Consumer Financial Services

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On October 29, New Jersey Attorney General Matthew Platkin and the state’s Division on Civil Rights (DCR) released a report detailing the findings of a multi-year investigation into Republic First Bank (Republic) and its alleged mortgage redlining practices. According to the report, the investigation revealed that Republic engaged in a pattern or practice of redlining against Black, Hispanic, and Asian communities in New Jersey, in violation of the New Jersey Law Against Discrimination.Continue Reading New Jersey Attorney General Releases Report on Republic First Bank’s Unlawful Redlining Practices

On September 20, 13 states and Washington, D.C. joined Colorado in its appeal asking the Tenth Circuit to uphold a state law imposing more restrictive interest rate caps on loans from out-of-state banks to residents, arguing that U.S. District Judge Daniel D. Domenico’s injunction “disrupts [ ] careful Congressional balancing and will allow online lenders to flout usury laws.”Continue Reading States Join Colorado in Defense of Interest Rate Opt-Out Law

In 2024, the landscape of state attorneys general (AGs) is poised for significant change, with numerous elections and regulatory actions reshaping priorities and enforcement strategies. This dynamic environment reflects the critical role AGs play in addressing key issues across various sectors, from environmental regulations and consumer protection to health care and privacy. As state AGs continue to influence policy and legal frameworks, their actions will have far-reaching implications for businesses and consumers alike. Troutman Pepper’s State AG team is pleased to provide you with this mid-year review summarizing the activities in this regulatory space over the past six months.Continue Reading 2024 Mid-Year Review: State AGs Shaping Regulatory Landscapes

On April 15, the Minnesota House of Representatives passed the Commerce Policy Omnibus bill, which includes key provisions of the Minnesota Debt Fairness Act. Minnesota AG Keith Ellison supports this bill and celebrated its passage.Continue Reading Minnesota House Passes Key Provisions of Debt Fairness Act

On January 11, Massachusetts Attorney General (AG) Andrea Joy Campbell announced a $1.8 million settlement with Nelnet, Inc. (Nelnet), one of the largest federal student loan servicers in the U.S., for allegedly sending written notices to borrowers about renewing income-driven repayment (IDR) plans that failed to meet certain regulatory requirements and, in some cases, failing to send the required notices altogether.Continue Reading Massachusetts AG Settles With Major Student Loan Servicer for $1.8M Over Faulty Notices

On November 3, Colorado Attorney General (AG) Phil Weiser announced that his office reached a settlement with Touchstone Partners, Inc. (Touchstone), a noted debt management company. The AG’s allegations were that Touchstone had violated the Colorado Debt Management Services Act (C.R.S. § 5-19-201 et seq.).

Continue Reading Colorado AG Settles With Debt Management Company Over Failure to Provide Customers With Signed Agreements

On October 16, the Securities and Exchange Commission’s Division of Examinations (the Division) released its 2024 Examination Priorities report. The report highlights that future examinations will focus on “risk areas impacting various market participants,” emphasizing risks posed by products and services: (1) related to cryptocurrency; and (2) that leverage emerging technology. In addition, the report indicates that examinations will focus on market participants’ compliance with Anti-Money Laundering (AML) laws.

Continue Reading SEC Targets Cryptocurrency, Emerging Technologies, and Anti-Money Laundering for 2024 Examination Priorities

On October 17, following Washington Attorney General (AG) Bob Ferguson’s unsuccessful consumer protection action against thrift store chain, Savers Value Village Inc. (Savers), the Washington Superior Court of King County granted Savers’ motion for attorney’s fees and costs in the amount of $4.3 million. This substantial award — which is allowable under the Washington Consumer Protection Act (WA CPA) — represents a substantial recoupment of Savers’ attorneys’ fees spent to defend the almost decade-long litigation.

Continue Reading Washington AG Ordered to Pay $4.3M in Attorney’s Fees and Costs to Thrift Store Chain

On August 16, a coalition of seven state attorneys general (AG) announced a settlement with participants alleged to be involved in a “massive” robocall operation. The stipulated order, which names Scott Shapiro, Michael T. Smith, Jr., and Health Advisors of America (defendants), permanently bans Shapiro and Smith from initiating or facilitating robocalls; working in or with companies that make robocalls; and engaging in telemarketing. The settlement also requires the defendants to make monetary payments to the coalition, which is comprised of AGs from the states of Arkansas, Indiana, Michigan, North Carolina, North Dakota, Ohio, and Texas (the AGs).Continue Reading Seven State AGs Announce Settlement With Robocallers

A bipartisan coalition of 23 state attorney generals led by Virginia AG Jason Miyares recently went up in arms about a products liability ruling they believe will threaten state consumer protection laws. On May 30, the coalition filed an amicus brief in support of the plaintiffs’ claims in In Re: Fosamax (Alendronate Sodium) Products Liability Litigation, a consolidated case where hundreds of plaintiffs claimed to suffer femur fractures as a result of taking Merck drug Fosamax.Continue Reading State AGs Choose Products Liability Case as Battleground for State Sovereignty