Letter Insufficient to Confer Standing Under the FDCPA

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

CSBS Seeks Comment on Licensing Requirements for MSBs

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