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FTC Issues Final Rule on Consumer Reviews and Testimonials

Earlier this month, the Federal Trade Commission (FTC or Commission) published a final rule prohibiting certain specified unfair or deceptive acts or practices involving consumer reviews and testimonials. Effective October...more

CFPB Finalizes New Rule to Monitor Nonbank ‘Repeat Offenders’

The Consumer Financial Protection Bureau (CFPB) recently finalized its proposed rule to create a so-called “Repeat Offender” registry for certain covered financial services providers and individuals violating federal, state,...more

CFPB Expands ‘Junk Fee’ Crackdown to Mortgage Closing Costs

Following a recent call for consumer input, the Consumer Financial Protection Bureau (CFPB) announced it will launch a formal public inquiry into so-called “junk fees” that the Bureau claims may be increasing mortgage closing...more

US Supreme Court Upholds Consumer Financial Protection Bureau Funding Structure

The US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of...more

CFPB Identifies Significant Financial and Privacy Risks in Video Gaming Marketplaces

The Consumer Financial Protection Bureau (CFPB) recently released a comprehensive report detailing growing financial transactions within video gaming and virtual worlds, which increasingly mimic traditional monetary systems....more

State Attorneys General Fly into Previously Federal Airspace

The Department of Transportation and 18 states on April 16 agreed to a Memorandum of Understanding (MOU) that delegates more authority to and streamlines the process for state attorneys general to investigate consumer...more

Mitigating the Risk from ‘Junk Fees’

Increases in enforcement and private litigation relating to what federal and state authorities have termed “junk fees” pose a growing challenge to businesses across geographies and sectors, as evidenced by the recent uptick...more

CFPB Announces Revised Supervisory Appeals Process

The Consumer Financial Protection Bureau (CFPB) on February 16 issued an internal process regulation—effective immediately upon publication in the Federal Register—updating and formalizing the steps that supervised...more

Recent Crackdown on Junk Fees: Federal, State, and Private Actions

What Are Junk Fees? “Junk fees” refer to the broad swath of fees and charges, often mandatory, that are not included in the initial offered price of a good or service. Common examples include mandatory fees charged by hotels,...more

Innovation, Regulation, and Litigation - The Automotive Industry’s Road to 2024

The automotive industry as we know it is rapidly transforming. From the proliferation of electric transportation and technological leaps in vehicle automation to increasingly complex regulations and expanding class action...more

FTC’s Final ‘Cars Rule’ on Dealer Sales Practices: Implications for Banks, Auto Finance, and ‘captives’

The Federal Trade Commission recently issued a final rule that is squarely aimed at changing the way dealers interact with customers in the financing process. The final rule takes effect on July 30, 2024....more

US State Attorneys General Seek Use of Federal Cudgel Against Banks

The attorneys general of 20 states and territories, led by New York Attorney General Letitia James, recently sent letters to the heads of the US Consumer Financial Protection Bureau (CFPB) and US Office of the Comptroller of...more

Federal, State Agencies Want to Dump Junk Fees: How to Manage Business Risk

Businesses should be aware that the Biden administration continues its attempt to curb junk fees, with additional actions proposed by the Federal Trade Commission and Consumer Financial Protection Bureau....more

California Governor Signs Bill Targeting ‘Junk Fees’

With his signature, California Governor Gavin Newsom signed into law SB 478, expanding California’s already sweeping consumer protection laws to include a broad array of fees and charges referred to by the bill authors as...more

Latest Developments in Automotive Finance and Consumer Protection

Federal agencies such as the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) have increased their scrutiny of auto loan servicing activities, particularly regarding auto dealers who engage in...more

FTC Updates Endorsement Guides, Proposes Endorsement-Related Rule

The Federal Trade Commission recently released updated Guides Concerning the Use of Endorsements and Testimonials—commonly referred to as the “Endorsement Guides.” The updated Endorsement Guides, which were closely followed...more

Abusive Acts and Practices: Putting the CFPB’s Policy Statement into Practice

The Consumer Financial Protection Bureau (CFPB) released a second iteration of its Policy Statement on Abusive Acts and Practices (Policy Statement) on April 3, 2023, giving insight into its current thinking on the...more

CFPB Releases Final Small Business Lending Rule

The Consumer Financial Protection Bureau (CFPB, the Bureau) promulgated on March 30 its final rule implementing Section 1071 of the Dodd-Frank Act. The rule requires that covered financial institutions collect and report to...more

New York Releases Long Awaited Rule on Commercial Financing Disclosures

The New York Department of Financial Services (NYDFS) promulgated its long-awaited final rule regarding commercial financing disclosures, which applies to transactions of $2.5 million or less, on February 1, 2023. The state’s...more

CFPB Proposal Targets Limiting Credit Card Late Fees

The Consumer Financial Protection Bureau (CFPB) recently issued a notice of proposed rulemaking to amend Regulation Z (the Proposal), which implements the Truth in Lending Act (TILA), to better ensure that late fees charged...more

CFPB Proposes Additional Reporting Requirements on Non-Bank Financial Institutions

For the second time in a month, the Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would require businesses to report already public information and thereby increase the burdens on, and risks to, the...more

CFPB Proposes Registry to Detect Repeat Offenders

The Consumer Financial Protection Bureau (CFPB or Bureau) has proposed a registry in which certain nonbank financial institutions must deposit copies of certain federal, state, and local orders. The proposed rule would also...more

Federal Trade Commission Focuses on Gig Work

The Federal Trade Commission’s September 15 policy statement is the latest in a series of actions signaling the Commission’s continued focus on competition and labor issues in the gig economy. The policy statement—and the...more

Proposed Trade Regulation Rule on Auto Dealer Sales Practices Could Dramatically Affect Auto Finance

By a 4-1 vote on June 23, 2022, the US Federal Trade Commission (FTC) issued a notice of proposed rulemaking that is squarely aimed at changing the way dealers interact with customers in the automotive financing process, with...more

CFPB Spring Supervisory Highlights Detail Agency Findings and Priorities

The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its Spring Supervisory Highlights summarizing findings from supervisory exams it conducted between July and December 2021. The CFPB has made various...more

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