On April 15, the CFPB and FTC announced the release of a joint annual report to Congress administering the Fair Debt Collection Practices Act (FDCPA). The annual report highlights both agencies’ efforts to protect and...more
4/22/2022
/ Annual Reports ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Debt Collection ,
Enforcement Actions ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Relief Measures ,
Small Business
On March 31, the FTC and Illinois State Attorney General announced a settlement of charges against a large, multistate auto dealer that allegedly discriminated against black consumers and included illegal junk fees for...more
On March 18, the U.S. District Court for the Southern District of Texas issued an injunction against a Texas-based credit repair company that allegedly made false promises to remove negative information from credit reports...more
On March 22, the CFPB issued Compliance Bulletin 2022-05 regarding potentially illegal practices related to consumer reviews. The guidance states that consumer reviews impact company revenue and help consumers choose between...more
On March 8, the FTC settled with the operators of an online stock trading platform over allegations that the operators fraudulently marketed investment-related services that they claimed would enable consumers to make...more
On February 28, the FTC announced that the operators of an alleged credit card interest rate reduction scam will be permanently banned from the debt relief industry as part of court orders resolving charges by the FTC and the...more
3/8/2022
/ Borrowers ,
Creditors ,
Debt Relief ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Florida ,
FTC Act ,
Scams ,
State Attorneys General ,
Telemarketing ,
UDAP ,
Unfair Trade Practices Act
Last month, the FTC issued an advisory opinion clarifying that the Holder Rule does not preempt any state laws that put more liability on banks that are the “holders” of a loan contract, and in particular, the rule does not...more
On January 28, the FTC announced that it banned an automotive marketing company and its owner from the auto industry for the next twenty years for allegedly engaging in unfair and deceptive practices in violation of the FTC...more
2/2/2022
/ Advertising ,
Automotive Industry ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Disclosure Requirements ,
Enforcement Actions ,
False Advertising ,
Federal Trade Commission (FTC) ,
FTC Act ,
Marketing ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
On January 20, the FTC issued an advisory opinion clarifying that the Holder Rule does not prevent state law from providing costs or attorneys’ fees against loan holders, contrary to the conclusions drawn by some courts. The...more
On January 13, the FTC announced that a leading business credit report provider agreed to settle allegations that it had engaged in deceptive and unfair business practices. The FTC alleged that businesses complained of...more
Section 1033 of the Dodd-Frank Act states that consumers have the right to access their own bank account and transaction data in a usable electronic format. This provision mandates that the CFPB adopt a rule relating to data...more
On January 7, the FTC announced that a California-based lead generator agreed to settle with the FTC for $1.5 million to resolve allegations that through a number of its subsidiaries, the company induced consumers into...more
Just as we thought 2022 was going to be significantly different than 2021, December 2021 and January 2022 events have thrown us for another (pandemic) loop. We anticipate that some of the privacy and cybersecurity...more
1/12/2022
/ Artificial Intelligence ,
Auto-Dialed Calls ,
Biometric Information ,
Biometric Information Privacy Act ,
California Consumer Privacy Act (CCPA) ,
California Privacy Rights Act (CPRA) ,
CAN-SPAM Act ,
CARU ,
CDPA ,
Consumer Privacy Rights ,
COPPA ,
Cross-Border Transactions ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Data Security ,
Employee Tracking ,
EU ,
FCC ,
Federal Trade Commission (FTC) ,
Food and Drug Administration (FDA) ,
General Data Protection Regulation (GDPR) ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Identity Theft ,
Machine Learning ,
Mobile Privacy ,
Ransomware ,
SCOTUS ,
TCPA
On January 5, the FTC announced that two defendants will be permanently banned from the merchant cash advance and debt collection industries, and required to pay $675,000 to resolve allegations that they used deceptive and...more
The FTC recently announced a final rule updating its GLBA Safeguards Rule to “strengthen the data security safeguards” of consumer financial information. The FTC reported that it was making these changes in response to...more
On October 28, the FTC issued a new enforcement policy statement warning companies against deploying “illegal dark patterns” that trick or trap consumers into subscription services, and often making websites difficult to...more
On October 27, the FTC announced a final rule amending the Standards for Safeguarding Customer Information, known as “the Safeguards Rule,” under the Gramm-Leach-Bliley Act, which is applicable to a broad range of non-banking...more
By a narrow 50-48 vote along party lines, Rohit Chopra was confirmed yesterday by the U.S. Senate to become the Director of the Consumer Financial Protection Bureau. Chopra previously served as the Bureau’s assistant...more
The U.S. District Court for the Northern District of Illinois recently used Section 19 of the FTC Act to impose a $5 million restitution award after the original restitution award under Section 13(b) was vacated by the...more
On September 8, the FTC approved final revisions that would bring several rules implementing parts of the Fair Credit Reporting Act (FCRA) in line with the Dodd-Frank Act, which transferred rulemaking authority related to...more
On July 6, the CFPB posted a blog titled, “Should you buy now and pay later?” describing how buy now pay later (BNPL) deferred payment options work, and the benefits and risks that come with BNPL. Generally, if a consumer...more
On June 15, the Senate swore in President Biden nominee Lina Khan as Chair of the FTC following confirmation by vote of 69-28. Her current term on the Commission will expire on September 25, 2024. Khan noted that she looks...more
On June 10, the Federal Trade Commission (FTC) filed an amended complaint for civil money penalties and other relief under Section 5 of the FTC Act prohibiting “unfair or deceptive acts or practices” and Section 521 of the...more