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Financial Services Weekly News - October 2016 #2

Editor's Note - Never Satisfied. Despite the Securities and Exchange Commission’s announcement that, in its just completed fiscal year 2016, it filed a record 868 enforcement actions reprimanding misconduct by companies...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

FTC Obtains $1.3 Billion Judgment Against Individual Who Operated Payday Lenders

The Federal Trade Commission (FTC) has obtained a $1.3 billion judgment against the individual operator of several payday lenders and related servicing and marketing companies in a lawsuit filed in a Nevada federal district...more

Consumer Financial Services Law - October 2016

Court to CFPB: Unconstitutional and Wrong on RESPA - The U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of the Consumer Financial Protection Bureau (CFPB) and...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

Retail and Consumer Products Law Roundup - October 2016

Supreme Court to Review Credit Card Surcharge Statutes - Why it matters: In an effort to resolve a conflict between Circuits, the Supreme Court has agreed to hear arguments in a challenge to New York’s credit card...more

FTC Obtains $1.3 Billion Judgment for Payday Lending Scheme

On October 4, 2016, the Federal Trade Commission (FTC) announced that the U.S. District Court for the District of Nevada issued an order requiring that a racecar driver and several corporate defendants pay $1.3 billion in...more

Second Circuit Issues Blockbuster Ruling in Amex, Holding Anti-Steering Rules Do Not Violate Antitrust Law

Last week the U.S. Court of Appeals for the Second Circuit issued a major win for American Express in a landmark decision in United States v. American Express Co. In that case the government filed an antitrust suit against...more

Subsequent debt collectors must send FDCPA validation notice, Ninth Circuit rules

The Ninth Circuit has ruled that the FDCPA requirement in 15 U.S.C. §1692g(a) for “a debt collector” to send a validation notice either in “the initial communication” or “[w]ithin five days after the initial communication...more

Financial Services Weekly News - September 2016 #3

Editor's Note - Investment Company Institute Publishes FAQ on SEC No-Action Letter Regarding Auditor Independence. On September 23, the Investment Company Institute (ICI) published a memorandum (ICI Memo) responding to...more

Second Circuit Sides With AmEx, Reversing Lower Court Victory for DOJ

The United States Court of Appeals for the Second Circuit, a highly influential appellate court sitting in New York, on September 26 issued a unanimous ruling with major implications for antitrust and unfair competition laws,...more

CFPB and California DBO Settle with Online Lender Over Alleged Misrepresentations

On September 27, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an online lender, after a joint investigation with the California Department of Business Oversight...more

CFPB participates in FTC workshop on disclosure

The FTC recently held a workshop, “Putting Disclosures to the Test,” to explore the question of what should be done to make disclosures effective.  The workshop included reports on numerous studies related to consumer...more

To (Dis)Close for Comfort–FTC Workshop Seeks Effective Consumer Disclosures

A goal of providing effective disclosures to consumers is to allow consumers to make informed decisions. But what must be done to make disclosures effective? This was the question the Federal Trade Commission (FTC) explored...more

Former Debt Collection Company VP Ordered to Pay Penalty and Stop Deceptive Debt Collection Practices

On September 21, the Department of Justice (DOJ) announced that the U.S. District Court for the Eastern District of Texas entered a stipulated order for a permanent injunction and civil penalty judgment against the vice...more

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

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