The Federal Trade Commission has released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions....more
Professor Willis advocates the adoption of a performance-based approach to regulation to replace or supplement the current approach of disclosure and design regulation. We first discuss how benchmarks would be used in a...more
After reviewing the licensing/chartering/approval structures that DFS uses for entities seeking to engage in virtual currency activities, we discuss the role of guidance in DFS’s regulation and oversight of virtual currency,...more
The CFPB has announced a number of “enhancements” to its consumer complaint database. In March 2018, the CFPB issued a request for information seeking comment on potential changes to its practices for the public reporting of...more
The CFPB has finalized its proposed revisions to its Policy to Encourage Trial Disclosure Programs” (TDP Policy) and policy on “no-action” letters (NAL Policy) and has also finalized its proposal to create a new “product...more
9/12/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Financial Services Industry ,
HUD ,
Interpretive Letters ,
No-Action Letters ,
Policy Statement ,
RESPA ,
Sandbox ,
Trial Disclosure Programs
“Disclosure Sandbox.” In September 2018, the Bureau proposed significant revisions to its “Policy to Encourage Trial Disclosure Programs” which sets forth the Bureau’s standards and procedures for exempting individual...more
The U.S. District Court for the Northern District of California has become the first federal district court to require parties to class action settlements to publicly disclose claims rate data as part of a post-distribution...more
A group of 11 state attorneys general and the District of Columbia AG submitted a comment letter to the CFPB on its proposed revisions to its trial disclosure policy (TDP) in which they ask the Bureau to withdraw or...more
New York has enacted legislation that requires creditors to provide new disclosures when using devices to remotely disable vehicles, commonly referred to as “kill switches.” The new law took effect immediately upon its...more
10/16/2018
/ Automation Systems ,
Automotive Loans ,
Creditors ,
Debt Collection ,
Default ,
Disclosure Requirements ,
Motor Vehicles ,
New Legislation ,
Repossess ,
State and Local Government ,
Uniform Commercial Code (UCC)
The CFPB is proposing significant revisions to its “Policy to Encourage Trial Disclosure Programs” (TDP Policy), which sets forth the Bureau’s standards and procedures for exempting individual companies, on a case-by-case...more
9/14/2018
/ Banking Sector ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Disclosure Requirements ,
Dodd-Frank ,
Exemptions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Sandbox ,
Trial Disclosure Programs
It appears likely that California Governor Jerry Brown will sign a bill passed on August 31 by the state's Senate, Senate Bill 1235, which would create consumer-style disclosure requirements for certain commercial loans and...more
The U.S. Court of Appeals for the Third Circuit has ruled that although the plaintiffs had plausibly alleged facts stating a claim that a debt collector had violated the Fair Debt Collection Practices Act (FDCPA) by not using...more
The New York Department of Financial Services (NYDFS) has issued an Online Lending Report that calls for the application of New York usury limits to all online lending and increased regulation of online lenders making loans...more
7/13/2018
/ Consumer Financial Products ,
Consumer Lenders ,
Consumer Protection Laws ,
Disclosure Requirements ,
Financial Services Industry ,
NYDFS ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Oversight ,
Regulatory Requirements ,
True Lender ,
Usury
The CFPB has published a notice in the Federal Register announcing that it plans to seek OMB approval to conduct online testing of ATM/overdraft disclosures with 8,000 individuals. Comments are due on or before January 16,...more
The Federal Trade Commission (FTC) has obtained a $1.3 billion judgment against the individual operator of several payday lenders and related servicing and marketing companies in a lawsuit filed in a Nevada federal district...more
10/17/2016
/ Banking Sector ,
Consumer Financial Products ,
Disclosure Requirements ,
Federal Trade Commission (FTC) ,
Finance Charges ,
Financial Institutions ,
Native American Issues ,
Online Marketplace Lending ,
Payday Loans ,
Summary Judgment ,
Tribal Loans ,
Truth in Lending Act (TILA)
A goal of providing effective disclosures to consumers is to allow consumers to make informed decisions. But what must be done to make disclosures effective? This was the question the Federal Trade Commission (FTC) explored...more
9/27/2016
/ Advertising ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Mobile Apps ,
Mobile Devices ,
Native Advertising ,
Popular ,
Social Media ,
Social Networks ,
Tracking Systems ,
Video Games ,
Warner Brothers Entertainment
A debt collection law firm did not violate the Fair Debt Collection Practices Act (FDCPA) by leaving a voicemail message for the plaintiff that identified the law firm but did not expressly state that the law firm was a debt...more
A recent Federal Trade Commission (FTC) consent order with two Ohio auto dealers creates uncertainty not only for auto dealers, but also for all other businesses advertising credit or lease offers. The order settled...more
7/20/2016
/ Auto Lease ,
Automotive Industry ,
Automotive Loans ,
Car Dealerships ,
Consent Order ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Ratings ,
Disclosure Requirements ,
False Advertising ,
Federal Trade Commission (FTC) ,
FTC Act ,
Popular ,
Section 5 ,
Unfair or Deceptive Trade Practices
The New York Department of Financial Services (DFS) has finalized a new regulation setting rigorous standards for monitoring and filtering programs to monitor transactions for potential anti-money laundering (AML) and Bank...more
7/6/2016
/ Anti-Money Laundering ,
Banking Sector ,
BSA/AML ,
Certificates of Compliance ,
Disclosure Requirements ,
Financial Institutions ,
Foreign Banks ,
Money Transmitter ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Reporting Requirements ,
Senior Managers ,
Transaction Monitoring
When a consumer's current balance will increase over time due to interest and late fees, a debt collection notice must disclose this information, the U.S. Court of Appeals for the Second Circuit has ruled. In Avila v....more
The CFPB has issued a final policy statement on issuing “no-action” letters (NAL) for innovative financial products or services. The CFPB’s statement that the final policy was released on its website on February 18, 2016...more
The Federal Communications Commission (FCC) recently issued citations to two companies charged with violating the Telephone Consumer Protection Act (TCPA) consent requirements for autodialed or prerecorded calls to wireless...more
9/21/2015
/ Apple Pay ,
Banking Sector ,
Banks ,
Cell Phones ,
Class Action ,
Disclosure Requirements ,
FCC ,
Online Banking ,
Opt-Outs ,
Prior Express Consent ,
Right to Privacy ,
Robocalling ,
Smartphones ,
TCPA ,
Telecommunications ,
Telemarketing
The Federal Trade Commission (FTC) recently proposed amendments to its Gramm-Leach-Bliley Act (GLBA) rules requiring motor vehicle dealers to send their customers an annual privacy notice. The amendments would allow motor...more
6/23/2015
/ Automotive Industry ,
Car Dealerships ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Federal Trade Commission (FTC) ,
Gramm-Leach-Blilely Act ,
Notice Requirements ,
Privacy Policy ,
Proposed Amendments ,
Rulemaking Process ,
Websites
The U.S. Department of Education (Department) intends to fine a college more than $29 million for allegedly misrepresenting job placement rates and failing to comply with federal placement rate disclosure requirements. The...more
The Washington State Attorney General recently filed an action in state court against a student loan debt adjustment firm and its individual principal alleging that the firm charged illegal fees and failed to provide required...more