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CFPB Bans Third-Party Payment Processor and Its Founder for Ignoring Fraud and Supporting Scammers

On January 18, the Consumer Financial Protection Bureau (CFPB) filed a proposed final judgment and order in its March 2021 lawsuit against BrightSpeed Solutions, a third-party payment processor, and its founder, Kevin Howard....more

Challenges to Payday Rule’s Ability to Repay Provisions Denied

On January 14, a D.C. federal judge granted the Consumer Financial Protection Bureau’s (CFPB) motion to dismiss a case filed by the National Association for Latino Community Asset Builders (NALCAB), after the NALCAB contested...more

FTC Settles with Autorenewal Company MyLife.com

On December 15, a district judge in California approved a settlement between MyLife.com, Inc. (MyLife), its CEO Jeffrey Tinsley, and the Department of Justice (DOJ) on behalf of the Federal Trade Commission (FTC). The...more

Automatic Renewal State Law Changes Effective January 1, 2022

Colorado and Delaware have enacted new laws for automatic renewal or negative options offers. The new laws became effective January 1, 2022. Illinois already has a law on the books related to automatic renewals but has...more

New Jersey Introduces a Virtual Currency and Blockchain Bill

On November 22, the New Jersey State Senate introduced Senate Bill No. 4163 (NJ S4163), titled “Virtual Currency and Blockchain Regulation Act.” The bill, sponsored by Senators Thomas Kean, Jr. (R) and Robert Singer (R), if...more

FTC to “Ramp Up Enforcement” on Subscription Services

On October 28, the Federal Trade Commission (FTC) issued a new policy statement on autorenewal and negative option marketing....more

CFPB Director Rohit Chopra Responds to Stablecoin Report

On November 2, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra released a statement on the Report on Stablecoins issued by the President’s Working Group on Financial Markets, the Office of the Comptroller of...more

Recently Confirmed CFPB Director Rohit Chopra Fills Two Key Leadership Positions

On October 29, the Consumer Financial Protection Bureau (CFPB or Bureau) announced leadership changes in two positions: the assistant director for the Office of Supervision Policy and the assistant director for the Office of...more

NYDFS Publishes Notice of Proposed Regulation for Commercial Financing Disclosures

On October 20, the New York Department of Financial Services (NYDFS) published a notice in the New York State Register announcing that it has issued a proposed regulation to implement S 5470-B, which requires disclosures for...more

DOJ Creates Cryptocurrency Enforcement Team

On October 6, Deputy Attorney General Lisa O. Monaco announced the creation of a National Cryptocurrency Enforcement Team (NCET) to handle criminal misuses of cryptocurrency. According to the press release, NCET will focus...more

California Prohibits Overdraft Fees on Certain Prepaid Accounts

On October 5, California Governor Gavin Newsom signed SB 497, legislation that restricts the types of prepaid accounts that can be used to receive certain government assistance payments. According to the National Consumer Law...more

CFPB Report Indicates Consumer Credit Card Use Trends Returning to Pre-Pandemic Levels

On September 29, the Consumer Financial Protection Bureau (CFPB) released its biennial report to Congress regarding the consumer credit card climate. The report shows that the market’s growth during the last few years...more

California Passes Bill, Adding New Money Transmitter Requirements

On October 4, California passed a bill requiring a money transmitter to display a toll-free telephone number on its website through which a customer may contact the licensee for customer service issues and receive live...more

FTC Reports to Congress on Data Security and Privacy Priorities

On September 13, the Federal Trade Commission (FTC) released a report to Congress that highlights the agency’s recent efforts to protect Americans’ privacy, announces the agency’s priorities for future data security and...more

Rohit Chopra Confirmed as New CFPB Director

On September 30, the Senate confirmed Rohit Chopra as the new director of the Consumer Financial Protection Bureau (CFPB). Chopra’s confirmation marks the beginning of his second stint with the CFPB — Chopra served as the...more

Senators Urge FTC to Craft Data Privacy and Security Rules

On September 20, nine Democratic senators wrote a letter to the Federal Trade Commission (FTC), requesting that it create new rules to protect consumers’ personal data and privacy....more

New UK Standards for Children's Digital Services Take Effect — Provides Framework for New US Law

Earlier this month, the U.K.’s Age-Appropriate Design Code (referred to as the “Children’s Code”) took effect. The Children’s Code is not a law per se, but rather a set of 15 flexible standards that apply to online services,...more

CSBS Releases Money Transmission Model Law

On September 9, the Conference of State Bank Supervisors (CSBS) released the Model Transmission Modernization Act (model law) in efforts to replace the 50 state-specific money transmitter laws with a nationwide standard....more

Biden to Nominate Privacy Advocate Alvaro Bedoya as an FTC Commissioner

On September 13, President Biden announced his intent to nominate privacy advocate Alvaro Bedoya to serve as a commissioner of the Federal Trade Commission (FTC). If confirmed, Bedoya will take the seat currently held by...more

BBB’s Children’s Advertising Review Unit Announces Updated Guidelines

On July 29, the Better Business Bureau’s Children’s Advertising Review Unit (CARU) issued revised guidelines for ads directed to children....more

CFPB Issues Long-Awaited Notice of Proposed Rulemaking on Small Business Lending Data Collection

On September 1, the Consumer Financial Protection Bureau (CFPB) issued a 900+ page notice of proposed rulemaking (NPRM) to implement the small business lending data collection requirements under Section 1071 of the Dodd-Frank...more

Crypto: Every Regulator Wants a Piece of the Action

Not long ago, only the tech-focused were interested in cryptocurrencies and the distributed ledger technologies that make them possible. That has changed. The wins and losses of crypto investors are now center stage, as are...more

House Passes Bill to Restore FTC’s Authority to Seek Monetary Remedies

On July 20, the U.S. House of Representatives passed legislation that would restore the Federal Trade Commission’s (FTC) ability to obtain equitable monetary remedies under Section 13(b) of the FTC Act. The legislation — H.R....more

NJ Regulators Stop Digital Asset Firm BlockFi From Offering Interest-Bearing Cryptocurrency Accounts

Between July 20-22, 2021, state securities regulators in New Jersey, Texas, and Alabama took aim at BlockFi — a cryptocurrency-based platform that has raised $14.7 billion from investors — related to the company’s...more

California Attorney General Sees “Great Progress” With CCPA Enforcement

On July 19, and just over one year after his office began enforcing the California Consumer Privacy Act (CCPA), California Attorney General Rob Bonta announced that he is “seeing great progress” with CCPA enforcement, even...more

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