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Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - April 2024 # 5

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Hudson Cook, LLP

CFPB Bites of the Month - March 2024 - Here Comes the Sun and the CFPB

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In this month's article, we share some of our top "bites" covered during the March 2024 webinar. Bite 10: CFPB Issues Statement on Privacy and Personal Data - On February 28, 2024, the CFPB issued a statement on...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Nondiscrimination and Military Protection Law

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to consumers protected by nondiscrimination and military protection laws....more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: The FTC's Updates to its Guides on the Use of Endorsements and Testimonials in...

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Our special guest is Michael Ostheimer, Senior Consumer Protection Attorney in the FTC’s Division of Advertising Practices. In June 2023, the FTC updated its guides that set forth the FTC’s position on how Section 5 of the...more

Brownstein Hyatt Farber Schreck

White House, CFPB and FTC Continue Down Path to Eliminate “Junk Fees”

In late October, the Consumer Financial Protection Bureau (CFPB), in conjunction with the White House, announced more actions in regard to limiting what they have collectively negatively labeled as “junk fees” as well as...more

Hudson Cook, LLP

CFPB Director Announces Focus on "Reigning in Repeat Offenders"

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On March 28, Rohit Chopra, the director of the Consumer Financial Protection Bureau, gave a speech at the University of Pennsylvania Law School titled "Reigning in Repeat Offenders." The gist of the speech was that certain...more

Hudson Cook, LLP

Time to Pull Out the Trusty Old Crystal Ball

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Eric Johnson, Patty Covington, and Nikki Munro located the old crystal ball, dusted it off, and looked intently at it to come up with auto sales, finance, and lease predictions for this year. Here's what they saw. ...more

Perkins Coie

Fintech Legal Report - January 2022

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CFPB Shutters LendUp - On December 21, 2021, the Consumer Financial Protection Bureau (CFPB) issued a press release stating that the online lender, LendUp Loans (LendUp), headquartered in Oakland, California, has agreed to...more

Ballard Spahr LLP

FTC enforcement to focus on fintech lenders

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Politico has reported that in remarks made at a fintech policy event last week, Andrew Smith, the FTC’s Director of Consumer Protection, indicated that fintech companies will be a focus of the FTC’s enforcement activities....more

Orrick, Herrington & Sutcliffe LLP

Check Your Rates – Comply with FTC Variable Rate Marketing Guidelines

On March 21, 2018 the Federal Reserve lifted its federal funds rate by a quarter percentage point to a range of 1.5% to 1.75%, the highest level since 2008. ...more

Ballard Spahr LLP

Federal jury convicts operator of payday lenders sued by CFPB and FTC

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Richard Moseley Sr., the operator of a group of interrelated payday lenders, was convicted by a federal jury on all criminal counts in an indictment filed by the Department of Justice, including violating the Racketeer...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The CFPB issued a no-action letter to Upstart Network this week that will allow the online lender to “continue using alternative credit data to evaluate borrowers in exchange for providing data to the federal consumer finance...more

Carlton Fields

Fintech Firm Shut Down and Fined by the FTC

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A financial technology firm and its CEO have agreed to pay $104 million to resolve the FTC’s allegation that they misled consumers into providing sensitive personal and financial information, which was later sold without...more

Ballard Spahr LLP

FTC Provides 2016 Enforcement Report to CFPB

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The Federal Trade Commission has provided its annual Financial Acts Enforcement Report to the CFPB covering the FTC’s enforcement activities in 2016 relating to compliance with Regulation Z (Truth in Lending Act), Regulation...more

Ballard Spahr LLP

CFPB’s national debt collection consumer survey findings lays groundwork for future enforcement and rulemaking priorities

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Early yesterday, the CFPB released the findings of its national debt collection consumer survey. Both the headline of the CFPB’s press release and Director Cordray’s remarks highlight the survey’s finding that “over...more

Ballard Spahr LLP

As part of joint initiative with the CFPB, FTC launches updated, mobile-friendly Military Consumer website

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This week, the FTC announced the launch of a redesigned Military Consumer website as part of its joint initiative with the DoD, CFPB and others. Military.Consumer.gov is a financial readiness website designed to help...more

Ballard Spahr LLP

FTC Targets Auto Dealers, Alleges Deceptive Financing Practices

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The Federal Trade Commission (FTC) has filed an action against nine auto dealerships and their individual owners in a California federal court that the FTC described as its "first action against an auto dealer for 'yo-yo'...more

Ballard Spahr LLP

Regulators Raise Marketplace Lending Concerns at FTC FinTech Forum

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The Federal Trade Commission (FTC) recently held a FinTech forum addressing marketplace lending. The forum was promoted by the FTC as the first in a series it plans to hold exploring emerging financial technology and its...more

Ballard Spahr LLP

House Financial Services Committee passes CFPB-related bills including bill creating TRID Rule hold harmless period

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On July 29, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated...more

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