On January 18, the FTC issued a consent order prohibiting a digital platform and data aggregator from selling or licensing precise consumer location data on the grounds that it did not obtain consumer consent before...more
On January 10, the CFPB and the attorneys generals of Colorado, Delaware, Illinois, Minnesota, New York, North Carolina, and Wisconsin sued a New York-based debt relief company and its founders in the U.S. District Court for...more
On January 25, the FTC announced that it was issuing Section 6(b) orders against five Big Tech companies requiring them to provide information regarding recent investments and partnerships involving generative artificial...more
On January 23, the FTC entered into a settlement agreement with a cash-advance fintech app for $3 million over violations of the FTC Act, the Restore Online Shoppers’ Confidence Act (ROSCA), and ECOA....more
1/29/2024
/ Bank Service Providers ,
Consumer Financial Products ,
Disclosure ,
ECOA ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
FinTech ,
FTC Act ,
Refunds ,
ROSCA ,
Settlement Agreements
On November 21, the FTC voted 3-0 to approve the omnibus resolution authorizing the use of compulsory process in nonpublic investigations involving products and services that use or claim to be produced using artificial...more
12/11/2023
/ Artificial Intelligence ,
Biden Administration ,
Civil Investigation Demand ,
Competition ,
COPPA ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
FTC Act ,
Investigations ,
Policies and Procedures ,
Regulatory Agenda ,
UDAP ,
Unfair or Deceptive Trade Practices
The FTC recently amended the Safeguards Rule to make non-banking institutions such as mortgage brokers, motor vehicle dealers, and payday lenders notify the FTC as soon as possible, and no later than 30 days after discovery,...more
On November 7, the FTC and the State of Florida settled with a chargeback mitigation company and its owners for $150,000. The chargeback company was allegedly using deceptive practices, including referencing disclaimers that...more
On November 2, the FTC entered into a settlement agreement with a Manhattan-based fintech company for $18 million over alleged deceptively marketed cash advances to consumers and impeding customers’ ability to cancel...more
On October 27, the FTC has approved an amendment to the Safeguards Rule that would require non-banking institutions to report certain data breaches and other security events to the agency. The amendment requires financial...more
On October 31, a federal jury in the U.S. District Court for the Western District of Missouri found the defendants, a trade association, which represents residential and commercial real estate industries, and multiple...more
On October 24, the FTC and the Wisconsin Department of Justice (DOJ) announced a $1.1 million settlement with a group of Wisconsin auto dealers for allegedly charging customers illegal junk fees and unlawfully discriminating...more
A number of state and federal regulators, bolstered by messaging from the Biden administration, have embarked on a concerted campaign to address so-called “junk fees.”
• CFPB – On Oct. 11, the CFPB issued an...more
On September 11, the FTC announced that it had reached a settlement with two “people-search” companies which would resolve charges that the companies had engaged in practices that violated the Fair Credit Reporting Act...more
On September 8, the FTC’s Chief Administrative Law Judge (“ALJ”) issued an initial decision finding that a company providing tax filing software services engaged in deceptive advertising practices in violation of Section 5 of...more
9/22/2023
/ Administrative Law Judge (ALJ) ,
Advertising ,
Automatic Renewals ,
Deceptively Misdescriptive ,
Enforcement ,
Federal Trade Commission (FTC) ,
FTC Act ,
Income Taxes ,
Misrepresentation ,
Recordkeeping Requirements ,
Software ,
UDAP
Recently, the California Department of Financial Protection and Innovation (DFPI) approved the final rule implementing and interpreting certain sections of the California Consumer Financial Protection Law (CCFPL) that...more
On August 18, the FTC published guidance for third party sellers detailing how the INFORM Consumers Act, which took effect on June 27, may impact their businesses. The INFORM Act provides that online marketplaces where...more
On August 15, CFPB Director Rohit Chopra announced plans for new CFPB rules that would strictly limit the types of consumer data that can be sold by businesses and ensure that data brokers comply with the Fair Credit...more
8/21/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Credit Reporting Agencies ,
Cybersecurity ,
Data Protection ,
Department of Transportation (DOT) ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Trade Commission (FTC) ,
New Rules ,
Social Security ,
USDA
On July 13, the FTC issued a press release announcing that it had reached a settlement with a bankrupt crypto platform. The New Jersey based company, which filed for bankruptcy in July 2022, marketed a variety of...more
The FTC’s Safeguards Rule compliance deadline is right around the corner – June 9. The Safeguards Rule requires non-banking financial institutions to develop, implement, and maintain a comprehensive security program to keep...more
On May 5, the CFPB announced that it has sent payments totaling more than $22 million to approximately 6,500 individuals who were harmed by a Maryland-based debt-relief and credit-repair company that marketed and sold...more
On April 25, the CFPB, FTC, EEOC, and Civil Rights Division of the DOJ issued a joint statement outlining the agencies’ collective commitment to monitor the development and use of automated systems and artificial intelligence...more
On February 28, 2023, the FTC and the CFPB issued a joint request for information (“RFI”) seeking public comment on background checks used to screen potential tenants for rental housing...more
3/27/2023
/ Background Checks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Federal Trade Commission (FTC) ,
FHFA ,
Landlords ,
Property Management Companies ,
Public Comment ,
Reporting Requirements ,
Request For Information ,
Tenants ,
Urban Planning & Development
On March 17, the FTC announced its inquiry into the small business credit reporting industry. In particular, it is ordering five firms to provide detailed information about their products and processes.
The FTC notes...more
On March 9, the FTC unanimously voted to block the proposed merger between the nation’s largest provider of home mortgage loan origination systems (LOS) and other key lender software tools, and its top competitor that offers...more
3/17/2023
/ Acquisitions ,
Anti-Competitive ,
Competition ,
Digital Platforms ,
Federal Trade Commission (FTC) ,
Mergers ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgages ,
Software ,
Technology ,
Vendors
On February 9, the FTC provided the CFPB and the Federal Reserve Board with its annual letter that summarizes its activities enforcing the ECOA and its implementing regulation, Regulation B, in the prior year. The FTC is in...more