The Federal Trade Commission (FTC) issued a press release earlier today alerting the media and other interested parties that it will announce a “major coordinated consumer fraud enforcement initiative” Friday, October 13 at 11:30 a.m. EST.
The Acting Director of the FTC’s Bureau of Consumer Protection, Thomas Pahl, and Illinois Attorney General Lisa Madigan will
California Governor Jerry Brown has signed legislation creating a new exception to mandatory arbitration within the California Arbitration Act. SB 33, introduced by Sen. Bill Dodd in December 2016, permits an existing customer of a bank to sue a depository bank when a fraudulent account is opened unknowingly in the consumer’s name. The exception specifically
On October 5, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) called for national standards for data breach notification and data security. While voicing concerns about a “Washington-forced technology solution,” Hensarling said, “We do need a consistent national standard for both data security and breach notification in order to better protect our consumers, hold companies
Today the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) issued a new rule that will have a significant impact on the payday lending market. The CFPB will now require lenders to conduct a “full-payment test” to determine upfront whether the borrower will have the ability to repay the loan when it becomes due. Lenders
On September 26, Massachusetts Attorney General Maura Healey’s office filed a complaint against used car dealer JD Byrider, accusing the dealership of using predatory practices in its sale of allegedly defective vehicles. The AG’s Office contends that JD Byrider sold allegedly defective vehicles with high cost loans to Massachusetts consumers in the “JD Byrider Program,”
On September 20, the Consumer Financial Protection Bureau issued proposed policy guidance that would modify a mortgage disclosure law in an effort to protect applicants’ and borrowers’ privacy.
In 2015, the CFPB finalized changes to the Home Mortgage Disclosure Act (“HMDA”), which requires lenders to report and disclose to the public certain information about their
Massachusetts Attorney General Maura Healey announced updated legislation that will remove fees for security freezes and consumer credit reports. The new legislation (SB 130/HB 134) includes several pro-consumer changes:
In a September 19 speech at the Federal Communications Bar Association in Washington, FTC Acting Chairman Maureen K. Ohlhausen stated that the Commission should focus on addressing instances of “substantial consumer injury” in deciding which cases to pursue. Echoing (intentionally or not) the language of the Supreme Court’s foundational decision in Spokeo, Inc. v. Robins
On September 5, the Consumer Financial Protection Bureau signed a consent order against payday and installment loan company Zero Parallel LLC and its president and primary owner for acts the CFPB alleged were unfair, deceptive, and abusive. The order concludes the matter initiated by a complaint filed against the owner of Zero Parallel and another
On September 19, the Consumer Financial Protection Bureau filed a complaint, together with a proposed consent order, against Top Notch Funding II, LLC, Rory Donadio, and John “Gene” Cavalli, alleging that the defendants engaged in deceptive practices in offering loans to consumers who are awaiting payments from settlements or victim compensation funds. These