To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
Massachusetts Proposes Fee Disclosure Regulations Targeting “Junk Fees” and Automatic Renewal Contracts
On November 30, Massachusetts Attorney General Andrea Joy Campbell announced proposed regulations that would require businesses to clearly disclose the total price of a product at the time it is presented to consumers, provide clear and accessible information on whether fees are optional or required, and simplify the process for cancelling trial offers and recurring charges. The proposed regulations are issued pursuant to the Attorney General’s rule-making power under the Massachusetts Consumer Protection Act. The stated purpose of the proposed regulations is to close gaps within the state’s consumer protection laws and to combat unfair and deceptive business practices related to fees charged across various industries.
October Consumer Litigation Filings: Mixed Bag
According to a recent report by WebRecon, court filings under the Fair Credit Reporting Act (FCRA) and Telephone Consumer Protection Act (TCPA) were down for the month of October, but filings under the Fair Debt Collection Practices Act (FDCPA) were up. Complaints filed with the Consumer Financial Protection Bureau (CFPB) were also up for the month.
Troutman Pepper Weekly Consumer Financial Services Newsletter
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
Troutman Pepper Weekly Consumer Financial Services Newsletter
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
Federal Agencies Announce Increased Regulations Z and M Dollar Thresholds for Exempt Consumer Credit and Lease Transactions, and Higher Threshold for Exemption from Mortgage Loan Appraisal Requirements
On November 13, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board (Fed) announced increased dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).
Troutman Pepper Weekly Consumer Financial Services Newsletter
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
Troutman Pepper Weekly Consumer Financial Services Newsletter
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
Biden Issues First Executive Order Directing Federal Agencies to Establish New Standards to Promote Safe and Secure Use of AI
On October 30, President Biden issued a sweeping Executive Order calling on Congress to enact privacy laws and directing federal agencies to review existing rules and potentially explore new rulemakings governing the use of artificial intelligence (AI) across various sectors of the U.S. economy. Among other things, the Executive Order will require AI system developers to submit safety test results to the federal government, establish standards for detecting AI-generated content to fight consumer fraud, and develop AI tools to identify and fix vulnerabilities in critical software. According to the White House fact sheet, the stated goal of the Executive Order is to “ensure that America leads the way in seizing the promise and managing the risks of [AI].” To that end, the Executive Order focuses on national security, privacy, discrimination and bias, healthcare safety, workplace surveillance, innovation, and global leadership.
Troutman Pepper Weekly Consumer Financial Services Newsletter
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: