Philadelphia joins other major US cities in passing a local law to address consumer fraud and abuse. With its newfound enforcement authority, the Philadelphia Law Department can investigate and initiate legal action against...more
The Consumer Financial Protection Bureau (CFPB) recently finalized its proposed rule to create a so-called “Repeat Offender” registry for certain covered financial services providers and individuals violating federal, state,...more
Following a recent call for consumer input, the Consumer Financial Protection Bureau (CFPB) announced it will launch a formal public inquiry into so-called “junk fees” that the Bureau claims may be increasing mortgage closing...more
The US aviation industry has been in the headlines recently with the passage of a comprehensive bill to authorize funding of the Federal Aviation Administration (FAA) for five more years as well as Department of...more
The US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of...more
The Consumer Financial Protection Bureau (CFPB) recently released a comprehensive report detailing growing financial transactions within video gaming and virtual worlds, which increasingly mimic traditional monetary systems....more
The Department of Transportation and 18 states on April 16 agreed to a Memorandum of Understanding (MOU) that delegates more authority to and streamlines the process for state attorneys general to investigate consumer...more
Increases in enforcement and private litigation relating to what federal and state authorities have termed “junk fees” pose a growing challenge to businesses across geographies and sectors, as evidenced by the recent uptick...more
What Are Junk Fees? “Junk fees” refer to the broad swath of fees and charges, often mandatory, that are not included in the initial offered price of a good or service. Common examples include mandatory fees charged by hotels,...more
The Federal Trade Commission recently issued a final rule that is squarely aimed at changing the way dealers interact with customers in the financing process. The final rule takes effect on July 30, 2024....more
12/22/2023
/ Advertising ,
Automotive Industry ,
Automotive Loans ,
Banks ,
Car Dealerships ,
Cars ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Terms ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Services Industry ,
Financing ,
Payment Terms ,
Unfair or Deceptive Trade Practices
The attorneys general of 20 states and territories, led by New York Attorney General Letitia James, recently sent letters to the heads of the US Consumer Financial Protection Bureau (CFPB) and US Office of the Comptroller of...more
Businesses should be aware that the Biden administration continues its attempt to curb junk fees, with additional actions proposed by the Federal Trade Commission and Consumer Financial Protection Bureau....more
President Joseph Biden issued an executive order on October 30 designed to protect against the risks of artificial intelligence (AI) while encouraging the global growth and expansion of AI development and use....more
With his signature, California Governor Gavin Newsom signed into law SB 478, expanding California’s already sweeping consumer protection laws to include a broad array of fees and charges referred to by the bill authors as...more
The Consumer Financial Protection Bureau (CFPB) released a second iteration of its Policy Statement on Abusive Acts and Practices (Policy Statement) on April 3, 2023, giving insight into its current thinking on the...more
The Consumer Financial Protection Bureau (CFPB, the Bureau) promulgated on March 30 its final rule implementing Section 1071 of the Dodd-Frank Act. The rule requires that covered financial institutions collect and report to...more
The US Federal Trade Commission (FTC or Commission) proposes expanding the Negative Option Rule to all subscription agreements. The FTC, in a 3-1 vote with Commissioner Christine S. Wilson (R) dissenting, published a notice...more
Three months into 2023 and the fintech landscape looks wildly different than this time one year ago. Global economic uncertainty clouds the fintech industry, with it facing challenges from rising interest rates, significant...more
In response to assertions that the Biden administration has not done enough to pursue pandemic-era fraud, on March 2, 2023, the White House proposed a framework for a “whole-of-government” anti-fraud effort with the US...more
The Consumer Financial Protection Bureau (CFPB) recently issued a notice of proposed rulemaking to amend Regulation Z (the Proposal), which implements the Truth in Lending Act (TILA), to better ensure that late fees charged...more
For the second time in a month, the Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would require businesses to report already public information and thereby increase the burdens on, and risks to, the...more
The Consumer Financial Protection Bureau (CFPB or Bureau) has proposed a registry in which certain nonbank financial institutions must deposit copies of certain federal, state, and local orders. The proposed rule would also...more
The Senate Agriculture, Nutrition & Forestry Committee held a hearing, “Why Congress Needs to Act: Lessons Learned From the FTX Collapse,” on December 1, 2022, receiving testimony from Commodity Future Trading Commission...more
The House of Representatives and the Senate took the first steps in response to the collapse of FTX this week. The Senate Agriculture Committee has announced a hearing at which the chair of the Commodity Futures Trading...more
STATE ATTORNEYS GENERAL POST-ELECTION REPORT 2022 State attorneys general continue to dominate the national legal and political landscape, with a partisan fervor that sometimes obscures the ongoing investigations and...more