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FTC Announces Notice of Proposed Rulemaking for Vehicle Finance Sales at Origination

by Scott J. Hyman |

On June 24, the FTC announced that purportedly is designed to fight deceptive advertising, crack down on bait-and-switch marketing, and put a stop to hidden add-on charges when consumers go vehicle shopping.  According to the Notice posted in the Federal Register, FTC 6.23.22 Auto Rule NPRM, the NPR purports to The Federal Trade Commission (“FTC” or “Commission”) seeks comment on… Read More

DFPI Issues Notice of Proposed Rulemaking under the CCFPL Related to Covered Persons Maintaining and Implementing Policies and Procedures for Consumer Complaints — The Obligations are Substantial

by Scott J. Hyman |

The DFPI issued a Notice of Proposed Rulemaking, the comment period for which closes on July 5, 2022.  The NPR relates to obligating covered persons to implement and maintain a process for consumers to make complaints and for covered persons to respond to them.  The Notice is here (PRO-03-21-Notice-of-Proposed-Rulemaking-5-17-22 and the Proposed Regulations can be found here https://dfpi.ca.gov/wp-content/uploads/sites/337/2022/05/PRO-03-21-Draft-Text-CCFPL-Complaints-5-2-22.pdf In the Statement of… Read More

9th Cir. Says Small-Dollar Lender, Not Native American Tribe, Was True Lender and Loans Were Not Valid-When-Made

by Scott J. Hyman |

In Consumer Fin. Prot. Bureau v. CashCall, Inc., Nos. 18-55407, 18-55479, 2022 U.S. App. LEXIS 13810, at *23-25 (9th Cir. May 23, 2022), the Court of Appeals for the 9th Circuit rejected CashCall's argument that the Native American Tribal Lender, and not CashCall was the true lender for purposes of determining whether state usury law applied. In substance, all of… Read More

FTC Finalizes Changes to Safeguards Rule

by Austin B. Kenney |

On October 27, 2021, the Federal Trade Commission ("FTC") announced important updates to the Gramm-Leach-Bliley Act's (the "Act") primary consumer protection rules. Enacted in 1999, the Act implemented regulations on financial institutions with regard to consumer privacy and data security concerns. It includes two primary parts, or "rules": the Privacy Rule and the Safeguards Rule. The Privacy Rule limits disclosure… Read More

CFPB Adds Cyber-Security and IT Requirements to Examination Manual

by Scott J. Hyman |

The CFPB announced that as part of its overall CMS assessment, the CFPB may evaluate the technology controls of an institution and its service providers. Institutions within the scope of the CFPB’s supervision and enforcement authority include both depository institutions and non-depository consumer financial services companies. These institutions operate in a dynamic environment influenced by challenges to profitability, increased focus on… Read More

District Court (Ill.) Says Restitution Judgment Obtained by FTC, But Reversed by SCOTUS’ AMG Cap. Mgmt. Decision, Did Not Preclude Restitution Award Under Alternative Theory

by Scott J. Hyman |

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

California DFPI Issues Request for Comments on Debt Collection Licensing Act for Potential Second Rulemaking, Including on Scope and Certain Definitions

by Scott J. Hyman |

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

CFPB Announces FFIEC’s Information Technology Examination Privacy and Cybersecurity Handbook for Financial Institutions on “Architecture, Infrastructure, and Operations” 

by Genevieve R. Walser-Jolly |

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

District Court (Pa.) Allows FTC to Bootstrap Unfair Debt Collection Claim Arising from Commercial Debts under the FTC Act

by Scott J. Hyman |

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

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