Consumer Protection, Antitrust & Trade Regulation, Finance & Banking

FTC Proposes Banning Telemarketer Use of Remotely Created Checks, Cash-to-Cash Money Transfers, and Similar Payment Methods

by John L. Culhane, Jr., Alan S. Kaplinsky, Jeremy T. Rosenblum, Mercedes Kelley Tunstall | Ballard Spahr LLP on 5/24/2013

The Federal Trade Commission has proposed changes to its telemarketing sales rule (TSR) that would prohibit sellers and telemarketers from accepting or requesting remotely created checks or payment orders, cash-to-cash money...more

App Developer Settles FCRA Charges Over Provision of Criminal Background Reports

by Richard Raysman | Holland & Knight LLP on 5/24/2013

Earlier this year, an enterprise that sold criminal record reports via mobile apps agreed to settle FTC charges that it operated as a consumer reporting agency without taking consumer protection measures required by the Fair...more

Advertising Law -- May 23, 2013

by Charles Washburn, Jr. | Manatt, Phelps & Phillips, LLP on 5/24/2013

SPECIAL FOCUS: CFPB - On May 9, 2013 the Federal Trade Commission sent a letter to the Bureau of Consumer Financial Protection (“CFPB”) that describes its enforcement actions and other activities during 2012 with...more

FTC Submits Financial Acts Enforcement Letter To CFPB

by BuckleySandler LLP on 5/23/2013

On May 14, the FTC released a letter it sent to the CFPB’s assistant directors for fair lending and supervision examinations describing activities related to the FTC’s administration and enforcement of the regulations...more

New SEC Identity Theft Red Flag Regulations Call Attention to Investment Advisers

by Charles Hertlein, Jr. | Dinsmore & Shohl LLP on 5/21/2013

It is probably fair to say most registered investment advisers, at least those below a certain size, did not pay a great deal of attention to the anti-identity theft, or “red flag” rules jointly adopted by the Federal Trade...more

FTC confirms continued commitment to vigorous enforcement in letter to CFPB

by Barbara S. Mishkin | Ballard Spahr LLP on 5/16/2013

In its annual letter to the CFPB on its 2012 administrative and enforcement activities related to Regulations B (ECOA), E (Electronic Fund Transfers), Z (TILA) and M (Consumer Leasing), the FTC stressed that it is “committed...more

FTC Annual Letter to the CFPB

by Brian J. Hurh | Davis Wright Tremaine LLP on 5/15/2013

The FTC recently released its annual letter to the CFPB on recent FTC enforcement actions related to the Truth in Lending Act, the Consumer Leasing Act, the Electronic Fund Transfer Act, and the Equal Credit Opportunity Act....more

OCC, FDIC Announce Overdraft Enforcement Actions

by BuckleySandler LLP on 5/13/2013

On April 30, the OCC and the FDIC announced parallel enforcement actions against a national bank and an affiliated state bank to resolve allegations that the institutions violated Section 5 of the FTC Act in their marketing...more

CFPB, FTC Announce Roundtable On Data Integrity In Debt Collection

by BuckleySandler LLP on 5/8/2013

On May 1, the FTC and the CFPB announced a roundtable to “examine the flow of consumer data throughout the debt collection process” and discuss (i) the amount of documentation and other information currently available to...more

CFPB/FTC target debt collection data in June 6 roundtable

by Alan S. Kaplinsky | Ballard Spahr LLP on 5/6/2013

The CFPB and FTC have announced that they will co-host a roundtable on June 6, 2013 in Washington, D.C. to examine the flow of consumer data throughout the debt collection process. Titled “Life of a Debt: Data Integrity in...more

FTC: Data Brokers That Compile Tenant Data May Be Covered by FCRA

by Jeff Ifrah on 5/6/2013

On April 3, 2013, the Federal Trade Commission issued a press release that marks yet another step in its continuing trend of actions involving data brokers and data providers. As we have noted in earlier blog posts, the...more

Debt Relief and Counseling Scams

by Jeff Field | Jeff Field & Associates on 5/2/2013

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 instituted a credit counseling requirement for debtors filing for bankruptcy protection. Credit counseling agencies sprang up quickly on the heels of this...more

FTC Sends FCRA Warning to Providers of Rental Histories

by John L. Culhane, Jr., Alan S. Kaplinsky, Mercedes Kelley Tunstall | Ballard Spahr LLP on 4/11/2013

The Federal Trade Commission continues to keep Fair Credit Reporting Act (FCRA) enforcement at the forefront of its activities, as shown by its recent warnings to operators of six websites that provide information about...more

CFPB Presents Annual FDCPA Report

by BuckleySandler LLP on 3/29/2013

On March 20, the CFPB presented to Congress its annual report on implementation and enforcement of the FDCPA. The report (i) summarizes the Bureau’s Consumer Response function, which does not currently cover debt collection...more

FTC Report on Mobile Payments

by Loeb & Loeb LLP on 3/27/2013

The Federal Trade Commission issued a report and recommendations for mobile payments called Paper, Plastic... or Mobile? An FTC Workshop on Mobile Payments, which is based on a workshop held by the Commission in 2012 to...more

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

by Michael W. Jahnke, Michael Thurman | Loeb & Loeb LLP on 3/21/2013

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

FTC Issues Report On Mobile Payment Consumer Protections

by BuckleySandler LLP on 3/20/2013

On March 8, the FTC released a report on mobile payments by consumers. The report, based on a FTC workshop held in April 2012, focuses on financial, security, and privacy consumer protections. The FTC encourages companies to...more

FTC Issues New Guidance Addressing Mobile And Social Media Advertising

by Joseph D. Simon | Cullen and Dykman LLP on 3/18/2013

The Federal Trade Commission (“FTC”) has released new guidance for mobile and other online advertisers that explains how to make disclosures clear and conspicuous to avoid deception. Although the FTC does not have authority...more

FTC Issues Report on Mobile Payments

by Alan S. Kaplinsky, Amy Mushahwar, Trevor Salter, Mercedes Kelley Tunstall | Ballard Spahr LLP on 3/18/2013

The Staff Report on mobile payments recently issued by the Federal Trade Commission (FTC) focuses on areas of concern discussed at the FTC’s April 2012 workshop. The report does not break much new ground, but it does...more

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

by Michael Mallow, Michael Thurman | Loeb & Loeb LLP on 3/11/2013

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

FTC Halts Alleged Illegal Consumer Account Billing Operation

by BuckleySandler LLP on 3/4/2013

On February 20, the FTC announced that it obtained a preliminary injunction in the U.S. District Court for the District of Nevada against a firm and affiliated entities alleged to have debited consumers’ bank accounts and...more

Risk Management (March 2013) - The New Rules of Consumer Protection: Six Steps for Banks to Manage Third-Party Compliance Risk

by Richik Sarkar on 3/1/2013

Financial services firms now routinely contract outside companies to market new services that these institutions did not develop internally, such as investment and insurance options. More than ever, third parties are...more

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Consumer Protection › Antitrust & Trade Regulation › Finance & Banking