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

Winnowed TCPA Survives Constitutional Challenge Before U.S. Supreme Court

By David N. Anthony, Virginia Bell Flynn, Chad R. Fuller, David M. Gettings, John C. Lynch, Alan D. Wingfield, Jim Trefil, Mandi Blackmon & Brooke Conkle

July 6, 2020

The United States Supreme Court issued its much-awaited decision in Barr v. American Association of Political Consultants on Monday, July 6, striking down the government-backed debt exemption in the Telephone Consumer Protection Act (TCPA). The Court did not go so far as to invalidate the TCPA as a whole, however, finding instead that the unconstitutional portion of the statute could effectively be severed. The decision is a primer in First Amendment analysis, but does not…

Consumer Financial Services Law Monitor

Troutman Sanders Weekly Consumer Financial Services COVID-19 Newsletter

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

July 6, 2020

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. Please join us for a complimentary webinar on Wednesday, August 26, 2020 at 2:00 p.m. ET.…

Consumer Financial Services Law Monitor

Fourth Circuit Joins Sister Circuits to Broaden the Scope of the FDCPA’s Statute of Limitations

By Kimberly Delk Eason, Megan Burns & Ethan G. Ostroff

July 6, 2020

One of the first lines of defense when defending allegations of a statutory violation is the statute of limitations. As a complete bar to a plaintiff’s claims, the statute of limitations is one of the most powerful tools in a defense litigator’s pocket. Recently, the Fourth Circuit joined the Sixth, Eighth, and Tenth Circuits in interpreting the Fair Debt Collections Practices Act’s (FDCPA) statute of limitations to restart after each individual violation of the Act.…

Consumer Financial Services Law Monitor

FCC Issues Order Confirming that Manual Dialing Means a System is not an ATDS; Wades Into the Random or Sequential Debate

By Virginia Bell Flynn, David M. Gettings, John C. Lynch, Alan D. Wingfield, Mandi Blackmon & Brooke Conkle

July 2, 2020

The Federal Communications Commission (FCC) issued a noteworthy order on June 25, 2020, in its continuing interpretation of the Telephone Consumer Protection Act (TCPA). In its order, the FCC confirmed many courts’ existing interpretation of the TCPA, noting that any text platform that requires manual entry of telephone numbers and manual launching of texts on a one-by-one basis is not an automatic telephone dialing system (ATDS). The FCC also waded into the debate regarding random…

Consumer Financial Services Law Monitor

Troutman Sanders Attorneys Publish Law360 Article, “7th Circ. Clarifies Test For ‘Misleading’ Debt Collection Letters”

By David N. Anthony & Jed Komisin

July 2, 2020

On June 9, the U.S. Court of Appeals for the Seventh Circuit affirmed the U.S. District Court for the Northern District of Indiana‘s entry of summary judgment in favor of a defendant debt collector in a claim under Title 15 of the U.S. Code, Section 1692(e) — stating that “mere speculation” that a collection letter is misleading is insufficient to survive summary judgment. The court held that language that is not facially deceptive or misleading requires…

Consumer Financial Services Law Monitor

Troutman Pepper Officially Launches

By Michael E. Lacy

July 1, 2020

Troutman Sanders and Pepper Hamilton officially became Troutman Pepper (Troutman Pepper Hamilton Sanders LLP) today, a national law firm of 1,100 attorneys in 23 U.S. offices. Our new firm offers clients greater resources and bench strength, enhanced practices, and expanded geographical reach. We are now one of the 50 largest law firms in the country, with offices in eight of the 10 largest U.S. markets. Our attorneys support some of the country’s biggest industry sectors,…

Consumer Financial Services Law Monitor

The One-Two Punch to Madden – FDIC, Following the OCC, Finalizes its Regulation Clarifying the Valid-When-Made Doctrine

By James Stevens, Jacob A. Lutz & Gregory Parisi

June 30, 2020

Authors: James W. Stevens, Partner, Troutman Sanders Jacob A. Lutz III, Partner, Troutman Sanders Mark T. Dabertin, Special Counsel, Pepper Hamilton Richard P. Eckman, Of Counsel, Pepper Hamilton Gregory Parisi, Partner, Troutman Sanders Among growing concern about the long-term implications of Second Circuit’s decision in Madden v. Midland Funding, LLC and other cases following it, the FDIC has issued rules clarifying the law governing interest rates that assignees of loans…

Consumer Financial Services Law Monitor

Supreme Court Rules That the President Can Fire the CFPB Director Without Cause, CFPB Still Intact

By Ashley L. Taylor, Jr., Bill Mayberry, Ronald I. Raether, Jr., Keith J. Barnett, Timothy Butler, Nathan Viebrock & Matthew White

June 30, 2020

The Supreme Court ruled yesterday that the Consumer Financial Protection Bureau (CFPB) can carry on, despite its unconstitutional leadership structure. The ruling gives the President the freedom to replace a CFPB Director at will. In a 5-4 decision, the Court held that the CFPB’s leadership by a single director removable only for cause was an unconstitutional restraint on the president’s executive powers. Writing for the majority, Chief Justice John Roberts, explained that the limitation on…

Consumer Financial Services Law Monitor

Washington AG Demands “Sophisticated” Companies Comply…Or Else

By Christopher Carlson, Agustin Rodriguez & Ashley L. Taylor, Jr.

June 30, 2020

Last week, the Washington State Attorney General filed a lawsuit against Convergent Outsourcing, Inc. for sending 75,000 “Settlement Offer” letters to Washington consumers without disclosing that the underlying debt was beyond the statute of limitations. While yet another example of Washington Attorney General Bob Ferguson’s active enforcement of the state’s debt collection laws, the Attorney General’s press release provides broader insights into how state attorneys general are scrutinizing companies and how a business can take…

Consumer Financial Services Law Monitor

Troutman Sanders Weekly Consumer Financial Services COVID-19 Newsletter

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

June 29, 2020

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (“COVID-19”). Troutman Sanders and Pepper Hamilton have 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. Please join us for a complimentary webinar, Your Definitive Guide to Credit Reporting…

Consumer Financial Services Law Monitor

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

Blog Authors

Winnowed TCPA Survives Constitutional Challenge Before U.S. Supreme Court

Troutman Sanders Weekly Consumer Financial Services COVID-19 Newsletter

Fourth Circuit Joins Sister Circuits to Broaden the Scope of the FDCPA’s Statute of Limitations

FCC Issues Order Confirming that Manual Dialing Means a System is not an ATDS; Wades Into the Random or Sequential Debate

Troutman Sanders Attorneys Publish Law360 Article, “7th Circ. Clarifies Test For ‘Misleading’ Debt Collection Letters”

Troutman Pepper Officially Launches

The One-Two Punch to Madden – FDIC, Following the OCC, Finalizes its Regulation Clarifying the Valid-When-Made Doctrine

Supreme Court Rules That the President Can Fire the CFPB Director Without Cause, CFPB Still Intact

Washington AG Demands “Sophisticated” Companies Comply…Or Else

Troutman Sanders Weekly Consumer Financial Services COVID-19 Newsletter

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