Regulatory Enforcement + Compliance

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The Consumer Financial Protection Bureau (“CFPB”) has released an “auto loan shopping sheet” and other online resources as part of its “Know Before You Owe” initiative, which aims to assist consumers with comparison shopping and financing auto purchases. The initiative “walks consumers through each step of the auto finance process to help them…

In a case that looks at the statutory bounds of the Consumer Financial Protection Bureau’s investigative authority, the CFPB announced that it plans to appeal a federal district court decision denying the agency’s request to enforce a civil investigative demand, or “CID”.

In August 2015, the CFPB issued a CID to the Accrediting Council for …

On May 19, 2016, the Vermont Attorney General announced that it had executed an Assurance of Discontinuance with a payment processor arising out of the Attorney General’s allegation that the payment processor violated a Vermont state statute prohibiting unfair and deceptive practices when the processor processed payments for dozens of payday lenders who did not…

On June 9, Minnesota Attorney General Lori Swanson filed a lawsuit against Your Magazine Service, Inc., a Minnesota corporation, and the corporation’s owner, Wayne R. Dahl, Jr., alleging that the company used deceptive sales tactics to sign up customers for magazine subscriptions.

According to the suit, the company would call individuals who had purchased …

On June 10, Troutman Sanders attended the Federal Trade Commission’s FinTech Forum on marketplace lending. The event marked the first in the FTC’s FinTech Forum series, which is part of the FTC’s ongoing efforts to examine marketplace lending and its impact on consumers. The topics discussed during the forum included adequate …

On April 21, the United States District Court for the District of Columbia held that the Consumer Financial Protection Bureau exceeded its authority when it issued a Civil Investigative Demand (“CID”) to the Accrediting Council for Independent Colleges and Schools (“ACICS”), an accreditor of for-profit colleges.  Notably, this is the first time that the …

On May 20, PayPal entered into an Assurance of Voluntary Compliance (AVC) with the Texas Attorney General over allegations that it failed to clearly explain how the personal information belonging to users of its Venmo mobile payment application would be used and with whom it would be shared.

The AVC stems from Texas Attorney General…

On May 20, the FTC approved its final order resolving its Complaint against Henry Schein Practice Solutions, Inc. (“Schein”), which came after the expiration of a public comment period.  Schein is a provider of office management software for dental practices. 

The FTC’s Complaint alleged that Schein misrepresented the encryption capabilities of its Dentrix G5 …

The Federal Trade Commission, Connecticut, and Pennsylvania have added three new defendants and new charges in a case pending in the United States District Court for the Eastern District of Pennsylvania, alleging that the defendants deceived consumers into buying unneeded tech support services.  According to the amended complaint, the defendants allegedly pretended to represent…

Twice a year, federal agencies must update and release their regulatory agendas for the current year.  The agendas track agency actions through the phases of federal rulemaking, which often takes months (if not years), and provide insight into an agency’s plans.  On May 18, the Consumer Financial Protection Bureau released its Spring 2016 rulemaking agenda.…