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CFPB And FTC To Hold Roundtable On Debt Collection In The Latino Community

On October 23, the CFPB and the FTC will hold a roundtable to discuss the effects of debt collection and credit reporting in the Latino community....more

FTC Targeting Deceptive Advertising of Mortgage Lead Generators

The Federal Trade Commission’s (FTC) recent complaint against Intermundo Media, LLC (Intermundo) alleging deceptive marketing tactics under the FTC Act and Mortgage Acts and Practices – Advertising Rule (MAP Rule)...more

Start Your Compliance Engines: CFPB Proposes Rule to Supervise Larger Nonbank Auto Finance Companies

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a proposed rule on September 17, 2014, that would empower the Bureau to supervise certain larger nonbank automobile finance companies. The CFPB proposed the...more

Financial Services Bulletin: Action at Federal Agencies

The Federal Reserve Board Proposes Repeal of Unfair or Deceptive Acts Rules - On Friday, August 22, 2014, the Federal Reserve Board (the "Board") requested comments on its proposal to repeal its Regulation AA, which...more

FTC Announces Settlements Against Debt Collection Practice And Its Principles

On September 23, the Federal Trade Commission released a statement announcing the settlement of claims and a default judgment against a debt collection operation based out of Atlanta and Cleveland and its principles, barring...more

Federal Appeals Court Upholds District Court Order Barring Telemarketers From Selling Mortgage And Debt Relief Programs

This month, the U.S. Court of Appeals for the Sixth Circuit issued a decision to uphold the District Court of Northern Ohio’s earlier ruling prohibiting the defendants from selling false mortgage assistance and debt relief...more

SEC Announces $30 Million Whistleblower Award to Non-U.S. Resident

On Monday, September 22, 2014, the SEC announced that it expected to award between $30 and $35 million to a non-U.S. whistleblower who provided the SEC with information about “an ongoing fraud that would have been very...more

Ahead: CFPB Regulations of Creditors Collecting Own Consumer Debts?

The Federal Fair Debt Collection Practices Act (FDCPA or the Act) was enacted in 1977 to end abusive consumer debt collection practices by debt collectors, while insuring that collectors who don’t engage in such practices...more

Using Information from Data Brokers? Beware the FCRA and the FTC …

As sellers and Internet service providers gather increasing amounts of consumer information, the data broker industry has expanded. Identifying themselves as "market research" firms, data brokers buy, analyze, sort,...more

Mortgage Lead Generator Will Pay $500,000 to Settle FTC Charges about False Ads

On September 12, a mortgage refinancing lead generator, Intermundo Media, LLC (doing business as Delta Prime Refinance), agreed to pay a $500,000 civil penalty, among other things, to settle the FTC’s allegations that the...more

CFPB and FTC Stop Two Payday Lending Scams

In separate suits brought by the Consumer Financial Practices Bureau (“CFPB”) and the Federal Trade Commission (“FTC”) federal courts have frozen the assets of two separate groups who allegedly defrauded consumers by creating...more

Don't entrust companies named Hydra with your bank info

Hail Hydra? No thanks If you’ve watched a Captain America movie before, you’ll know that the name Hydra means bad news. Turns out they were onto something. The Hydra Group, a group of three people that operated a...more

CFPB and FTC file lawsuits against online payday lenders

Earlier this month, the CFPB and FTC filed lawsuits against different groups of interrelated companies and their individual principals for engaging in allegedly unlawful online payday lending schemes....more

CFPB Issues Warning on Promotional Credit Card Offers

In a bulletin issued on September 3, the CFPB warned that it will be on the lookout for “deceptive and/or abusive acts and practices in connection with solicitations that offer a promotional annual percentage rate (APR) on a...more

Cybersecurity Litigation Monthly Newsletter

As we discussed in July, Tiversa, a “cyber-intelligence” company, notified the FTC in 2009 that a file containing the personal information of about 9,300 LabMD patients was available on a peer-to-peer file sharing network....more

FRB Issues Proposed Rules to Repeal Regulation AA, as Required by Dodd-Frank

On Wednesday, August 27, the Board of Governors of the Federal Reserve System (the “Board”) published in the Federal Register proposed rules and a request for public comment to repeal its Regulation AA (Unfair or Deceptive...more

Interagency Guidance Regarding Unfair Or Deceptive Credit Practices

On August 22, the CFPB and the federal banking agencies (Fed, OCC, FDIC and NCUA) issued interagency guidance regarding unfair or deceptive credit practices (UDAPs). The guidance clarifies that “the repeal of the credit...more

CFPB and federal banking agencies issue guidance on unfair or deceptive credit practices in light of Reg AA repeal

Concurrently with a proposal from the Fed to repeal Regulation AA (12 CFR part 227), the CFPB and the federal banking agencies (Fed, OCC, FDIC and NCUA) have issued interagency guidance regarding unfair or deceptive credit...more

Blurred Lines

Mobile payments are taking off, and by 2017, consumers worldwide are likely to be using the technology to spend $700 billion or more annually, according to Forrester Research. But as technology companies look for ways to...more

Fed Proposes to Repeal Rule Regarding Unfair or Deceptive Acts or Practices

The Federal Reserve Board has requested comment on a proposal to repeal its Regulation AA regarding unfair or deceptive acts or practices. The Dodd-Frank Wall Street Reform and Consumer Protection Act repealed the...more

Federal Reserve Board Proposes to Repeal Its Regulation AA (Unfair Credit Practices)

The Board of Governors of the Federal Reserve System is requesting comment on its proposal to repeal its Regulation AA, which for nearly 30 years has prohibited banks from engaging in specified unfair and deceptive credit...more

Disclosure At The Mobile Check-Out: The FTC's View On Mobile Shopping Apps

In its August 1st report entitled "What's the Deal — An FTC Study on Mobile Shopping Apps," the FTC provides guidance on various disclosures that should be made by mobile apps along with reinforcing a number of prior...more

Feds, States Sweep Country for Mortgage Relief Scams

In an enforcement sweep dubbed “Operation Mis-Modification,” the Federal Trade Commission (FTC), Consumer Financial Protection Bureau (CFPB), and 15 state Attorneys General have targeted “foreclosure relief scammers that have...more

Regulators release Statements of Intent

The Australian Government (via The Treasury) has published Statements of Expectations for the Australian Prudential Regulation Authority (APRA), the Australian Competition and Consumer Commission (ACCC) and the Australian...more

FTC Settles with Two Debt Collectors over Alleged FDCPA and FTC Act Violations

The debt collection industry continues to be a major focus of the Federal Trade Commission’s enforcement efforts, as shown by the agency’s decision to simultaneously announce two settlements last week with Tennessee and New...more

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