General Business Consumer Protection

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News & Analysis as of

CFPB sending HMDA warning letters

The CFPB announced that it is issuing warning letters to 44 mortgage lenders and mortgage brokers stating that it “has information that appears to show that your company may not be in compliance with certain provisions of the...more

DOJ and FTC Issue Guidance and Announce Policy Shift Regarding Antitrust Challenges to Hiring and Compensation Decisions

The U.S. Department of Justice’s Antitrust Division and the Federal Trade Commission jointly issued their Antitrust Guidance for Human Resources Professionals on October 20, 2016. The guidance addresses the applicability of...more

DOJ Toughens Stance on Certain Employment-Related Agreements Between Competitors - New Antitrust Guidance Threatens Criminal...

The Antitrust Division of the U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC) on Oct. 20, 2016, jointly released Antitrust Guidance for Human Resource Professionals, cautioning employers about...more

CFPB Grabs for SEC/CFTC Turf

In May, the Consumer Financial Protection Bureau (CFPB) proposed a ban on “mandatory arbitration” contract clauses that make financial products consumers waive their right to join class actions. Broker-dealers,...more

Anti-Trust Laws Can Impact HR Departments

You can add anti-trust laws to the long list of legal risks that must now be managed by corporate HR departments. According to a recent guidance document prepared by the Federal Trade Commission and the Department of Justice,...more

Cordray remarks/CFPB report on financial innovation and Project Catalyst include warning on limiting consumer access to financial...

In a new report, the CFPB discusses its approach to FinTech and financial innovation, its Project Catalyst initiative, and marketplace developments the CFPB views as potentially beneficial for consumers. The report, entitled...more

FTC Reverses Prior Position – Buyers Must Now Count All New Debt as Part of the Transaction Size for HSR Purposes

The Federal Trade Commission's Premerger Notification Office has expanded the Hart-Scott-Rodino (HSR) reporting requirements for certain leveraged buyouts. M&A practitioners generally are familiar with the HSR premerger...more

Medical Device Updates: U.S. Food and Drug Administration (FDA) Releases Numerous and Important Draft Guidance Documents

The summer of 2016 saw a flood of new medical device-related guidance documents coming out of FDA’s Center for Devices and Radiological Health (CDRH). Some of these draft guidance documents, such as those addressing device...more

5 legal trends food and agriculture companies need to know about

Thompson Coburn recently sponsored the 37th annual 2016 American Agricultural Law Association (AALA) Symposium in Oklahoma City. I had the honor to help plan the event, speak on food labeling issues, and moderate a panel on...more

SEC Fines Fantasy Stock Market App Developer

The Securities Exchange Commission (“SEC”) recently fined New York-based Forcerank LLC (“Forcerank”) $50,000 in connection with charges that Forcerank’s fantasy stock market mobile app illegally offers complex derivative...more

Paid Celebrity Endorsements in Social Media: The FTC Is Watching

How much trust do you place in celebrities who endorse products on social media platforms such as Instagram, Snapchat, Facebook, Twitter, and YouTube? Do you stop to consider whether they are compensated for their efforts...more

Third Circuit Delivers Resounding Victory for FTC in Pennsylvania Hospital Merger Case

On September 27, 2016, the U.S. Court of Appeals for the Third Circuit handed the Federal Trade Commission (FTC) a significant antitrust victory by granting its request for a preliminary injunction to stay the pending merger...more

DOJ-AmEx Case Could Have Ramifications for Health Care Providers

The U.S. Department of Justice's loss to American Express sends a message to health care providers: Steering, tiering, exclusive dealing and other contractual arrangements that appear to suppress competition in one part of...more

EU-US Privacy Shield: What You Need to Know for Transatlantic Data Transfers

The flow of data across international borders is crucial to commerce in today’s global economy. After last year’s invalidation of the Safe Harbor framework, which enabled companies to transfer personal data from the EU to...more

Are We Headed into a Perfect Storm of Securities Class Action Filings?

The history of securities litigation is marked by particular types of cases that come in waves: ..the IPO laddering cases, which involved more than 300 issuers and their underwriters; ..the Sarbanes-Oxley era...more

The ILSA Condo Exemption – Not Out of the Woods Yet

The Interstate Land Sales Full Disclosure Act (ILSA) is a federal statute that aims to prevent land sales fraud and uninformed purchases of unimproved real property by requiring registration of subdivisions with the Consumer...more

The New York State Department of Financial Services Proposes Robust Cybersecurity Rules

On September 13, 2016, the New York State Department of Financial Services (DFS) proposed new rules that would require certain “Covered Entities” to establish and implement cybersecurity programs designed to protect nonpublic...more

I accept!

So, you’re ready to launch your new online business or mobile app. The website looks great, and the app tile has an elegant, simple design that’s sure to stand out on phone and tablet screens. Missing anything? Oh, yeah, that...more

After Circling the Wagons: Wells Fargo’s CEO Finally Falls

The Wells Fargo scandal represents a textbook case of compliance and culture failures. Recently, the scandal and Wells Fargo’s defensive crisis management strategy resulted in CEO Stumpf’s resignation. Stumpf’s demise was...more

A day at the races - the e-commerce sector inquiry, a conference report

On Thursday, 6 October, the European Commission presented its preliminary findings of the e-commerce sector inquiry (Preliminary Report) to a large audience of interested stakeholders, followed by debates on the three main...more

FTC Targets Auto Dealers, Alleges Deceptive Financing Practices

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

Small Companies and Those Not Certified Under the Safe Harbor Face Hidden Costs in the EU/US Privacy Shield Certification Process

The Privacy Shield in a nutshell. The Privacy Shield permits U.S. businesses to process and control the personal data of individuals, aka data subjects, located in the European Union (EU). Without the Privacy Shield,...more

In the age of Big Data, the EDPS issues an Opinion on enforcement and upholding fundamental rights

The European Data Protection Supervisor (“EDPS”) issued an Opinion on coherent enforcement of fundamental rights in the age of big data”. This is an update to the EDPS’ Preliminary Opinion in 2014 on “Privacy and...more

UK ICO issues largest ever fine for a data breach

The UK Information Commissioner's Office (the "ICO") has issued a record fine of £400,000 to a UK telecoms company, in connection with a data breach that took place in October 2015. The fine, and the related adverse...more

California Enacts New Licensing Requirements for Student Loan Servicers

Student loan servicers located in California servicing loans made to residents of any state and those located elsewhere servicing loans made to California residents will be subject to a new licensing requirement created by...more

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