Antitrust & Trade Regulation Consumer Protection Finance & Banking

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FTC staff paper on lead generation likely to inform CFPB

Almost a year ago, on October 30, 2015, the FTC conducted a workshop on lead generation entitled to “Follow the Lead.” We published a three-part series on the workshop highlighting the key takeaways. On September 15, 2016,...more

OCC, CFPB Charge Bank With Illegal Credit Card Practices

Two regulators have forced one bank to pay $35 million for allegedly improper credit card practices—including fines owed to both the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau...more

Mixed Blessings – Sainsbury’s Supermarkets Ltd v MasterCard Incorporated and others [2016] CAT 11

This case is very important in that it is one of the first judgments where damages have been awarded for breach of competition rules in UK. It relates to MasterCard’s alleged anticompetitive card fees (credit and debit...more

FTC Announces Settlement with Law Firms Over Alleged Debt Relief Scheme

On September 1, 2016, the Federal Trade Commission (FTC) announced it entered into a stipulated order for permanent injunction against a group of regional law firms over allegations the firms violated the Federal Trade...more

Alleged Mortgage Modification and Debt Relief Scammers to Pay FTC $13.5 Million

Last week, the Federal Trade Commission (“FTC”) announced that the United States District Court for the Middle District of Florida had granted a summary judgment motion against various businesses, law firms and individuals...more

FTC Requests Comments on Safeguards Rule

The Federal Trade Commission (FTC) issued a press release on August 29, 2016, indicating that it is seeking comments on the Standards for Safeguarding Customer Information, applicable to financial institutions....more

FTC Bars New York Debt Collector and Companies from Future Debt Collection

On August 24, 2016, the Federal Trade Commission (FTC) announced that the FTC and the Attorney General for the State of New York (New York AG) reached a settlement with a New York debt collector that will ban the owner and...more

CFPB’s proposal for collection of decedent debt: a misguided approach (Part I)

This blog post is the first of two on the proposals being considered by the CFPB regarding the collection of decedent debt. In tomorrow’s blog post, I will share my thoughts on the CFPB’s proposal to prohibit debt collector...more

Upcoming FTC Workshop Focuses on Evaluating and Testing Consumer Disclosures

The Federal Trade Commission has announced the full agenda for its upcoming September 15 workshop examining disclosures made to consumers in the course of making advertising claims and describing privacy practices. The...more

CFPB to Participate in FTC Workshop on Consumer Disclosures

On September 15th, the FTC will hold a workshop to examine the testing and evaluation of disclosures that companies make to consumers about advertising claims, privacy practices, and other information. The FTC’s workshop...more

Change Order: The CFPB Previews Its Proposed FDCPA Regulations

The Consumer Financial Protection Bureau (“CFPB”) recently took the next step toward promulgating regulations under the Fair Debt Collection Practices Act (“FDCPA”) by releasing its “Outline of Proposals under Consideration...more

FTC Announces FinTech Forum on Crowdfunding, Peer-to-Peer Payments

On August 3, 2016, the Federal Trade Commission (FTC) released two items in connection with its series of events on the implications of FinTech for consumers. First, the FTC announced it will be hosting the next event in the...more

The Often Ignored Importance of Antitrust Compliance (Part I of II)

If you ask any Chief Compliance Officer whether their compliance program includes antitrust laws, they will respond quickly and tell you – “Of course we do.” If you follow up you initial question and ask how do you ensure...more

Financial Services Weekly News - July 2016 #4

Editor's Note - What Exactly Is Bitcoin? In a case featuring a sting operation beginning with meetings in a coffee shop, ice cream store and hotel lobby and ending with the sale of bitcoins to an undercover Miami Beach...more

FTC Settles with Fraudulent Debt Collectors for Millions as Operation Collection Protection Continues

On July 14, 2016, the FTC announced that, as part of an ongoing crackdown on deceptive collection practices, it reached a settlement with two debt collectors and three companies charged with using illegal collection tactics....more

FinTech Companies Face Big Privacy Challenges in 2016

According to the FBI, “there are only two types of companies: those that have been hacked and those that will be.” It does not take an actual data breach, however, for a company to be liable for its data security practices. ...more

Your daily dose of financial news - The Brief – 7.20.16

We’ve heard about VW’s $15 billion settlement to resolve US claims by owners and regulators, but a spate of recent state AG-led actions shows that the fallout from the emissions cheating scandal is far from over. NY, MA, and...more

FTC Raises Maximum Civil Penalties

Seyfarth Synopsis: The FTC has adjusted its per violation penalties, in some cases by substantial amounts. In a federal rulemaking published last week, the Federal Trade Commission (FTC) has finalized amendments to...more

Banks Speak: LIBOR Plaintiffs Are Not Efficient Enforcers Of Antitrust Laws

As our loyal readers know, on May 23, 2016, the Second Circuit issued a decision in the In re: LIBOR-Based Financial Instruments Antitrust Litigation vacating the District Court’s prior decision dismissing one case in this...more

Declined: Second Circuit Panel Shreds Visa and MasterCard Antitrust Settlement

A Second Circuit panel rejected the settlement reached between defendants Visa, MasterCard, and various banks, and plaintiffs, approximately 12 million merchants who alleged the principally identical network rules of Visa and...more

FTC warns telemarketers about prohibition of certain payment methods

The Federal Trade Commission (FTC) issued an alert this week reminding businesses that the Telemarketing Sales Rule (TSR) amendments that went into effect in November of 2015, prohibit telemarketers from using three types of...more

Class Action Roundup: Spring 2016

Welcome to the second 2016 edition of Class Action Roundup! The first quarter of the year witnessed a few key Supreme Court decisions, even with the passing of Justice Scalia, and several settlement cases decided. The issue...more

FTC Backs FCC’s Proposed Rule on TCPA Amendments for Calls Collecting Government Debt

The Federal Trade Commission's (FTC) Bureau of Consumer Protection issued a Staff Comment on June 16, 2016, supporting several of the Federal Communication Commission's (FCC) proposed regulations implementing amendments to...more

Regulators Raise Marketplace Lending Concerns at FTC FinTech Forum

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

CFPB Brings First Data Security Enforcement Action

The Consumer Financial Protection Bureau (CFPB) recently brought its first data security enforcement action, adding itself to the growing list of federal regulators tackling data security issues. The CFPB’s enforcement action...more

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