Today, the Federal Trade Commission (FTC) issued a Notice of Proposed Rulemaking with the stated intent to make it easier for consumers to cancel recurring subscriptions and memberships. This rulemaking is part of the FTC’s review of its Negative Option Rule. Amongst other things, the proposed rule would increase the coverage of the Negative Option
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
On March 15, the Federal Trade Commission (FTC) submitted a report to Congress discussing its findings regarding the frauds, scams, and bad business practices that affect American Indian and Alaska Native (AI/AN) communities and the FTC’s efforts to address these issues. Specifically, the FTC asserts that auto purchasing and financing, predatory lending, impersonation scams, tech
The Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule updating, among other things, the model form for the Fair Credit Reporting Act (FCRA) Summary of Consumer Rights and information that must be included in adverse action notices under the Equal Credit Opportunity Act (ECOA). Specifically, the CFPB is correcting the contact information
On March 2, Florida State Representative Doug Bankston introduced HB1353, the Florida Commercial Financing Disclosure Law, that would mandate covered commercial financing companies provide consumer-like disclosures for certain commercial financing transactions. The law would also define and prohibit specific acts by brokers of those transactions, including the collection of advance fees. New York, California, Utah
The Federal Trade Commission (FTC) announced that it is launching an inquiry into the small business credit reporting industry. Specifically, it is ordering five firms to provide detailed information about their products and processes.
According to the FTC, the impetus for this inquiry is that unlike consumer reports, which are governed by the Fair Credit
On March 15, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (Request) seeking public comment on the business practices of data brokers and how they impact the daily lives of consumers. Specifically, the CFPB is interested in hearing details about the types of data that data brokers collect and sell, as well
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
As we reported here, late last year, the Consumer Financial Protection Bureau (CFPB) signaled that it planned to increase scrutiny of the Buy Now, Pay Later (BNPL) industry and issued its first report about BNPL. Yesterday, the CFPB issued a report exploring the financial profiles of BNPL borrowers. According to the CFPB, on average,