On May 20, 2004, the Federal Trade Commission (“FTC”) sent its annual report to the Consumer Financial Protection Bureau (“CFPB”) highlighting its enforcement actions and initiatives in 2023 under the Truth in Lending Act...more
5/30/2024
/ Annual Reports ,
CARS Rule ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Leasing Act (CLA) ,
Consumer Lenders ,
Dodd-Frank ,
Electronic Fund Transfer Act ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FTC Act ,
Late Fees ,
Proposed Amendments ,
Proposed Rules ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
On April 17th, the CFPB issued a consent order to a for-profit training school alleging numerous violations of law related to its use if income share agreements (“ISAs”). According to the Bureau, BloomTech, Inc. (“BloomTech”)...more
4/29/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Protection and Innovation (DFPI) ,
Educational Institutions ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Holder Rule ,
Income Share Agreements ,
Regulation Z ,
Regulatory Violations ,
Truth in Lending Act (TILA) ,
UDAAP ,
Unfair or Deceptive Trade Practices
The FTC recently issued a report to Congress on its collaboration with state attorneys general. Titled “Working Together to Protect Consumers: A Study and Recommendations on FTC Collaboration with the State Attorneys...more
Our special guest is Malini Mithal, Associate Director of the FTC’s Division of Financial Practices. In this episode, which repurposes a recent webinar, we review highlights of FTC regulatory and enforcement activity in 2023...more
4/4/2024
/ Advertising ,
Artificial Intelligence ,
CARS Rule ,
Consumer Financial Products ,
Cryptocurrency ,
False Advertising ,
Federal Trade Commission (FTC) ,
Fees ,
Financial Services Industry ,
FTC Act ,
Unfair or Deceptive Trade Practices
On January 22, 2024, the Federal Trade Commission (FTC) entered into a Stipulated Order for Permanent Injunction, Monetary Judgment, and Other Relief (the “Order”) with FloatMe Corp. (“FloatMe”), a fintech that offers...more
2/9/2024
/ Automatic Renewals ,
Consumer Financial Products ,
ECOA ,
Fair Lending ,
Federal Trade Commission (FTC) ,
FinTech ,
FTC Act ,
Hidden Fees ,
Permanent Injunctions ,
Proposed Regulation ,
ROSCA ,
Stipulated Judgment ,
Unfair or Deceptive Trade Practices
On January 5, 2024, two trade groups representing auto dealers filed a petition for review challenging the Federal Trade Commission’s (“FTC”) new Combating Auto Retail Scams Rule (“CARS Rule”). In the petition, the National...more
The FTC has extended by 30 days the deadline for submitting comments on its proposed “Rule on Unfair or Deceptive Fees” targeting what the FTC refers to as “junk fees.” The new comment deadline is February 7, 2024....more
On December 12, 2024, the Federal Trade Commission (“FTC”) announced its Combating Auto Retail Scams Rule, otherwise known as the “CARS Rule,” setting new requirements on the sale, financing, and leasing of vehicles by motor...more
12/21/2023
/ Add-ons ,
Automotive Industry ,
Automotive Loans ,
Car Dealerships ,
CARS Rule ,
Consent ,
Consumer Financial Contracts ,
Consumer Protection Act ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Financing ,
FTC Act ,
Holder Rule ,
Motor Vehicles ,
New Rules ,
Offering Price ,
Regulatory Reform ,
Regulatory Requirements ,
Unfair or Deceptive Trade Practices
On December 7, 2023, Atlantic Union Bank (the “Bank”) entered into a consent order with the Consumer Financial Protections Bureau (CFPB) related to its in-person and telephone overdraft opt-in sales practices during...more
12/11/2023
/ Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Disclosure Requirements ,
EFTA ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Late Fees ,
Opt-In ,
Overdraft Fees ,
Overdraft Rule ,
Popular ,
Proposed Rules ,
Regulation E ,
Rulemaking Process ,
SBREFA ,
Terms and Conditions ,
Unfair or Deceptive Trade Practices
This two-part podcast repurposes our most recent webinar on the latest salvo of actions in the Biden Administration’s initiative directed at combatting so-called “junk fees.” Launched in January 2022, the initiative shows no...more
The Federal Trade Commission recently announced that it has entered into a settlement with Bridge It, Inc. (“Brigit”), the operator of a personal finance mobile application, to resolve the FTC’s allegations that Brigit...more
11/10/2023
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
Mobile Apps ,
ROSCA ,
Section 5 ,
Settlement ,
Unfair or Deceptive Trade Practices
The Federal Trade Commission and Wisconsin Attorney General have entered into settlements with a group of auto dealerships, their current and former corporate owners, and their general manager for allegedly engaging in...more
11/1/2023
/ Add-ons ,
Attorney General ,
Automotive Industry ,
Car Dealerships ,
Consumer Financial Products ,
Discriminatory Lending Practices ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FTC Act ,
Motor Vehicles ,
Settlement ,
Unfair or Deceptive Trade Practices
As part of the White House’s latest round of efforts targeting so-called “junk fees,” the Federal Trade Commission has issued a proposed rule, “Rule on Unfair or Deceptive Fees.” The proposal follows the FTC’s issuance in...more
10/12/2023
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
Goods or Services ,
Hidden Fees ,
Proposed Rules ,
Regulatory Agenda ,
Section 5 ,
Unfair or Deceptive Trade Practices
As we predicted long ago, on Friday, September 8, 2023, the Federal District Court for the Eastern District of Texas vacated the changes made in March 2022 to the CFPB’s Exam Manual. On that date, the CFPB purported to use...more
9/13/2023
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Examination Procedures ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Authority ,
Statutory Violations ,
UDAAP ,
Unfair or Deceptive Trade Practices
The CFPB has filed a lawsuit in a Georgia federal district court against USASF Servicing (USASF) in which the CFPB alleges that USASF engaged in various unfair acts or practices in violation of the Consumer Financial...more
Asserting that irreparable harms to their members “are piling up,” the U.S. Chamber of Commerce and the other plaintiffs have filed a motion for a status conference with the Texas federal district court hearing their lawsuit...more
The CFPB has issued a new circular (2023-01) that addresses the circumstances under which “negative option marketing practices” can violate the CFPA prohibition of unfair, deceptive, or abusive acts or practices....more
The CFPB has released the Fall 2022 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of auto servicing, consumer reporting, credit card account management, debt collection,...more
In a new blog post, “Buy now, pay later – and comply with the FTC Act immediately,” the FTC reminds nonbank participants in the buy-now-pay-later (BNPL) market, such as retailers, BNPL providers, marketers, and debt...more
The Federal Trade Commission has entered into a consent order with Credit Karma, LLC to settle the FTC’s claims that Credit Karma engaged in deceptive acts and practices in violation of Section 5 of the FTC Act by making...more
The FTC has announced a stipulated order of judgment in a lawsuit that it recently filed against Saint James School of Medicine, a for-profit medical school located in the Caribbean, together with its operator and financiers....more
The FTC has announced the settlement of a lawsuit filed jointly with the Illinois Attorney General against a group of auto dealerships that alleged the dealerships violated federal and state law by engaging in deceptive...more
In a move intended “to thwart illegal repossessions in the heated auto market,” the CFPB has issued a compliance bulletin that describes conduct related to repossession that it has found to be an unfair, deceptive, or abusive...more
The FTC announced yesterday that it has sent a “Notice of Penalty Offenses” to 70 for-profit higher education institutions that outlines a number of practices that the FTC has previously found to be unfair or deceptive....more
The CFPB has issued a new request for information about the credit card market that seeks comment on two related, but separate, reviews. One review is a review of CARD Act rules pursuant to Section 610 of the Regulatory...more
8/28/2020
/ CARD Act ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Federal Reserve ,
Financial Regulatory Reform ,
Financial Services Industry ,
FTC Act ,
Regulation AA ,
Regulation Z ,
Regulatory Flexibility Act ,
Request For Information ,
Unfair or Deceptive Trade Practices