Regulatory Enforcement + Compliance

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On June 27, the Federal Trade Commission issued an alert regarding new amendments to the Telemarketing Sales Rule (“TSR”) that are now in effect.  The new amendments prohibit telemarketers from using three types of commonly abused payment methods: cash-to-cash money transfers (such as MoneyGram), PIN numbers from cash reload cards …

A recently introduced House bill would provide a mechanism to let states opt out of the CFPB’s newly announced rules regulating payday, auto title, and other short-term, small dollar loans.  On June 21, Congressman Scott Tipton (R-Colo.) introduced H.B. 5552 which would effectively amend the CFPB’s recently proposed rules.  If passed, …

On June 6, the Attorney General for the State of North Carolina executed a settlement agreement with a payday lender, Future Income Payments, LLC, arising out of the payday lender’s alleged violation of that state’s usury laws.  The settlement agreement requires the lender to pay North Carolina $50,000 in attorneys’ and investigation fees, plus a…

The Federal Trade Commission (“FTC”) issued a press release last week announcing it has assessed $950,000 in civil penalties against Singapore-based mobile advertising company InMobi for alleged violations of the FTC Act and the Children’s Online Privacy Protection Act of 1998 (“COPPA”).  The penalty is part of InMobi’s settlement with the FTC over allegations that…

On June 17, 2016, the Consumer Financial Protection Bureau (“CFPB”) announced changes to the dollar amount thresholds for certain consumer credit transactions under the Truth in Lending Act (“TILA”). According to the notice submitted to the Federal Register, these new thresholds could affect minimum interest charges and safe harbor penalty fees under the Credit Card…

In Bock v. Pressler & Pressler, LLP, the U.S. Court of Appeals for the Third Circuit requested supplemental briefs applying Spokeo, Inc. v. Robins to the Article III standing issue at bar. As we previously reported, the Court requested targeted discussion on whether a violation of the statutory right at issue was by…

The Federal Trade Commission (“FTC”) and Florida have settled charges against Vast Tech Support LLC, OMG Tech Help, their founder and COO Mark Donohue, and related companies regarding claims of deceptive marketing of computer software and tech support services. The settlement continues the FTC’s trend of enforcement actions that target scammers who scare consumers into…

On June 24, 2016, Arkansas Attorney General Leslie Rutledge announced a settlement agreement with payday lender, Western Sky Financial LLC, and loan servicer, CashCall Inc., to resolve allegations that the companies conspired to offer illegal online loans to Arkansas consumers while claiming to be shielded by tribal sovereign immunity.

According to the Arkansas Attorney General,…

On June 9, Representative Matt Salmon (R-AZ) introduced legislation to impose new requirements on how the Consumer Financial Protection Bureau makes consumer complaints public in the Consumer Complaint Database. According to Salmon, the Consumer Financial Protection Bureau (“CFPB”) Data Accountability Act “would improve the current database by requiring the CFPB to verify the…

On June 22, 2016, the Consumer Financial Protection Bureau (“CFPB”) issued its third update to its exam procedures for mortgage servicers.  In its press release, the CFPB stated that mortgage servicers should “note a greater emphasis” on complaint handling, responses to requests by borrowers, and fair lending issues.  According to the CFPB, the update…