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Quyen T. Truong helps businesses 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 by a host of federal and state authorities, specializing in consumer protection, online/mobile innovation, and privacy/data security. She also helps industry leaders and entrepreneurs 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, oversight and review of enforcement activities, and she coordinated with other government authorities, including serving as the agency’s 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 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

  • Advise clients ranging from start-ups to global banking leaders on the development of comprehensive compliance programs and defense strategies in response to the California Consumer Privacy Act, and the New York Department of Financial Services’ and other states’ escalating privacy activism nationwide
  • Formulate crisis response for clients in sectors ranging from small dollar lending to mobile services, in response to data breaches
  • Lead telecom industry leader’s internal investigations and defense against concurrent data breach investigations by the FTC, FCC, DOJ, Congress and state attorneys general nationwide, closing all investigations with zero liability, averting legislation, revamping client’s compliance system and attaining incorporation of its key principles in revised regulations
  • Represent and counsel national bank in internal investigation and response to stream of exams and investigations of discrimination and fair lending claims by the OCC, CFPB, HUD and other authorities, under intense scrutiny by interest groups and members of Congress
  • Counsel cards industry leader in revamping debt collection infrastructure and launching online and mobile initiatives
  • 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) and other claims
  • Counsel private equity funds in assessing evolving legal environment and liability profile, and performing due diligence on target companies

Memberships

  • Member, Law360’s Banking Advisory Board

Speeches & Events

  • Panelist, “The CARES Act: Emerging Litigation Risks for the Financial Services Industry,” Practising Law Institute, May 6, 2020
  • Panelist, “COVID-19's Impact on Consumer Financial Services Litigation," April 29, 2020
  • Podcast, “California’s Mini-CFPB: National Impact and Enforcement Threat,” Compliance Podcast Network, January 31, 2020
  • Speaker, “Charging Into the New Decade: A Look at California’s Expansive Regulatory Moves,” Stroock Webinar, January 23, 2020
  • Speaker, “Financial Regulatory Reform,” NAPABA Northeast Regional/AABANY Conference, New York, NY, September 21, 2019
  • Speaker, “The Corporate Privacy Culture: Board, Employee, and Vendor Management,” Bloomberg Law Leadership Forum D.C., Washington, D.C., September 18, 2019
  • Speaker, “Fintech Compliance & Regulation,” ABA Business Law Section Annual Meeting, Washington, D.C., September 12-14, 2019
  • Podcast, "How CFPB and FCC Rules are Reshaping Debt Collection," American Banker, August 20, 2019
  • Speaker, “Move To Pull Consumer Protection Rule Heightens Debate Over Payday Lending,” ?NPR? Morning Edition, March 7, 2019
  • Speaker and Moderator, “Leading the Data Transformation from A to Z,” Fearless in Fintech Conference, New York, NY, December 3, 2018
  • Speaker, “The Evolving FinTech Landscape,” ACI’s 30th National Conference on Consumer Finance Class Actions & Litigation, Chicago, IL, July 17, 2018
  • Speaker, “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
  • Speaker, “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
  • Speaker, “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
  • Speaker, “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

Publications

  • “Top 5 Focus Areas As CCPA Enforcement Commences,” Stroock Special Bulletin, June 30, 2020
  • “CFPB Unconstitutionality Ruling – What Happens Next?,” Stroock Commentary, June 29, 2020
  • “State Attorney General Offices Address COVID-19 Consumer Protection Issues,” Stroock Special Bulletin, May 26, 2020
  • “Battles to Come Following Interim Replenishment of COVID-19 Relief,” Stroock Special Bulletin, April 24, 2020
  • “COVID-19’s Impact on Consumer Financial Services Litigation: Chapter 1 - Credit Reporting,” Stroock Special Bulletin, April 23, 2020
  • “California Consumer Privacy Act Proposed Rules: Modified to Recognize Business Realities?,” Pratt's Privacy & Cybersecurity Law Report, April 10, 2020
  • “The Fed’s 3 New Boosts to Small Business and Consumer Lending,” Stroock Special Bulletin, April 10, 2020
  • “New Pandemic Rules of the Road for Credit Information Furnishers,” Stroock Special Bulletin, April 3, 2020
  • “5 CARES Act Components Affecting the Consumer Financial Industry,” Stroock Special Bulletin, March 30, 2020
  • “2020 Annual Overview of California’s Unfair Competition Law and Consumers Legal Remedies Act,” Stroock Client Memorandum, March 2020
  • “Federal and State Regulators’ Guidance on COVID-19 Loan Modifications,” Stroock Special Bulletin, March 23, 2020
  • “California Consumer Privacy Act Proposed Rules Modified a Second Time,” Stroock Special Bulletin, March 12, 2020
  • “California Consumer Privacy Act Proposed Rules: Modified to Recognize Business Realities?” Stroock Special Bulletin, February 10, 2020
  • “Future of Federal and State Enforcement Against ‘Abusive’ Acts," Stroock Special Bulletin, January 28, 2020
  • “California’s Mini-CFPB: National Impact and Enforcement Threat," Stroock Special Bulletin, January 13, 2020
  • “CFPB Debt Collection Proposed Rule–Threats and Opportunities,” The Banking Law Journal, October 2019
  • "Proposed Regulations Flesh Out California Consumer Privacy Act," Stroock Special Bulletin, October 11, 2019
  • "A New Ballot Initiative to Augment California's Privacy Regime," Stroock Special Bulletin, September 27, 2019
  • "California's Privacy Reforms can Drive National Legislation," American Banker, September 24, 2019
  • “California Supreme Court Limits Scope of Class Action Ascertainability Defense,” Stroock Special Bulletin, July 31, 2019
  • “Supreme Court Opens Door to Challenges to FCC’s TCPA Interpretations,” Stroock Special Bulletin, June 20, 2019
  • “Eleventh Circuit Holds that a Legal Dispute May Not Form the Basis of a Claim under the Fair Credit Reporting Act,” Stroock Special Bulletin, April 30, 2019
  • “2019 Annual Overview of California’s Unfair Competition Law and Consumers Legal Remedies Act,” Stroock Client Memorandum, April 2019
  • “SCOTUS Limits the Definition of ‘Debt Collector’ under the Fair Debt Collection Practices Act,” Stroock Special Bulletin?, March 21, 2019
  • “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
  • “Resolving the Turmoil from the Department of Defense Military Lending Act Amended Interpretive Rule,” Vol. 135, No. 6, The Banking Law Journal, June 2018
  • “DC Circuit Issues Long-Awaited Opinion Addressing Challenges To FCC’s 2015 TCPA Ruling,” Stroock Special Bulletin, March 16, 2018

Select Quotes:

  • “Will CFPB advisory opinions offer clarity, or give companies a pass?,” American Banker, July 1, 2020
  • “Correspondent lenders watch closely as GSEs buy loans with forbearance,” American Banker, April 27, 2020
  • “Quyen Truong Provides Top Tips for Dealing With Debt During the COVID-19 Crisis,” Impact Financial News, April 17, 2020
  • “Could the coronavirus crisis inspire some form of mortgage forgiveness? D.C. borrowers want to know,” Washington Business Journal, April 16, 2020
  • “Quyen Truong Explores Impact of CARES Act on Mortgage Servicers,” Impact Financial News, April 13, 2020
  • “Quyen Truong Addresses COVID-19’s Impact on Fair Lending Laws,” Impact Financial News, April 3,  2020
  • “Why servicers may need a loss mit standard that goes beyond HAMP; The Home Affordable Modification Program became a national blueprint for loss mitigation in the last crisis, but changes in the servicing landscape and circumstances call for a new approach now,” National Mortgage News, April 1,  2020
  • “Pandemic's Fallout May Include Heightened Fair Lending Risk,” Law360, March  30,  2020
  • “CFPB urged to protect elderly from pandemic scammers,” American Banker, March  22,  2020
  • "CFPB Employees to Telework Until April 3," Inside Mortgage Finance, March 19, 2020
  • "Why servicers may need a loss mit standard that goes beyond HAMP," National Mortgage News, March 19, 2020
  • “Roberts May Have Tipped Hand With Focus On CFPB Funding,” Law360, March 4, 2020
  • “CFPB's Structure Still Likely To Give Way In High Remove Court Fight” Law360, February 24, 2020
  • “What Happens to CFPB CIDs Pending SCOTUS Decision?” Inside Mortgage Finance, February 3, 2020
  • “CFPB critics to Supreme Court: The agency must go,” American Banker, January 3, 2020
  • “Enforcement Changes Will Strengthen Kraninger’s CFPB Imprint in 2020,” Bloomberg Law, December 26, 2019
  • “FDIC Releases Enforcement Manual To Promote Transparency,” Law360, December 3, 2019
  • “Get Ready, CCPA is no GDPR Lite,” Security Roundtable, November 12, 2019
  • “CFPB’s Consumer Complaint Database Gets a Second Chance,” Compliance Week, September 20, 2019
  • “FTC Enforcement Faces Uncertainty After 7th Circ. Ruling,” Law360, August 23, 2019
  • “4 Takeaways From Facebook’s Historic $5B Privacy Settlement,” Law360, July 24, 2019
  • “Equifax Hasn’t Heard Last From Congress About Data Breach,” American Banker, July 22, 2019
  • “Will Libra Force Congress to Act on Data Protection?”  Information Management, July 14, 2019
  • “As More Californians Borrow at Shockingly High Interest Rates, Will State Crack Down on ‘Predatory Lending’?” CALmatters, May 13, 2019
  • “Why Aren’t White House Hopefuls Talking About Banking?” American Banker, April 26, 2019
  • “How Far Will CFPB Go to Modernize Debt Collection Rules?” American Banker, April 14, 2019
  • “Proposed FTC Amendments May Impede Lenders' Use of Aggregators,” Auto Finance News​, March 18, 2019
  • “​CFPB Could Be Prepped for Wrong Payday Fight,” Bloomberg Banking Law​, February 12, 2019
  • “2019 Outlook: New CFPB Director Kraninger Will Go Her Own Way,” Bloomberg BNA’s Banking Report, December 27, 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
  • “Congress Could Open Doors to Alternative Credit Scoring,” Bloomberg BNA’s Banking Report, July 23, 2018
  • “Banks Welcome FDIC Chief’s Call for Review of Ratings System,” Bloomberg BNA’s Banking Report, July 12, 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
  • “The US has more than 5,600 banks. Consolidation is coming,” Financial Times, May 23, 2018
  • “CFPB Info Requests Set Up Next Director for Major Revamp,” Bloomberg BNA, March 22, 2018
  • “Will the Payday Lending Rule Die or Survive?” Lending Times, January 25, 2018
  • “Trump pick plans radical shake-up of consumer protection agency,” Financial Times, December 5, 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
  • “Equifax Inc: CFPB May Use Powers Under Dodd-Frank Act After Hack,” Class Action Reporter, November 10, 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
  • “Opponents to Consumer Arbitration Rule Plan Repeal Effort,” The Wall Street Journal, July 12, 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
  • “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
  • “The Watchdog Protecting Consumers May Be Too Effective,” The New York Times, February 10, 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., Yale University, 1986 summa cum laude, Phi Beta Kappa

Related News & Insights / Events

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"What CFPB's First No-Action Letter Signals"

Publications / September 5, 2017

"CFPB Watch"

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