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In Ftc v. Credit Bureau Ctr., No. 17 C 194, 2021 U.S. Dist. LEXIS 173180, at *3-7 (N.D. Ill. Sep. 13, 2021), Judge Kennelly allowed the FTC to amend its judgment to preserve a restitution award on an alternative legal theory after SCOTUS held in AMG Cap. Mgmt. that section 13(b) of the FTC Act did not afford a right… Read More

On August 19, 2021, the California Department of Financial Protection and Innovation issued a request for comments as it considers a second rulemaking related to the Debt Collection Licensing Act. The first rulemaking, issued earlier this year relates to the license application process and requirements for debt collectors who may begin to apply for a debt collection license starting in… Read More

Today, the CFPB Announced that the Federal Financial Institutions Examination Council ("FFIEC") issued a new booklet in the FFIEC Information Technology Examination Handbook series, titled “Architecture, Infrastructure, and Operations.”  The CFPB noted that the booklet provides expanded guidance to help financial institution examiners assess the risk profile and adequacy of an entity’s information technology architecture, infrastructure, and operations.  Implied in… Read More

In FTC v. Am. Future Sys., No. 20-2266, 2021 U.S. Dist. LEXIS 83401, at *3-4 (E.D. Pa. Apr. 30, 2021), Judge Slomsky allowed the FTC to proceed on unfair debt collection claims against a debt collection agency collecting on business related education and publication debts. On May 13, 2020, the FTC initiated this action against American Future Systems, Inc. ("AFS"),… Read More

California’s Department of Financial Protection and Innovation has filed a notice of proposed rulemaking on April 23, 2021 for the Debt Collection Licensing Act (DCLA). The proposed regulations are to be added in Title 10, California Code of Regulations, Subchapter 11.3 “Debt Collection Licensing Act.” A copy of the proposed rulemaking text is here. The proposed regulations cover: requirements to… Read More

In Amg Capital Mgmt. v. FTC, No. 19-508, 2021 U.S. LEXIS 2108, at *1-4 (Apr. 22, 2021), the Supreme Court held that the FTC Act does not authorize the FTC to seek monetary restitution in a suit that the FTC brings in the first instance (i.e., without a prior administrative proceeding) in federal court under section 13(b) of the FTC… Read More

The CFPB issued an interim final rule that is effective May 3, 2021 to address certain debt collector conduct associated with an eviction moratorium issued by the CDC. The rule provides that debt collectors, as defined in the FDCPA, are required to provide written notice to certain consumers of their protections under the CDC Order’s eviction moratorium. Also, debt collectors… Read More

The FTC today issued a press release on whether the FTC Holder Rule applies to large transactions. The staff of the Federal Trade Commission has issued a note correcting previous staff guidelines on the FTC’s Trade Regulation Rule Concerning Preservation of Consumers’ Claims and Defenses—commonly known as the Holder Rule. The Holder Rule protects consumers who enter into credit contracts… Read More

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