Quyen T. TruongPartner

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    Quyen T. TruongPartner

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    Quyen Truong advises financial institutions and investors confronting a rapidly changing environment. She helps them interpret, influence and comply with the law, respond to aggressive litigants and regulators and realize enterprise objectives. She crafts compliance programs and represents clients through all phases of regulation, supervision and enforcement activities by a host of Federal and State government authorities, specializing in consumer financial protection, online/digital innovation, and privacy/data security. She also helps industry leaders prevail in bet-the-company proceedings, including class actions, product and marketing launches, multimillion and billion-dollar vendor and partnering agreements.

    Quyen has an impressive fluency in government regulation and enforcement gained through years in senior roles with the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), and Federal Communications Commission (FCC), as well as private practice.

    As CFPB Assistant Director and Deputy General Counsel, Quyen helped build the agency and implement the Dodd-Frank Act. She oversaw all litigation and the review of enforcement activities, and she coordinated with other government authorities, including serving as deputy to the Financial Stability Oversight Council (FSOC).

    Previously, she oversaw the investigation and litigation of officer and director liability and other claims for the FDIC following the financial crisis. As Associate Bureau Chief at the FCC, she helped implement the seminal 1996 Telecom Act and was cited as a Millennium Leader of Tomorrow for her work on M&A and Internet/digital innovation. Quyen’s prior 17 years of private practice success included service as a law firm Board member and practice group leader specializing in privacy, marketing and online issues, where her pragmatic approach and strategic  solutions sealed her reputation as a trusted industry adviser and influencer.

    Representative Matters

    • Counsel global consumer banking leader on development of compliance initiative in response to California Consumer Privacy Act and other privacy/data security developments
    • Counsel cards industry leader in revamping debt collection infrastructure, including compliance guidelines for use of third-party collectors, online and mobile applications
    • Formulate crisis response by nationwide lender following data breach, including internal review and corrective action, analysis of federal and state triggers, and notification of customers and regulators
    • Represent and counsel bank in internal investigation and response to stream of fair lending supervisory exams and investigations by the OCC, CFPB, HUD and other authorities, under intense scrutiny by interest groups and members of Congress
    • Defend cards, mortgages, and auto lenders, and third-party debt collectors, against CFPB and State enforcement activities asserting unfair, deceptive or abusive acts and practices (UDAAP), debt collection and other claims
    • Counsel and advocate for industry leaders in CFPB and Congressional consideration of the arbitration rule, small dollar lending rule, and other regulations, and craft compliance strategies
    • Counsel private equity funds in assessing evolving legal environment and liability profile of small dollar lending and other sectors, and performing due diligence of target companies

    Speeches & Events

    • Panelist and Moderator, “Leading the Data Transformation from A to Z,” Momentum Fearless in Fintech Conference, New York, NY, December 3, 2018
    • Panelist, “The Evolving FinTech Landscape,” ACI’s 30th National Conference on Consumer Finance Class Actions & Litigation, Chicago, IL, July 17, 2018
    • Panelist, “Federal Regulators Speak: Priorities & Coordination,” PLI 23rd Annual Consumer Financial Services Institute, New York, NY, March 26, 2018, Chicago, IL, May 7, 2018, and San Francisco, CA, June 25, 2018
    • Speaker, “Consumer Financial Protection: The Outlook for State Activism,” LexisNexis Webinar, June 5, 2018
    • Panelist, “Women Leaders in Government and Financial Regulation,” ACI Women Leaders in Financial Services Law and Compliance Conference, New York, NY, May 10, 2018
    • Speaker, “Consumer Financial Protection under the Trump Administration,” LexisNexis Webinar, April 3, 2018
    • Panelist, “Beyond Consumer Insight & Data Analytics: Legal & Ethical Considerations for Marketing in the 21st Century,” HNBA 2018 Corporate Counsel Conference, San Francisco, CA, March 17, 2018
    • Panelist, “Regulatory Enforcement and Examination Roundtable: The View from Federal and State Agencies and Attorneys General on New and Emerging Initiatives, Enforcement Actions, Examination Procedures, and Investigations,” ACI’s 29th National Conference on Consumer Finance Class Actions & Litigation, Chicago, IL, July 24, 2017
    • Panelist, “Federal Regulators Speak: Priorities & Coordination,” PLI 22nd Annual Consumer Financial Services Institute, New York, NY, April 27, 2017, and Chicago, IL, May 5, 2017

    Publications

    • “Sweeping California Consumer Privacy Protection Act Reaches Unsuspecting Businesses and Requires Prompt Focus,” Pratt’s Privacy & Cybersecurity Law Report, October 2018
    • “Feds Boost Innovation and Begin Occupying the Field: Treasury Department Report & OCC FinTech Charter,” Stroock Special Bulletin, August 1, 2018
    • “TCPA Update – Predictive Dialer Held Not To Be An ATDS,” Stroock Special Bulletin, July 27, 2018
    • “California Enacts Broad-Reaching Consumer Privacy Legislation,” Stroock Special Bulletin, June 28, 2018
    • “Future of Small Dollar Lending,” Stroock Special Bulletin, June 14, 2018
    • “Supreme Court Limits American Pipe’s Impact on Putative Class Claims,” Stroock Special Bulletin, June 13, 2018
    • “Resolving the Turmoil from the Department of Defense Military Lending Act Amended Interpretive Rule,” Vol. 135, No. 6, The Banking Law Journal, June 2018
    • “2018 Annual Overview of California’s Unfair Competition Law and Consumers Legal Remedies Act,” Stroock Client Memorandum, March 2018
    • “DC Circuit Issues Long-Awaited Opinion Addressing Challenges To FCC’s 2015 TCPA Ruling,” Stroock Special Bulletin, March 16, 2018
    • “Preemption Battles & Class Actions Ahead?,” Stroock Special Bulletin, March 9, 2018
    • “Opportunities to Reframe CFPB Enforcement,” Stroock Special Bulletin, February 2, 2018
    • “Strategies for Fundamental CFPB Changes,” Stroock Special Bulletin, January 18, 2018
    • “Cordray Announces November Departure from CFPB,” Stroock Special Bulletin, November 6, 2017
    • “Senate Votes to Reject CFPB Arbitration Rule,” Stroock Special Bulletin, October 24, 2017
    • “What CFPB’s First No-Action Letter Signals,” Stroock Special Bulletin, September 15, 2017
    • “CFPB Watch,” Stroock Special Bulletin, September 5, 2017
    • “Ninth Circuit Rules Plaintiff Has Article III Standing In Spokeo, Leave More Questions Unanswered,” Stroock Special Bulletin, August 15, 2017
    • “Second Circuit Holds That Contractually Provided TCPA Consent May Not Be Unilaterally Revoked,” Stroock Special Bulletin, June 23, 2017
    • “Affirmed – Defaulted Debt Buyer Not Subject to FDCPA,” Stroock Special Bulletin, June 13, 2017
    Quoted In:
    • “TCF Bank Had Top Consumer Complaint Rate In 2018: Report,” Law360, January 8, 2019
    • “2019 Outlook: New CFPB Director Kraninger Will Go Her Own Way,” Bloomberg BNA’s Banking Report, December 27, 2018
    • “The border wall fight is killing chances of year-end banking reforms,” American Banker, December 14, 2018
    • “Kraninger Confirmed as CFPB Director. Will She Bring Change?” Inside the CFPB, December 10, 2018
    • “After Year With Mulvaney, CFPB Enter Kraninger Era,” Law360, December 6, 2018
    • “Senators holding private bipartisan discussions on AML reform deal,” American Banker, November 28, 2018
    • “CFPB walks tightrope in effort to define ‘abusive’ practices,” American Banker, November 11, 2018
    • “CFPB Payday Rule Plans On The Way, But Uncertainty Lingers,” Law360, October 30, 2018
    • “CFPB path to unwinding payday rule riddled with legal land mines,” American Banker, August 10, 2018
    • “CFPB, Payday Groups Again Denied Stay Of Payday Rule,” Law360, August 8, 2018
    • “Vulnerable Dems side with Warren in battle over consumer bureau,” The Hill, August 7, 2018
    • “Congress Could Open Doors to Alternative Credit Scoring,” Bloomberg BNA’s Banking Report, July 23, 2018
    •  “CFPB Reduces Fines on Debt Collector for Financial Condition,” Inside Mortgage Finance, July 23, 2018
    • “Banks Welcome FDIC Chief’s Call for Review of Ratings System,” Bloomberg BNA’s Banking Report, July 12, 2018
    • “Kavanaugh Could Mean High Court Trouble For CFPB,” Law360, July 10, 2018
    • “California Passes Sweeping Data-Privacy Bill,” The Wall Street Journal, June 28, 2018
    • “Currency Comptroller Resists Call for Bank Review Info,” Law360, June 14, 2018
    • “CFPB to Tailor Enforcement Based On Scale and Intent of Violations,” Inside the CFPB, June 11, 2018
    • “Organizational Changes to CFPB Might Have Profound Impact,” Inside the CFPB, June 11, 2018
    • “Consumer Advocates Dodged CFPB Gutting With Banking Bill,” Law360, May 29, 2018
    • “CFPB to Revisit the ECOA Requirements, Submit Guidance,” Inside Mortgage Finance, May 28, 2018
    •  “The US has more than 5,600 banks. Consolidation is coming,” Financial Times, May 23, 2018
    • “Reg Relief’s Done. What’s Next for Banks,” American Banker, May 22, 2018
    • “Mulvaney Faces Elizabeth Warren Grilling Over New Tone at CFPB,” Bloomberg News, April 10, 2018
    • “Mick Mulvaney plans to defang CFPB, Democrats ready to pounce,” Washington Examiner, April 10, 2018
    • “Mulvaney Calls for Sweeping Revamp of the CFPB, Would Give Congress Veto Power on Major Rules,” Inside Mortgage Finance, April 5, 2018
    • “In surprise move, CFPB appeals judgment against CashCall slashed by judge,” Los Angeles Times, April 5, 2018
    • “Mulvaney’s Proposals to Reshape CFPB May Neuter It,” Bloomberg BNA, April 4, 2018
    • “CFPB Info Requests Set Up Next Director for Major Revamp,” Bloomberg BNA, March 22, 2018
    • “CFPB Ruling Seen as Big Win for Mortgage Lenders,” Bloomberg BNA, January 31, 2018
    • “Will the Payday Lending Rule Die or Survive?” Lending Times, January 25, 2018
    •  “Not so fast: CFPB effort to reopen payday rule faces hurdles,” American Banker, January 17, 2018
    • “Consumer Finance Lawyers Prep Wish List as CFPB Retools,” Bloomberg BNA, January 9, 2018
    • “Trump pick plans radical shake-up of consumer protection agency,” Financial Times, December 5, 2017
    • “The Levin Report,” Vanity Fair, December 5, 2017
    • “Five big questions about Mulvaney-led CFPB,” American Banker, November 29, 2017
    • “2 Bosses Show Up to Lead the Consumer Financial Protection Bureau,” The New York Times, November 28, 2017
    • “Succession Battle At U.S. Financial Agency Seen Headed to Courts,” Reuters, November 25, 2017
    • “Lawyers predict CFPB pick will be decided in court: report,” The Hill, November 25, 2017
    • “Radical changes ahead for CFPB after Cordray departure,” American Banker, November 15, 2017
    •  “Equifax Inc: CFPB May Use Powers Under Dodd-Frank Act After Hack,” Class Action Reporter, November 10, 2017
    •  “Inside Cordray’s Ill-Fated Gamble on CFPB Arbitration Rule,” American Banker, October 26, 2017
    •  “CFPB Action Against Equifax Imminent,” PYMTS.com, September 25, 2017
    •  “Could the CFPB’s Hands Be Tied?,” MReport, September 22, 2017
    •  “U.S. Consumer Finance Agency Expected to Punish Equifax: Lawyers,” Reuters, September 21, 2017
    • “With or Without Democratic Director, U.S. Consumer Watchdog To Be Weakened,” Reuters, September 13, 2017
    • “Regulators Will Have Room To Run On Volcker Rewrite,” Law360, August 2, 2017
    • “At 2017’s Mid-Point, Some Key Cases on Bank Radar Screens,” Bloomberg BNA Banking Report, July 24, 2017
    • “Financial Institution Class Actions Could Spike with Rule Change,” Business Insurance, July 18, 2017
    • “Opponents to Consumer Arbitration Rule Plan Repeal Effort,” The Wall Street Journal, July 12, 2017
    • “Arbitration Rule Sets CFPB Up for Fight With Republicans,” Bloomberg BNA Banking Report, July 11, 2017
    •  “Q&A: Stroock’s Quyen Truong on High Court’s Debt Collection Decision,” Reuters, June 15, 2017
    • “Trump’s Wall Street Game Plan Needs Players,” The New York Times, June 13, 2017
    • “DOJ Policy Change Could Impact Crisis Suit Payouts,” DS News, June 8, 2017
    • “New Justice Settlement Guidelines Could Lower Bank Payouts,” Law360, June 8, 2017
    • “What to Expect at Court Hearing on CFPB Constitutionality,” American Banker, May 22, 2017
    • “Hayashi’s Take: CFPB’s Budget Is a First Target,” The Wall Street Journal, March 2, 2017
    • “Mnuchin Could Reshape Systemic Risk Designations,” Law360, March 1, 2017
    • “Chastened FTC May Foretell Future of CFPB,” Bloomberg BNA, February 24, 2017
    • “How the CFPB Constitutionality Case Will Play Out,” American Banker, February 21, 2017
    • “Facing Trump, CFPB Picks Up Enforcement Pace,” Law360, February 17, 2017
    • “The Watchdog Protecting Consumers May Be Too Effective,” The New York Times, February 10, 2017
    • “CFPB Clearing Decks with Slew of Lawsuits as Cordray Battle Looms,” American Banker, January 24, 2017
    • “Banking Litigation To Watch In 2017,” Law360, January 2, 2017

    Admitted To Practice

    District of Columbia; Virginia

    Education

    J.D., Yale Law School, 1989; John M. Olin Fellow in Law, Economics & Policy

    B.A., summa cum laude, Yale University, 1986; Phi Beta Kappa

    In The Spotlight
    Quyen Truong Quoted in “CFPB Could Be Prepped for Wrong Payday Fight”
    February 12, 2019
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    The Payday Rule and the CFPB’s New Lenses
    February 7, 2019
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