Finance & Banking Consumer Protection Antitrust & Trade Regulation

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Financial Services Weekly News - January 2017 #2

Editor's Note - In This Issue.The SEC and FINRA released their examination priorities for 2017; the SEC’s Division of Investment Management issued an interpretative letter that would permit brokers to charge their own...more

FTC Secures $19.4 Million in Judgments Over Mortgage Relief Scheme

On January 11, 2017, the Federal Trade Commission (FTC) announced that it had agreed to two stipulated orders with individuals who participated in an alleged fraudulent mortgage relief scheme. According to the FTC, the...more

FTC Files Lawsuit Against Seller of Fake Payday Loans

On January 9, 2017, the Federal Trade Commission (FTC) announced that it had filed a lawsuit in the U.S. District Court for the District of Kansas against one individual and affiliated companies, alleging that they sold...more

CFPB’s national debt collection consumer survey findings lays groundwork for future enforcement and rulemaking priorities

Early yesterday, the CFPB released the findings of its national debt collection consumer survey. Both the headline of the CFPB’s press release and Director Cordray’s remarks highlight the survey’s finding that “over...more

Trump transition team releases names of additional CFPB landing team members

The Trump transition team has released the names of three more individuals who will be members of the CFPB landing team.  “Landing teams” are members of the incoming president’s transition team tasked with gathering...more

Financial Conduct Authority probes competition in the mortgage sector

On 12th December 2016 the Financial Conduct Authority (the “FCA”) launched a market study into the residential mortgage market to ascertain whether competition in that market is working as well as it could and to identify...more

Tribal Sovereign Immunity Not a Bar to Payday Lending Enforcement Action, California Supreme Court Rules

In a state enforcement action alleging violations of California's lending law and seeking to enjoin continued lending to state residents, the California Supreme Court has ruled that the two tribally affiliated entities that...more

Prepaid Card Company Deceived Consumers, FTC Alleges in New Suit

A prepaid card company deceived consumers about their access to funds that were deposited on their cards, the Federal Trade Commission alleged in a new complaint, seeking injunctive relief and restitution for consumers....more

Financial Services Weekly News - December 2016

Editor's Note - OCC to Move Forward with Federal FinTech Charter. In a development foreshadowed in the April 6, June 29 and September 14 editions of the Roundup, on December 2, the Office of the Comptroller of the...more

FTC seeks information on class action claims rates

The FTC has announced that to study the effectiveness of various class action settlement notice programs, it has issued orders to eight claims administrators requiring them to provide information on their procedures for...more

FTC Seeks Information on Class Action Claims Rates

The Federal Trade Commission (FTC) has announced that to study the effectiveness of various class action settlement notice programs, it has issued orders to eight claims administrators requiring them to provide information on...more

FTC continues vigorous use of enforcement authority

As observers ponder the CFPB’s future in a Trump Administration, the Federal Trade Commission’s continuing role as an enforcer of federal consumer financial protection laws should not be overlooked. Over the approximately...more

Do You Venmo? FTC Spotlight on Peer-to-Peer Payments and Crowdfunding

3The FTC recently examined peer-to-peer (P2P) payment systems and crowdfunding in the second forum of its FinTech series. P2P payment systems are online services that allow consumers to share money electronically. These...more

As part of joint initiative with the CFPB, FTC launches updated, mobile-friendly Military Consumer website

This week, the FTC announced the launch of a redesigned Military Consumer website as part of its joint initiative with the DoD, CFPB and others. Military.Consumer.gov is a financial readiness website designed to help...more

FTC Files Suit Against Credit Card Company

On November 10, 2016, the Federal Trade Commission (FTC) announced that it had filed a lawsuit in the Northern District of Georgia against a prepaid credit card provider. The FTC’s complaint alleges violations of Section...more

Four California Residents Jailed and to Pay $7 Million in Restitution for Debt Relief Scheme

On November 14, 2016, the Department of Justice (DOJ) and U.S. Postal Inspection Service announced that four California individual defendants were sentenced for their participation in an allegedly fraudulent debt relief...more

Financial Services Weekly News - November 2016 #2

Editor's Note - FinTech at the Forefront. FinTech remains at the forefront of Washington’s discussions about how best to regulate financial products and services. As discussed in more detail below, the SEC announced the...more

Second Circuit Holds American Express Can Stop Merchants From Steering Customers to Lower-Fee Cards, Competition News Volume 2016,...

The opinion could provide useful guidance for participants in two-sided markets, like the credit card industry and the health care industry, where separate interests of insurers and patients are often implicated by the same...more

When Classes Collide: Court Rejects $7.25 Billion Visa/MasterCard Settlement, Competition News Volume 2016, Issue 1

The Second Circuit’s decision highlights that, whenever there are groups of plaintiffs that will obtain different categories of relief as a part of a settlement, both plaintiffs and defense counsel should seriously consider...more

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

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