The Federal Trade Commission (FTC) issued a press release earlier today alerting the media and other interested parties that it will announce a “major coordinated consumer fraud enforcement initiative” Friday, October 13 at 11:30 a.m. EST.
The Acting Director of the FTC’s Bureau of Consumer Protection, Thomas Pahl, and Illinois Attorney General Lisa Madigan will
On September 7, the Financial Services Committee held hearings on a bill, H.R. 1849: Practice of Law Technical Clarification Act of 2017 (Trott), that seeks to amend the Fair Debt Collection Practices Act.
The current definition of “debt collector” under the FDCPA does not make clear whether it applies to attorneys, especially in the
California Governor Jerry Brown has signed legislation creating a new exception to mandatory arbitration within the California Arbitration Act. SB 33, introduced by Sen. Bill Dodd in December 2016, permits an existing customer of a bank to sue a depository bank when a fraudulent account is opened unknowingly in the consumer’s name. The exception specifically
On October 5, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) called for national standards for data breach notification and data security. While voicing concerns about a “Washington-forced technology solution,” Hensarling said, “We do need a consistent national standard for both data security and breach notification in order to better protect our consumers, hold companies
Today the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) issued a new rule that will have a significant impact on the payday lending market. The CFPB will now require lenders to conduct a “full-payment test” to determine upfront whether the borrower will have the ability to repay the loan when it becomes due. Lenders
On September 26, Massachusetts Attorney General Maura Healey’s office filed a complaint against used car dealer JD Byrider, accusing the dealership of using predatory practices in its sale of allegedly defective vehicles. The AG’s Office contends that JD Byrider sold allegedly defective vehicles with high cost loans to Massachusetts consumers in the “JD Byrider Program,”
On July 10, the Consumer Financial Protection Bureau issued its long-awaited final Rule banning class action waivers in arbitration provisions for covered entities, as well as requiring the covered entities to provide information to the CFPB regarding any efforts to compel arbitration. This Rule is of significance to any financial services company that utilizes consumer
On March 13, 2017, Carlos Guarisma filed a class action complaint against Hyatt Equities, alleging violation of the Fair Credit Reporting Act. The complaint alleges that Hyatt printed more than the last five digits of customers’ credit card numbers on hotel receipts. Guarisma sought to represent a class of Hyatt hotel guests. This
The U.S. Chamber of Commerce and other business groups have filed a federal lawsuit seeking to invalidate the Consumer Financial Protection Bureau’s Rule banning class action waivers in arbitration provisions contained in financial institutions’ contracts with consumers. Compliance with the Rule would be required beginning March 19, 2018. The lawsuit was filed in the United
A recent federal court decision granting summary judgment to a plaintiff on a claim that a lender violated the Fair Credit Reporting Act (the “FCRA”), 15 U.S.C. § 1681 et seq., by failing to conduct a “reasonable” investigation of a credit reporting dispute – an issue normally reserved for a jury – illustrates the difficulty