On January 21, the CFPB issued a Small Entity Compliance Guide summarizing the October 2020 Debt Collection Rule. The Debt Collection Rule amends Regulation F, 12 CFR Part 1006 and becomes effective on November 30, 2021. The Debt Collection Rule governs the activities of debt collectors under the Fair Debt Collection Practices Act (FDCPA). The guide does not address the December 2020 final rule addressing and clarifying the consumer disclosure requirement, required actions prior to…

Susan E. Flint, a leading attorney in the consumer finance, regulatory, and class action areas, joined Troutman Pepper’s Consumer Financial Services Practice Group as a partner working remotely from Minneapolis. Most recently, Flint served as senior vice president and assistant general counsel at Wells Fargo in its Litigation, Regulatory Enforcement, and Investigations Division. While at Wells Fargo, Flint led the bank’s national legal teams, handling consumer bank and small business litigation, enterprise litigation, and…

Bob Ferguson, the attorney general of Washington, has released his 2021 legislative agenda. The requested legislation includes a bill that would self-impose notice requirements to Washington tribes before initiating a project or program that would implicate tribal rights. The legislation “requires that the Attorney General obtain free, prior, and informed consent before initiating programs or projects, under his or independent authority, that affect tribes, tribal rights, and tribal lands.” In the release announcing the proposed…

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,…

On January 5, Virginia Attorney General Mark R. Herring announced the creation of a new Office of Civil Rights, which will expand and replace the existing Division of Human Rights within the office of the attorney general. The new division is a prime example of state regulators’ expanded scrutiny of workplace activities occurring nationwide, particularly in light of recent federal rollbacks, for which all businesses must remain cognizant. The new office will protect Virginians’…

In Vandenberg & Sons Furniture, Inc. v. Alliance Funding Grp., Judge Quist of the District Court for the Western District of Michigan granted in part and denied in part the plaintiff’s motion for class certification arising from alleged violations of the Telephone Consumer Protection Act (TCPA). In its ruling, the court highlighted the importance of maintaining written TCPA policies. In that case, the plaintiff received one fax from the defendant “offering a [$100,000] pre-approved line…

The Federal Trade Commission (FTC) issued a press release announcing it is holding an Identity Theft Awareness Week between February 1-5, 2021. The week will be comprised of a series of events providing consumers with helpful information to reduce their risk of identity theft and discussing concrete steps consumers can take to recover if identity theft occurs. Per the FTC’s press release, the event will “highlight what you can do to protect your personal information,…