On June 2, 2014, U.S. Federal Trade Commission member Julie Brill, speaking at the European Data Protection Supervisor’s workshop on privacy, consumer protection and competition in Brussels, said that companies’ privacy protection regimes focused on limiting or stopping harmful uses of data overlook the potential damage to consumers’ privacy through the incremental accumulation of small
FTC Urges Regulation of Data Brokers
On May 27, 2014, the Federal Trade Commission issued a long-awaited report on the data broker industry. The report, titled “Data Brokers: A Call for Transparency and Accountability,” is the result of an eighteen-month study of certain data brokers that represent a cross-section of the industry.
The report encouraged Congress to step in to enact
CFPB Announces Spring 2014 Rulemaking Agenda and More…
CFPB Announces Spring 2014 Rulemaking Agenda, Confirms Development of “Larger Participant” Definition for Auto Finance Market
On May 23, 2014, the Consumer Financial Protection Bureau posted its updated semi-annual rule-making agenda, which covers several important categories of upcoming regulatory action.
Defining Larger Participants in Auto Lending Market for Regulation
Through use of its rulemaking
CFPB Succumbs to Pressure, Opens Advisory Board and Council Meetings to Public
Beginning in June, the Consumer Financial Protection Bureau will provide the public with access to the meetings of the Consumer Advisory Board (CAB)and the CFPB’s three Councils. Anyone may attend or watch the full meetings live online the same way most other agencies allow under the Federal Advisory Committee Act.
As we previously discussed,
CFPB Issues Supervisory Highlights Focusing on Nonbank Compliance Programs
On May 22, 2014, the Consumer Financial Protection Bureau issued its spring 2014 supervisory highlights report. The report zeros in on the debt collection and consumer reporting industries, highlighting numerous violations uncovered at payday lenders, debt collection firms, and consumer reporting agencies. Specifically, it appears that the CFPB’s largest concerns with these groups surrounds
Mortgage Lead Generator to Pay $225,000 to Settle FTC Lawsuit Alleging Deceptive Advertising of Mortgage Rates
On May 7, 2014, the Federal Trade Commission filed a complaint in the U.S. District Court for the Southern District of Texas, Case No. 4:14cv1262, against GoLoansOnline.com (“GoLoansOnline”), an online company that finds potential borrowers for mortgage companies, alleging violations of the Federal Trade Commission Act, the Mortgage Acts and Practices Advertising Rule, the Truth
FTC Settles $4 Million Enforcement Action Against California Debt Collectors
Asset Capital and Management Group (“Asset”), a debt collector based in Southern California, has agreed to a $4 million settlement with the Federal Trade Commission to resolve allegations that it extorted payments from consumers by using false threats. According to the FTC, Asset and its principals employed a vast network of related companies and used
Legislation Introduced To Amend The FDCPA To Limit A Prevailing Defendant’s Ability To Recover Costs
On May 9, 2014, U.S. Representative Matt Cartwright introduced H.R. 4624 to amend the Fair Debt Collections Practices Act to prohibit a court from awarding costs to a prevailing defendant in the absence of a finding that an action was brought in bad faith.
This legislation is in response to the United States Supreme Court’s
FTC Enforcement Action Recovers More Than $3.3 Million for Consumers and Agreement to Permanent Ban from the Debt Collection Business
The two principal owners of Rincon Debt Management – Jason R. Begley and Wayne W. Lunsford – will surrender more than $3.3 million worth of assets that will be used to provide refunds to victims under a settlement with the Federal Trade Commission. In addition to the permanent ban from the debt collection business
CFPB Launches Regulation Z on eRegulations Platform
The CFPB posted Regulation Z, which implements the Truth in Lending Act, on its eRegulations platform. The posting brings together all materials related to the regulation on a single website. Users of eRegulations can view the currently effective regulation text, search past and present versions of regulations, compare two versions of the regulation,