The FTC has filed a complaint and secured a temporary injunction against five companies and their owners, alleging use of deceptive practices to trick consumers into purchasing unneeded technology services for their computers.
As detailed in the complaint, the FTC alleges that the scheme worked as follows: a pop-up ad would appear on a consumer’s
On December 14, the FTC, along with a coalition of 13 states and the District of Columbia, entered into a settlement agreement with Ashley Madison over allegations that the online dating site deceived consumers and failed to protect 36 million users’ account and profile information in relation to a massive July 2015 data breach.
Until October 10, none of the constitutional or scope of enforcement authority challenges to the Consumer Financial Protection Bureau’s (“CFPB” or Bureau”) power have been successful. That changed on October 11 when the U.S. Court of Appeals for the District of Columbia held the Director of the Bureau has too much unilateral, unchecked power and
On October 5, the Consumer Financial Protection Bureau issued its much anticipated final rules regulating prepaid card accounts. The final rules follow the proposed rules that the Bureau issued in December 2014, and are mostly unchanged from the proposed rules. The new rules apply to “prepaid accounts,” which the Bureau defines as accounts that are
On August 25, the Consumer Financial Protection Bureau ordered First National Bank of Omaha to pay more than $32 million for alleged unlawful credit card practices related to add-on products and services. In addition to a penalty of $4.5 million, the bank must provide $27.75 million in relief to nearly 257,000 consumers.
The CFPB’s order
We are pleased to announce that Troutman Sanders partner Ron Raether will be a featured speaker at the American Conference Institute’s 20th Advanced Global Legal and Compliance Forum on Privacy & Security of Consumer and Employee Information, taking place October 13-14 in San Francisco.
Ron will participate on a panel entitled “Big Data in
On September 27, LendUp, an online payday lending company based in San Francisco, entered into a Consent Order with the Consumer Financial Protection Bureau and the California Department of Business Oversight over allegations that LendUp violated the Consumer Financial Protection Act and Regulation Z of the Truth In Lending Act by
On September 13, the New York Department of Financial Services issued proposed regulations that would require banks, insurance companies, and other financial services institutions to establish and maintain a cybersecurity program and to take other measures to protect against data breaches and cyber attacks.
Among the planned requirements, regulated financial institutions will be required to
Nine months after filing an amended complaint, the FTC and Florida Attorney General have filed papers seeking entry of agreed permanent injunctions and monetary judgments against numerous defendants involved in an alleged nationwide debt relief telemarketing scam. The proposed settlements resolve allegations that the defendants violated the FTC Act, the Telemarketing Act, the Telemarketing
Troutman Sanders’ Regulatory and Enforcement practice published its first Regulatory Report for Payment Processors in September. The report includes the feature article “Getting Your Legal House in Order: Key Considerations for Selling Your Payment Processing Business,” written by Tyler Dempsey and Cot Eversole.
The report also features several recent regulatory and enforcement updates affecting