As of August 9, 2024, Illinois joins Maryland, South Dakota, Wisconsin, Kansas, Maine, Vermont, South Carolina, Missouri, and Connecticut as the latest state this year to have enacted legislation or regulations stemming from...more
The Federal Trade Commission (FTC) issued a new Final Rule (the “Rule”) on Wednesday, August 14, 2024, targeting unfair and deceptive acts or practices specifically related to consumer reviews and testimonials, allowing the...more
8/19/2024
/ Artificial Intelligence ,
Civil Monetary Penalty ,
Compliance ,
Endorsements ,
Fake Reviews ,
False Advertising ,
Federal Trade Commission (FTC) ,
Misleading Statements ,
New Rules ,
Online Reviews ,
Regulatory Agenda ,
Social Media ,
Testimonial Statements ,
Transparency ,
Unfair or Deceptive Trade Practices ,
User-Generated Content
Colorado bankruptcy trustees have recently been increasing their focus on debt settlement companies and attorneys alleged to be performing services in violation of the Colorado Uniform Debt-Management Services Act (“CUDMSA”...more
In a continuing trend across U.S. states, Vermont and Pennsylvania have shown their intent to establish more oversight over the digital currency sector. New legislative amendments to Vermont’s financial services laws include...more
The Association of the Bar of the City of New York (“NY City Bar”), through its Committee on Professional Ethics (the “Committee”), has unveiled Formal Opinion 2024-4 (the “Opinion”), addressing the nuanced and evolving...more
The Telephone Consumer Protection Act (TCPA) landscape continues to evolve as new legislation is implemented and courts across various jurisdictions grapple with complex issues regarding standing, agency, and consent. This...more
7/17/2024
/ Article III ,
Auto-Dialed Calls ,
Automated Systems ,
Corporate Counsel ,
Dismissals ,
Do Not Call List ,
Enforcement ,
FCC ,
Lead Generators ,
New Legislation ,
Standing ,
Statutory Interpretation ,
TCPA ,
Telecommunications ,
Telemarketing ,
Text Messages ,
Written Consent
In two landmark decisions during the last week of June 2024, SEC v. Jarkesy et al. (“Jarkesy”) and Loper Bright Enterprises et al. v. Raimondo (“Loper”), the Supreme Court has shown its intent to intensify its scrutiny over...more
The CFPB has issued a final rule to provide transparency and track certain covered nonbank offenders. On June 3, 2024, the CFPB introduced a significant regulatory measure known as the Registry of Nonbank Covered Persons...more
6/10/2024
/ Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Entities ,
Dodd-Frank ,
Final Rules ,
Financial Services Industry ,
Non-Bank Lenders ,
Registration Requirement ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Repeat Violations ,
Reporting Requirements
On May 15, 2024, the 2nd Circuit Court of Appeals dismissed a class action lawsuit against Subway for alleged Telephone Consumer Protection Act (“TCPA”) violations. See Soliman v. Subway Franchisee Advert. Fund Tr., LTD. The...more
In another move highlighting the Consumer Financial Protection Bureau's (the “Bureau” or “CFPB”) continued focus on the payments space, the CFPB has issued a new report finding consumers are encountering numerous problems...more
5/14/2024
/ Banking Sector ,
Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Consumers ,
Credit Cards ,
Creditors ,
Financial Services Industry ,
Non-Bank Lenders ,
Proposed Rules ,
Regulation E ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements ,
Rewards Programs
The recent Federal Trade Commission (FTC) vote to ban most non-competes has unveiled a surprisingly bold agenda less than six months out from a U.S. presential election. The FTC’s 3-2 vote was down party lines, with Democrats...more
4/25/2024
/ Department of Labor (DOL) ,
Federal Bans ,
Federal Trade Commission (FTC) ,
Final Rules ,
For-Profit Corporations ,
FTC Act ,
Non-Compete Agreements ,
Non-Disclosure Agreement ,
Non-Solicitation Agreements ,
Notice of Proposed Rulemaking (NOPR) ,
Presidential Elections ,
Restrictive Covenants
Elections are looming around the corner for President Biden, which means it’s time to show results. In an effort to make an impact, the Consumer Financial Protection Bureau (“CFPB”) is making strides in the consumer credit...more
On March 4, 2024, a federal trial court in New York immediately banned a slew of debt relief service providers from charging and/or collecting any advance fees for debt relief services, finding that the defendant’s initial...more
3/8/2024
/ Debt Relief ,
Debt-Relief Industry ,
Evidentiary Hearings ,
Face-to-Face Narrative Requirement ,
Fees ,
Independent Contractors ,
New York ,
Orders of Prohibition ,
Public Notaries ,
State Bans ,
Telemarketing Sales Rule ,
Trial Court Orders
On February 6, 2024, the Federal Trade Commission (“FTC”) filed two proposed stipulated orders with a California federal court to permanently ban student debt relief companies as well as their individual operators. The...more
2/7/2024
/ California ,
Consumer Financial Products ,
Debt Relief ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Fees ,
Fraud ,
Fraudulent Marketing ,
FTC Act ,
Loan Forgiveness ,
Student Loans ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
In recent weeks, we have seen an increase in prosecution by the Consumer Financial Protection Bureau (“CFPB”) and state attorneys general against debt relief companies and law firms. Additionally, the focus on these debt...more
On January 24, 2024, the Consumer Financial Protection Bureau (“CFPB”) proposed a new rule, which would expand its crackdown on junk fees. In February 2023, almost a year ago, we wrote about the CFPB’s initial effort to curb...more
Summary of New Jersey Senate Bill No. 2989 - In September 2022, we provided a regulatory update about the then-recently proposed New Jersey Senate Bill No. 2989 (“NJ S.B. 2989”) entitled, “Makes certain for-profit debt...more
This article highlights the few newsworthy actions and events we wrote about the debt settlement industry throughout the year. The debt settlement industry did see some movement by regulatory bodies across the board, though...more
12/20/2023
/ Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Collection ,
Debt Settlement Services ,
Debt-Relief Industry ,
Federal Trade Commission (FTC) ,
Injunctions ,
Marketing ,
Regulatory Agenda ,
Robocalling ,
Student Loans
Prepaid legal plans offer coverage that grants individuals and families access to a network of qualified attorneys in exchange for a predetermined monthly or annual fee. With legal expense plans, participants can receive...more
On November 20, 2023, the Consumer Financial Protection Bureau (“CFPB”) announced that it had partnered with the 11 States of California, Delaware, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, South Carolina,...more
On November 7, 2023, the Consumer Finance Protection Bureau (“CFPB”) proposed a new rule that calls for federal regulatory oversight of large nonbank companies that offer digital wallets and payment apps to consumers. The...more
The Consumer Financial Protection Bureau (“CFPB”) continues focus its forces on the payment processing space. In June 2023, we published an article foretelling the next regulatory frontier: nonbank payment systems. In July...more
On September 6, 2023, the Minnesota Attorney General’s Office (“Minnesota”) announced that it has begun investigating the operations of more than 50 student-loan debt-relief companies suspected of violating consumer...more
On July 26, 2023, the Consumer Financial Protection Bureau (“CFPB”) published its periodic Supervisory Highlights, summer edition. These most recent Supervisory Highlights shed light on a range of unfair, deceptive, and...more
7/27/2023
/ Bank Deposits ,
Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Debt Collection ,
EFTA ,
Fair Lending ,
Financial Services Industry ,
Information Technology ,
Mortgage Servicers ,
Popular ,
Small Dollar Lenders ,
Supervisory Highlights
On July 18, 2023, the Federal Trade Commission (FTC) announced that the FTC, along with over 100 federal and state law enforcement partners, have launched an extensive campaign named "Operation Stop Scam Calls" to combat the...more
7/20/2023
/ Consumer Information ,
Data Collection ,
Disclosure ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Lead Generators ,
Robocalling ,
Scams ,
State Attorneys General ,
Telemarketing ,
Telemarketing Sales Rule ,
Telephone Service Providers ,
Unfair or Deceptive Trade Practices ,
VoIP ,
Websites