News & Analysis as of

Consumer Protection Updates

Read Consumer Protection updates, news, and legal commentary from leading lawyers and law firms:

CPSC Sues Britax over Stroller Wheel Detachments

On Friday, February 16, the U.S. Consumer Product Safety Commission (“CPSC”) announced that it had voted 3-1 (along party lines) to authorize CPSC staff to file an administrative complaint against Britax Child Safety, Inc.,...more

Court Dismisses Credit Union’s Challenge to Mulvaney’s Appointment

by Weiner Brodsky Kider PC on

A federal court has dismissed a lawsuit filed by a New York credit union that challenged the President’s appointment of Mick Mulvaney as the Acting Director of the CFPB. The credit union had sought a declaratory judgment...more

President Trump Sets Cybersecurity Funding Goals In Budget Proposal

by King & Spalding on

On February 12, 2018, President Trump released a budget proposal for fiscal year 2019 that includes requests for cybersecurity-related funding for the Department of Defense (“DOD”), Department of Homeland Security (“DHS”),...more

New York DFS Cybersecurity Certifications Due

The time has come for entities regulated by the New York Department of Financial Services to make their first certification of compliance with the regulator’s cybersecurity rules....more

The Federal Antitrust and Labor Law Double Bind: The Ninth Circuit Hears Oral Argument in Challenge to Seattle’s Ordinance...

by Seyfarth Shaw LLP on

Seyfarth Synopsis: On Monday, February 5, 2018, the U.S. Chamber of Commerce’s lawsuit challenging the City of Seattle’s ordinance allowing independent-contractor drivers to engage in collective bargaining was before the U.S....more

Australian Consumer Law update

by DLA Piper on

Late last week the Treasury Laws Amendment (2018 Measures No.3) Bill 2018 (Cth) was introduced to Parliament to increase in the maximum financial penalties for breaches of the Australian Consumer Law, which was one of the key...more

D.C. releases revised Bill of Rights for student loan borrowers

by Ballard Spahr LLP on

The District of Columbia Department of Insurance, Securities, and Banking (DISB) has released for comment a revised “Student Loan Borrower’s Bill of Rights.” ...more

CFPB: Fair Lending Moves, New RFIs and Director Fight

Firestorms continue to brew at the Consumer Financial Protection Bureau, as Acting Director Mick Mulvaney tackles a wholesale overhaul of the much-criticized bureau. In the most recent news, the CFPB’s new five-year plan...more

Do Your Cyber and D&O Policies Cover Emerging Exposures Arising Out Of The New NYDFS Cybersecurity Regulations?

by King & Spalding on

March 1, 2018 will mark one year since the effective date of the New York Department of Financial Services’ (“NYDFS”) cybersecurity regulations, which may signal a trend towards stricter industry-specific regulatory oversight...more

Two Opportunities for Student Loan Companies to Speak Up

Two recent requests from lawmakers have provided student loan servicers and originators the opportunity to comment on hot-button issues for the industry: The CFPB issued a Request for Information last week, seeking...more

Collection Letter Making Settlement Offer for Time-Barred Debt Can Violate FDCPA Without Legal Action Threat, Third Circuit Rules

by Ballard Spahr LLP on

A letter sent to collect a time-barred debt that makes a settlement offer can, even without a threat of legal action, violate the Fair Debt Collection Practices Act's (FDCPA) general prohibition against a debt collector's use...more

Michaels Stores Inc. Agrees to Pay $1.5 Million CPSC Civil Penalty

by Kelley Drye & Warren LLP on

Last week, the Department of Justice (“DOJ”) announced that Michaels Stores Inc. has agreed to pay $1.5 million in civil penalties to settle allegations that Michaels failed to file a timely report about a safety hazard...more

Rumors of UDAAP’s Demise May be Exaggerated

by Davis Wright Tremaine LLP on

New Priorities at the CFPB… On February 12, 2018, Acting Director of the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) and Director of the Office of Management and Budget (“OMB”), Mick Mulvaney, released...more

South Carolina Insurance Department Amends Privacy Regulations

by Weiner Brodsky Kider PC on

The South Carolina Department of Insurance recently amended its Privacy of Consumer Financial and Health Information provisions (Regulation 69-58) to eliminate the annual privacy notice requirements for financial institutions...more

Maine Ups the Ante on Debt Collection Licensing

by Hinshaw & Culbertson LLP on

The State of Maine recently enacted legislation that greatly expands those entities required to obtain a debt collection license. Previously, a debt collector needed to obtain a license if it was attempting to collect a debt...more

Beware of Phantom Price Markdowns: Ruling Against Hobby Lobby Highlights Risk

by Bryan Cave on

Over the past several years, there has been a rise in class action lawsuits against retailers for allegedly deceptive price comparison advertising. Many of these lawsuits have alleged that retailers advertised “phantom”...more

First State Charges Broker-Dealer in Connection with Violations of DOL Fiduciary Rule

On February 15, 2018, the Enforcement Section of the Massachusetts Securities Division (the “Division”) of the Office of the Secretary of the Commonwealth charged a registered broker-dealer (the “Broker-Dealer”) that operated...more

Post-Discharge Loan Modification with Partial Claim Gets Servicer in Trouble with Bankruptcy Court

by Weiner Brodsky Kider PC on

The U.S. Bankruptcy Court of the Southern District of New York recently sanctioned a mortgage servicer for violating a bankruptcy discharge injunction when it required a debtor to sign a subordinate mortgage and note—pursuant...more

Latest Challenge to Affordable Care Act Arises in Idaho

The decision of Blue Cross of Idaho to offer health insurance plans that appear to violate federal law begins the latest chapter in the continuing saga of the Affordable Care Act’s increasingly tenuous existence. Blue Cross...more

House Passes Bill to Amend TRID Rule Disclosures

by Ballard Spahr LLP on

On February 14, 2018, the United States House of Representatives passed the TRID Improvement Act of 2017, H.R. 3978, by a vote of 245 to 171. The bill would amend the manner in which title insurance premiums are disclosed...more

New York Attorney General Expresses Support for Student Loan Servicing Legislation

by Ballard Spahr LLP on

Earlier this week New York Attorney General Eric Schneiderman sent a letter to select state legislators adding his backing to the creation of a licensing regime in New York for student loan servicing, similar to what has been...more

House passes “Madden fix” bill

by Ballard Spahr LLP on

By a vote of 245-171, the House passed H.R. 3299, the “Madden fix” bill (whose official title is the “Protecting Consumers’ Access to Credit Act of 2017.”) In Madden, the Second Circuit ruled that a nonbank that purchases...more

Third Circuit Says “Umbrella Damages” Bar Does Not Preclude Antitrust Standing Where Product Is Partly Comprised of Materials Not...

In a case of first impression, the Third Circuit recently held in In re Processed Egg Products Antitrust Litigation, No. 16-3795, 2018 U.S. App. LEXIS 2698 (3d Cir. Jan. 22, 2018), that a direct purchaser of a product,...more

D.C. Circuit Rules CFPB's View of RESPA Was Wrong but Its Structure is Constitutional

by Ballard Spahr LLP on

On January 31, 2018, the en banc D.C. Circuit handed down its opinion in the PHH v. CFPB case, which we've discussed at length. It held, 7 to 3, that the CFPB's single-director-removable-only-for-cause structure is...more

CFPB seeks comment on its supervision program

by Ballard Spahr LLP on

The CFPB has issued a request for information that seeks comment on its supervision program. Comments on the RFI will be due no later than 90 days after it is published in the Federal Register, which the CFPB expects to...more

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