The Consumer Financial Protection Bureau has announced a new proposal that will allow consumers the option to share a narrative of “what happened” in the CFPB’s public-facing Consumer Complaint Database. According to the CFPB, this new feature would “empower consumers to publicly voice their complaints about consumer financial products and services” and “provide important context
7th Circuit Ruling Provides Further Support That Supreme Court’s Comcast Decision Does Not Preclude Individual Damages Inquiries
In IKO Roofing Shingle Products Liability Litigation, the Seventh Circuit Court of Appeals reversed a denial of class certification in a products liability multidistrict litigation on the grounds that the plaintiffs’ two damages theories complied with the U.S. Supreme Court’s holding in Comcast Corp. v. Behrend, even though these theories would not allow
9th Circuit Adopts FCC Opinion and Opens Door for Vicarious Liability Claims Under TCPA
In a novel ruling, the Ninth Circuit expressly adopted an opinion from the Federal Communications Commission, finding the potential for vicarious liability under the Telephone Consumer Protection Act. In Thomas v. Taco Bell Corp., No. 12-56458 (unpublished), the Ninth Circuit affirmed a lower court’s holding that Taco Bell was not vicariously liable under the
FTC Settles With Consumer Credit Reporting Agency Over CROA Violation
A Texas-based credit repair organization has agreed to settle Federal Trade Commission allegations that it violated federal law by making misrepresentations to consumer reporting agencies and charging consumers up-front fees before providing its services.
In its complaint filed in October 2011, the FTC charged that RMCN Credit Services, Inc. and its individual owners, Doug and
Cordray Testifies before Senate Committee Regarding CFPB’s Semi-Annual Report
On June 10, 2014, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing and Urban Affairs in conjunction with the May 2014 release of the Bureau’s fifth Semi-Annual Report. Cordray highlighted a variety of topics, including mortgages, student loans, complaint numbers, and proposed data collection efforts.
Senator Mike Crapo (R-Idaho) questioned
CFPB Seeking Information on Mobile Financial Services
The Consumer Financial Protection Bureau issued a Request for Information (“RFI”) this week regarding “the opportunities and challenges associated with the use of mobile financial services,” focusing particularly on unbanked and underserved consumers. The RFI comes amid growing concerns that the proliferation of mobile financial services poses an increased privacy risk to consumers.
The Bureau
FTC Commission Member Voices Additional Concern Over Practices of Data Brokers
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,