On March 7, the Federal Trade Commission (FTC) announced a final rule updating recordkeeping requirements and extending the protections against misrepresentations of the Telemarketing Sales Rule (TSR) to businesses (Final Rule). It also announced a notice of proposed rulemaking to extend the TSR’s coverage to inbound telemarketing calls involving technical support services. These actions are part of the FTC’s current review of the TSR, which includes the Do Not Call (DNC) Registry rules and provisions banning nearly all telemarketing robocalls to consumers.

In this special crossover episode with Payments Pros and The Crypto Exchange, Ethan Ostroff, James Kim, and Carlin McCrory discuss the Consumer Financial Protection Bureau’s (CFPB) proposed rule to supervise large tech companies and other providers of digital wallets and payment apps. The proposed rule asserts that digital assets are “funds” subject to the Dodd-Frank Act and other federal consumer financial laws and regulations, which would expand the CFPB’s supervisory powers to examine companies facilitating crypto and other digital asset transactions.

A U.S. district court in the Eastern District of New York recently denied a motion for summary judgment filed by a credit card issuer because the plaintiff alleged identity theft and a reasonable factfinder could determine the issuer’s investigation was willfully unreasonable under the Fair Credit Reporting Act (FCRA).

In this episode of FCRA Focus, join host Dave Gettings and fellow partner, Jason Manning, as they delve into Jason’s recent experiences trying a consumer case in front of a jury. Jason and Dave discuss the impact of integrating technology into trial presentation, the strategic use of demonstratives to maintain jury engagement, approaches to breaking the ice in the courtroom, and fostering a more attentive and responsive jury. Whether you’re a legal professional seeking to refine your trial tactics or simply intrigued by the dynamics of courtroom strategy, this episode offers a wealth of first-hand knowledge regarding jury trials in consumer cases.

On March 8, Washington State’s legislature passed a significant amendment (SB 6025) to the Consumer Loan Act (CLA) targeting bank model lending. SB 6025 is an updated version of a prior bill, discussed here. The act awaits Governor Jay Inslee’s signature.

As discussed here, earlier this week the Consumer Financial Protection Bureau (CFPB or Bureau) finalized its credit card late fee rule (Final Rule). The Final Rule sets a safe harbor amount for late fees at $8 and eliminates the annual inflation adjustments to that safe harbor amount, for larger card issuers. The timing of the Final Rule’s announcement, just days before the State of Union address, did not go unnoticed. President Biden highlighted this development in his speech, emphasizing his administration’s commitment to eliminating so-called hidden fees.

On March 1, Senate Bill (SB) 335 was introduced, which, if passed, would impose certain requirements on “commercial financing transactions.” Recently, multiple states have enacted disclosure regulations for commercial financing transactions (see discussions on California, Connecticut, Florida, Georgia, New York, Virginia, and Utah).