On December 19, the Consumer Financial Protection Bureau filed four nearly identical lawsuits against lenders based in the Commonwealth of Virginia. Copies of the complaints can be found here, here, here, and here. The complaints allege that the defendants violated the Truth in Lending Act and Consumer Financial Protection Act by
FTC and Florida Settle with More Defendants Involved in Alleged Telemarketing Debt Relief Scam
Approximately a year after filing an amended complaint and three months after settling with a group of co-defendants, the Federal Trade Commission and Florida Attorney General have filed papers seeking entry of agreed permanent injunctions and monetary judgments against a second group of co-defendants involved in an alleged nationwide debt relief telemarketing scam. The
Responding to a Data Breach: The FTC’s Guide
The FTC issued a new video and updated guide for businesses on how to respond to a data breach. The three steps identified in the guide and discussed in the video are:
- Secure your operations – This step focuses on preventing further attacks due to the same vulnerabilities.
- Mobilize your breach response team
- Engage a
CFPB Publishes Prepaid Card Fact Sheet
On November 15, the Consumer Financial Protection Bureau issued a fact sheet to highlight the new requirements and deadlines imposed by the Bureau’s latest Prepaid Rule, which was finalized last month. The fact sheet notes the effective dates of new requirements under the Rule and lists any related exceptions or accommodations.
The Bureau issued the
FTC Issues Comments on NHTSA’s Federal Automated Vehicles Policy
On November 21, the Director of the Bureau of Consumer Protection of the Federal Trade Commission commented on the National Highway Traffic Safety Administration’s Federal Automated Vehicles Policy. The Director opened the comment with a brief review of the FTC’s focus on privacy and security efforts related to connected devices and the Internet of
Consumers Duped by Telemarketing Debt Collection Scheme Will Soon See Refund Payment
The Federal Trade Commission has begun mailing checks totaling over $830,000 to almost 3,500 consumers who fell victim to a telemarketing debt collection scheme targeting Spanish-speaking consumers for payment of bogus debts. Centro Natural Corp, Sumore LLC, and several individuals operated a telemarketing debt collection scam that used international callers who claimed to be government
Join Us on December 14 for a Webinar on Impact of Trump Administration for Banking & Financial Services Industry
Join Troutman Sanders Partners Ashley L. Taylor, Jr., Alan D. Wingfield and Mary C. Zinsner for a complimentary webinar to discuss likely impact points for the banking and financial services industry when President-Elect Donald Trump begins his administration in January 2017.
Specific topics of discussion include the potential repeal in whole or part of the
CFPB to Publish Public List of Companies Offering Free Credit Scores
The CFPB has announced plans to produce a list of companies offering existing customers free access to their credit score. According to the CFPB, “educating and empowering consumers to take more control over their financial lives” constitutes a core part of the Bureau’s mission. Credit scores are vitally important to the Bureau in this regard
DraftKings and FanDuel Settle Case with NY A.G. for $12 Million
In likely the final chapter of a case covered previously by this blog, the New York Attorney General recently announced settlements with daily fantasy sport companies Draft Kings, Inc. and FanDuel, Inc. The companies will each pay $6 million in penalties and fees to the state of New York, in order to settle alleged false
FTC to Host Identity Theft Conference
On May 24, 2017, the Federal Trade Commission will host an all-day conference in Washington, D.C., examining the state of identity theft and how it may evolve in the future. The conference, titled “Planning for the Future,” corresponds to the ten-year anniversary of the creation of the Identity Theft Task Force, which is co-chaired by