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
FTC Secures Temporary Injunction Against “Tech Support” Companies
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
Investigation of Ashley Madison by FTC and State AGs Ends in Settlement Agreement
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.
D.C. Circuit Rules CFPB “For Cause” Removal of the Director Unconstitutional, but Declines to Shut it Down
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
CFPB Issues Final Prepaid Card Rule
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