Last week at its monthly open meeting, the Federal Trade Commission (FTC) unveiled two new rulemaking proceedings: the first deals with deceptive customer reviews and endorsements and the second with so-called junk...more
10/27/2022
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Advertising ,
Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Endorsements ,
Fake Reviews ,
False Claims Act (FCA) ,
Federal Trade Commission (FTC) ,
Fees ,
FTC Act ,
FTC Endorsement Guidelines ,
Online Reviews ,
Rulemaking Process
In the late summer, the Consumer Financial Protection Bureau (CFPB) issued a circular that concluded in no uncertain terms that insufficient data protection or information security could be considered an unfair practice under...more
10/6/2022
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Information ,
Cybersecurity ,
Data Collection ,
Data Protection ,
Data Security ,
Federal Trade Commission (FTC) ,
Information Security ,
Multi-Factor Authentication ,
Passwords ,
Popular ,
Safeguards Rule ,
Webinars
The Consumer Financial Protection Bureau, under Director Rohit Chopra's leadership, has taken the first step toward regulating what the CFPB describes as "employer-driven debt," which refers to a range of employment...more
The Consumer Finance Protection Bureau ("CFPB") issued an advisory opinion warning debt collectors that they may be collecting illegal fees from consumer-borrowers. Specifically, the Bureau has interpreted Section 808(1) of...more
The Consumer Financial Protection Bureau ("the Bureau" or CFPB) released an Interpretive Rule - which is exempt from notice-and-comment requirements of the Administrative Procedure Act - that sets out its view on the power of...more
The CFPB has begun issuing Consumer Financial Protection Circulars to the government agencies responsible for co-enforcing federal consumer financial law. The Circulars are policy statements that outline how the CFPB intends...more
The Consumer Finance Protection Bureau ("CFPB") announced that it will examine nonbank financial companies that pose risks to consumers, using statutory authority that until now had gone unused. Additional examinations would...more
A lawsuit filed by the CFPB last week against a national credit reporting agency provides some insight into the types of website features and designs that regulators like the Consumer Financial Protection Bureau and Federal...more
In a bulletin published last week, the Consumer Financial Protection Bureau (CFPB) warned banks and other financial companies against impeding honest reviews of consumer financial products and services. Although it does not...more
The Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin regarding potentially illegal practices related to consumer reviews. The bulletin seeks to promote reviews about financial products and services...more
The CFPB intends to use its authority under the Consumer Financial Protection Act to identify, prohibit, and prosecute discrimination as a UDAAP - an "unfair" act or practice in any financial services category, whether it be...more
Does Ownership and Management Structure Matter?
Fiduciary Relationships - Special confidence placed in one who in equity and good conscience is bound to act in good faith and in due regard to the one reposing confidence....more
2/20/2022
/ Consumer Credit Protection ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Officers ,
Corporate Veil ,
Directors ,
Federal Trade Commission (FTC) ,
Fiduciary Duty ,
FTC Act ,
Personal Liability ,
Piercing the Corporate Veil ,
Risk Management ,
Section 5
On January 10, 2022, the Consumer Financial Protection Bureau (CFPB) filed a complaint in federal district court against three affiliated debt-buying businesses and the individuals who founded and operated them for "knowingly...more