In a development that underscores the Federal Trade Commission’s (FTC) growing scrutiny of the “merchant of record” model, the commission announced a $5 million settlement with UK-based Paddle.com Market Limited (Paddle),...more
6/23/2025
/ Consumer Protection Laws ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Know Your Customers ,
Payment Systems ,
ROSCA ,
Settlement ,
Subscription Services ,
Telemarketing ,
Telemarketing Sales Rule ,
UK ,
Unfair or Deceptive Trade Practices
State attorneys general (AGs) have long played a significant role in consumer protection enforcement, often acting as frontline regulators alongside federal agencies. For consumer financial services companies, an AG...more
On the eve of a change in administration, the Biden/Chopra CFPB released a "Compendium of Recent CFPB Guidance," a sweeping collection of interpretations of federal consumer financial laws under the current leadership...more
1/23/2025
/ Advertising ,
Artificial Intelligence ,
Biden Administration ,
Chevron Deference ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Data Security ,
Debt Collection ,
Enforcement Actions ,
Loper Bright Enterprises v Raimondo ,
Regulatory Agenda ,
Regulatory Reform ,
Unfair or Deceptive Trade Practices
It is no secret that the Federal Reserve, the FDIC, and the OCC have zeroed in on banks' use of third parties for products, services, and other operations, the risks those arrangements may pose, and banks' responsibility to...more
5/14/2024
/ Banking Regulators ,
Banking Sector ,
Banks ,
Community Banks ,
Enforcement ,
Enforcement Actions ,
FDIC ,
Federal Reserve ,
Final Guidance ,
Financial Institutions ,
Joint Policy Statements ,
New Guidance ,
Nonbank Firms ,
OCC ,
Regulatory Oversight ,
Risk Management ,
Third-Party ,
Third-Party Risk
A recent action by the Office of the Comptroller of the Currency (OCC) highlights how banks need to ensure that they have robust compliance programs for managing risks posed by their banking as a service (BaaS)...more