Michael Thurman at Loeb & Loeb LLP

CFPB Issues Rules Governing Use of Civil Penalty Funds

One of the most intriguing aspects of the new Consumer Financial Protection Bureau is the agency's novel power not only to assess civil penalties against those entities that violate its rules and federal consumer laws, but...more

5/22/2013 - CFPB Civil Monetary Penalty Dodd-Frank

Third Circuit Holds Another Recess Appointment Unconstitutional: Implications for the CFPB

Just two months after the District of Columbia Circuit Court of Appeals ruled in Canning v. National Labor Relations Board that President Barack Obama's January 2012 appointment of three new members of the National Labor...more

5/20/2013 - Canning v NLRB NLRB Recess Appointments

CFPB Settles Allegations of Improper Payments by Mortgage Insurers

The Consumer Financial Protection Bureau (CFPB) announced that it had settled enforcement actions against four insurance companies in connection with alleged improper payments between the insurance companies and mortgage...more

4/16/2013 - CFPB Consent Order Enforcement Actions Insurance Companies Investigations Lenders Mortgages RESPA Settlement

CFPB Announces Plans to Hold Auto Lenders Liable for Discriminatory Loans

The Consumer Financial Protection Bureau issued a guidance bulletin announcing that it will treat indirect auto lenders as creditors subject to the Equal Credit Opportunity Act (ECOA). The March 21 bulletin follows the CFPB's...more

4/3/2013 - Automotive Industry Car Dealerships CFPB Discrimination Disparate Impact ECOA Fair Lending Interest Rates Regulation B

Your Complaints Just Went Public! The CFPB Expands Online Access to Consumer Complaint Data

Keeping its promise to make consumer complaints available for all the consumer financial products and services it oversees, the Consumer Financial Protection Bureau yesterday announced that it has added some 90,000 additional...more

4/1/2013 - CFPB Consumer Complaint System Credit Cards Mortgages Student Loans

House Financial Services Committee Chair Challenges CFPB Funding

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) sent a letter March 8 to Federal Reserve Board Chairman Ben Bernanke challenging the Fed's funding of the Consumer Financial Protection Bureau. Hensarling's...more

3/27/2013 - Ben Bernanke Canning v NLRB CFPB Federal Funding Funding Richard Cordray

High Court Rules Pre-Certification Damages Stipulation Cannot Defeat Federal Jurisdiction Arising Under the Class Action Fairness...

In a much-anticipated ruling that could significantly restrict the efforts of class action plaintiffs and their lawyers to avoid litigating in federal court, the United States Supreme Court unanimously ruled that a named...more

3/27/2013 - Amount in Controversy CAFA Class Action Class Certification Damages Jurisdiction SCOTUS

Better Business Bureau Shuts Down Southern California Chapter

The Better Business Bureau has announced that it has expelled its Southern California chapter following years of allegations that the local unit fostered a "pay for play" environment, requiring businesses to pay membership...more

3/27/2013 - Better Business Bureau Fraud Pay-To-Play

CFPB Proposes Rule to Supervise Largest Nonbank Student Loan Servicers

The Consumer Financial Protection Bureau has announced its intention to oversee the nation's largest nonbank loan servicers, which service more than one million accounts each year, in the higher education loan market. While...more

3/27/2013 - CFPB Dodd-Frank Loan Servicing Student Loans

Follow-On Shareholder Suits After CFPB Settlements - From the Experts

Originally published in Corporate Counsel on March 4, 2013. Federal regulators landed the first blow: Several major credit card companies paid more than half a billion dollars in customer restitution and fines as part of...more

3/21/2013

FTC Releases Annual List of Top Consumer Complaints: Identity Theft, Debt Collection, Banks and Lenders, and Credit Cards Make Top...

The Federal Trade Commission has released its annual report listing the top consumer complaint categories for 2012. Identity theft once again topped the list, representing 18 percent of consumer complaints. The overall number...more

3/11/2013 - Credit Cards Debt Collection Fraud FTC Identity Theft

Commissioner Edith Ramirez Elevated to Chair of Federal Trade Commission

Filling the vacancy left by outgoing chair Jon Leibowitz, President Barack Obama named Edith Ramirez as the next head of the Federal Trade Commission. As a current commissioner, Ramirez, who was first appointed and confirmed...more

3/6/2013 - Barack Obama Edith Ramirez FTC

CFPB Seeks Information on Financial Products and Services Offered to College Students

The Consumer Financial Protection Bureau believes positive financial decision making should be learned at a young age. The Bureau recently issued a Request for Information Regarding Financial Products Marketed to Students...more

2/22/2013 - Advertising CFPB Colleges Financial Products Marketing Student Lending Examination Procedures Student Loans Students Universities

California Supreme Court: Online Retailers May Require Personal Info for Electronic Downloads

Online retailers do not violate California's credit card privacy law by requiring consumers to provide personal information, including their addresses and phone numbers, as a condition of accepting credit card payments for...more

2/13/2013 - Apple Credit Card Act Credit Cards Digital Downloads E-Commerce Electronically Downloaded Products Internet Retailers Online Privacy Protection Act Personally Identifiable Information Song-Beverly Credit Card Act ZIP Codes

D.C. Court Holds President's Recess Appointments "Constitutionally Invalid," Raising Questions About CFPB's Exercise of Authority...

The U.S. Court of Appeals for the District of Columbia issued an opinion Jan. 25, 2013, that overturns President Barack Obama's recess appointments of three National Labor Relations Board members and opens the door to...more

1/30/2013 - Canning v NLRB CFPB NLRB Political Appointments Pro Forma Sessions Recess Appointments Richard Cordray

FTC's Year-End Report to Congress on Debit Card Transaction Rules Outlines Agency's Enforcement and Education Initiatives

As 2012 came to a close, the Federal Trade Commission updated Congress on its enforcement and other efforts in connection with the new rules regulating debit card transactions implemented last year by the Federal Reserve...more

1/29/2013 - Debit and Credit Card Transactions Debit Cards Dodd-Frank FTC

California Attorney General Announces Privacy Recommendations for Mobile Apps and the Mobile Industry

Yesterday Kamala Harris, California's Attorney General, issued Privacy on the Go: Recommendations for the Mobile Ecosystem. The report and recommendations are intended to encourage app developers and others in the mobile...more

1/14/2013 - App Developers App Platform Providers Attorney Generals Kamala Harris Mobile Ad Networks Mobile Apps Mobile Ecosystems Online Privacy Protection Act Operating System Developers Privacy on the Go

New California Social Media Privacy Law Goes into Effect

Employers in California may no longer ask or require employees or applicants to provide their log-in credentials for social media sites such as Facebook, Tumblr and Twitter. California's Social Media Privacy Act, one of the...more

1/9/2013 - Facebook Hiring & Firing Passwords Social Media Social Media Privacy Act Twitter

Déjà Vu All Over Again: California Federal Court Finally Tells Merchants When They Can Ask Consumers for Personal Infomation - But...

A federal judge in the U.S. District Court for the Eastern District of California issued an opinion Dec. 17, 2012, that seems to answer definitively a question that has weighed on the minds of California merchants for the...more

12/28/2012 - Marketing Personally Identifiable Information Retail Market Song-Beverly Credit Card Act

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Michael Thurman

Loeb & Loeb LLP

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