On August 11, the CFPB published a circular clarifying liability under consumer financial protection law for bank and nonbank financial companies that fail to safeguard consumer data. The circular describes how firms may be...more
8/19/2022
/ Banks ,
Consumer Data Requests ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Cybersecurity ,
Data Security ,
Financial Services Industry ,
Nonbank Firms ,
Rulemaking Process ,
UDAAP ,
Unfair or Deceptive Trade Practices
On June 24, the California Department of Financial Protection and Innovation (DFPI) issued proposed regulations implementing certain provisions of the California Consumer Financial Protection Law (CFPL) related to commercial...more
On June 2, the FTC was granted a federal court order permanently barring a merchant cash advance operation and its owner from engaging in further deceptive practices and granting restitution to the customers the company...more
On May 23, the CFPB and the New York Attorney General’s office filed a proposed stipulated judgment in federal district court against a debt collection operation, including several companies and individuals, to resolve...more
On May 2, the CFPB published a blog post demonstrating its commitment to “a fair, transparent, and competitive auto lending market” by calling attention to add-on products for which auto dealers and finance companies “often...more
On March 30, the CFPB settled with a student loan servicer to resolve allegations that the servicer made deceptive statements to student loan borrowers and misrepresented their forgiveness and repayment options, including...more
On March 31, the FTC and Illinois State Attorney General announced a settlement of charges against a large, multistate auto dealer that allegedly discriminated against black consumers and included illegal junk fees for...more
On January 28, the FTC announced that it banned an automotive marketing company and its owner from the auto industry for the next twenty years for allegedly engaging in unfair and deceptive practices in violation of the FTC...more
2/2/2022
/ Advertising ,
Automotive Industry ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Disclosure Requirements ,
Enforcement Actions ,
False Advertising ,
Federal Trade Commission (FTC) ,
FTC Act ,
Marketing ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
On January 13, the FTC announced that a leading business credit report provider agreed to settle allegations that it had engaged in deceptive and unfair business practices. The FTC alleged that businesses complained of...more
On January 5, the FTC announced that two defendants will be permanently banned from the merchant cash advance and debt collection industries, and required to pay $675,000 to resolve allegations that they used deceptive and...more