In a significant enforcement action, the Federal Trade Commission (FTC) and the Illinois Attorney General have reached a $20 million settlement with Leader Automotive Group and its Canadian parent company, AutoCanada, over allegations of widespread consumer fraud. If entered, this settlement will be the largest monetary judgment the FTC has secured against an auto dealer.

On December 18, the U.S. Court of Appeals for the Eleventh Circuit held oral arguments in Insurance Marketing Coalition Limited (IMC) v. Federal Communication Commission (FCC), which challenges the FCC’s December 2023 order under the Telephone Consumer Protection Act (TCPA). The stated aim of the order is to reduce unwanted robocalls and texts by closing the “lead generator loophole,” and require “one-to-one consent” for telemarketing communications. The new rule is set to take effect next month. However, during oral arguments, the Eleventh Circuit judges expressed skepticism about the FCC’s justification for its new rule.

This article was republished on insideARM on January 2, 2025.

This week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its semiannual regulatory agenda, outlining its planned rulemaking initiatives. This agenda includes a mix of rules in the pre-rulemaking, proposed rule, and final rule stages, covering a wide range of topics from medical debt reporting to financial data transparency. The CFPB releases regulatory agendas twice a year in voluntary conjunction with a broader initiative led by the Office of Budget and Management to publish a Unified Agenda of Regulatory and Deregulatory actions across the federal government.

On December 18, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a circular to “other law enforcement agencies,” urging them to take action against certain credit card practices. The CFPB highlights alleged legal violations by some credit card companies, particularly in relation to the devaluation of rewards points and the clarity of terms and conditions for earning and redeeming rewards.

Join host Chris Willis and guests Lori Sommerfield and Joseph Reilly in this episode of The Consumer Finance Podcast as they delve into the CFPB’s recent study on differential treatment in small business lending. Discover the methodology behind the study, its findings, and the implications for small business lenders. The discussion also covers the significance of the CFPB’s 1071 Small Business Data Collection Rule and its potential impact on the industry. Learn about the possible biases and limitations of the study, and explore the broader context of fair lending practices. This episode provides valuable insights for lenders and regulators alike, highlighting the importance of vigilance and proactive measures in ensuring fair treatment for all small business owners.

The U.S. Court of Appeals for the Sixth Circuit recently affirmed that a debt collector did not violate the Fair Debt Collection Practices Act (FDCPA) when it threatened legal action to collect debts that were still within the applicable statute of limitations.

On December 17, the Federal Trade Commission (FTC) announced the release of its final Rule on Unfair or Deceptive Fees, also known as the “Junk Fee Rule”, which aims to address so-called bait-and-switch pricing tactics and other deceptive practices in the live-event ticketing and short-term lodging industries. This rule, codified at 16 CFR Part 464, specifically targets practices that purportedly hide the total price of an item or service and misrepresent fees and will go into effect 120 days after publication in the Federal Register.

On December 16, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights, detailing a range of activities identified by CFPB examiners across the student loan origination and servicing markets. According to the Bureau, student loans represent the second-largest form of U.S. consumer debt at more than $1.7 trillion in total outstanding balances. The Bureau has been heavily focused on student lending issues for the past several years, and this latest special edition of Supervisory Highlights underlines that focus.