On February 9, the U.S. Department of Education (ED) released an announcement about updates that postsecondary institutions must make to their cybersecurity and data protection policies in order to comply with the Federal Trade Commission’s amended Standards for Safeguarding Customer Information (Safeguards Rule), a component of the Gramm-Leach-Bliley Act (GLBA). The effective date for most
On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has issued orders to nine of the largest auto lenders requesting information about their auto lending portfolios. According to the CFPB, the nine targeted lenders represent a cross-section of the auto finance market and the data collected in response to these
On February 9, the Federal Trade Commission (FTC) submitted its annual letter to the Consumer Financial Protection Bureau (CFPB) summarizing its activities enforcing the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B. This letter is included in the CFPB’s annual report to Congress on the ECOA. A copy of the summary was
On February 14, TransUnion filed its annual 10-K report pursuant to the Securities and Exchange Act. Under the section entitled “Risks Related to Laws, Regulations and Government Oversight,” the company disclosed that it was in “active settlement discussions” with the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) over the alleged Fair Credit
On February 16, the Department of Justice (DOJ) filed a complaint in the district court for the Southern District of California on behalf of the Federal Trade Commission (FTC) against seven corporate entities and five individuals acting as officers and/or owners of the corporate entities. The complaint alleges that the defendants, who represent a web
On February 3, an Illinois federal court dismissed a case brought by the Consumer Financial Protection Bureau (CFPB) against Townstone Financial, Inc., a Chicago mortgage lender, for alleged violations of the Equal Credit Opportunity Act (ECOA) for purportedly discouraging prospective African American applicants in the Chicago metropolitan area from applying for mortgages. Townstone moved to
Do “negative option” subscription services constitute unfair or deceptive practices under the Consumer Financial Protection Act (CFPA)? According to the Consumer Financial Protection Bureau (CFPB) in its recent circular, these subscription services may violate the CFPA when a seller: 1) misrepresents or fails to clearly disclose the material terms of the program; (2) fails
The Federal Trade Commission (FTC) reached a $100 million settlement with Vonage over allegations that the internet phone service provider violated the FTC and Restore Online Shoppers’ Confidence Act (ROSCA) by adding “junk fees” and using “dark patterns” to make it difficult for consumers to cancel. In addition to the fine that will be used
On October 20, the Federal Trade Commission (FTC) issued an Advanced Notice of Proposed Rulemaking, seeking public comment on the harms stemming from what it characterizes as “junk fees,” i.e., fees that are allegedly unnecessary, unavoidable, or unexpected, and that inflate costs while adding little value. The term also encompasses “hidden fees,” which are fees
The Federal Trade Commission (FTC) reached a $3.38 million settlement with Passport Automotive Group (Passport) and two of its officers over allegations that the automotive group violated the Equal Credit Opportunity Act and the FTC Act by adding “junk fees” onto the cost of its vehicles and discriminating against Black and Latino consumers by charging