The FTC yesterday took two actions that on their face seemed part of the regular course, but that could signal notable changes for financial institutions and multi-level marketing companies. First, the FTC filed an amended complaint against RCG Advances, a merchant cash advance provider, alleging that the company violated the Gramm-Leach-Bliley Act and seeking civil
FTC Nominee Lina Khan Sails through Committee with Bipartisan Support While Chopra Awaits Senate Vote for CFPB Director
The Senate Commerce Committee today voted overwhelmingly to move forward with Lina Khan’s nomination as FTC Commissioner, signaling that Khan is likely to ultimately be confirmed as the youngest Commissioner ever at 32. As we previously discussed here, Khan is primarily known as an antitrust scholar advocating for more exacting scrutiny of big tech
Senators Circling Antitrust Targets, But Not Yet Closing In
At a hearing of the Antitrust Subcommittee of the Senate Judiciary Committee today, Chair Amy Klobuchar (D-MN) emphasized the need for broad antitrust reform. While she rallied bipartisan support to supplement antitrust budgets and encountered little opposition for helping news outlets bargain with social media, prospects for her sweeping S. 225, the Competition and Antitrust
CFPB Rescinds “Abusive” Policy Statement, Signaling Broader and More Aggressive View of “Abusive” Authority
In a significant but unsurprising move, the CFPB announced today that it was rescinding a policy statement issued in January 2020 that sought to tether the Bureau’s “abusive” authority to certain limiting principles. The move signals that the Bureau is likely to interpret its authority to prevent “abusive acts and practices” under the Dodd-Frank Act
Chopra Navigates Questions and Predicts Priorities at Friendly CFPB Nomination Hearing
President Biden’s nominee to serve as CFPB Director, Rohit Chopra, today testified in front of the Senate Banking Committee about his potential regulatory and enforcement priorities as head of the consumer finance regulator. As we previously discussed, President Biden tapped Chopra, three years into his tenure as FTC Commissioner, to serve as Director
Ad Law Access Podcast – What to Expect in Consumer Financial Protection and FinTech in 2021
Often when people think about the Consumer Financial Protection Bureau (CFPB) they say to themselves, “well, I’m not a bank so that doesn’t really apply to me.” But consumer financial protection laws are actually much broader and cover all aspects of consumer financial products, any way that consumers bank, pay, or finance transactions and the
Biden Taps Rohit Chopra, Current FTC Commissioner and Vocal Proponent of Aggressive Enforcement, to Lead CFPB
Things are about to change dramatically at the CFPB. President-elect Joe Biden today nominated Rohit Chopra, a current commissioner at the Federal Trade Commission and long-time proponent of aggressive enforcement, to serve as director of the Consumer Financial Protection Bureau.
We knew that the incoming Biden administration would entail significant change on many fronts from
States Place New Restrictions on Collection Efforts and Outbound Calls Amidst COVID-19 Pandemic
The COVID-19 pandemic continues to have far-reaching effects on businesses and consumers everywhere. While many states are taking broadly consistent approaches on certain issues (e.g., price gouging, non-essential business closures), one area where we’ve seen significant divergence involves regulation of collection efforts – both by first party creditors and debt collectors. In
Trust in Trustworthiness Ratings? Privacy Group EPIC Lodges Complaint with FTC Regarding Airbnb Ratings
The Electronic Privacy Information Center (EPIC) has filed a complaint with the Federal Trade Commission (FTC) alleging that Airbnb is violating the FTC Act and the Fair Credit Reporting Act (FCRA) by assigning “secret ratings to prospective renters, based on behavior traits using an opaque, proprietary algorithm.” EPIC is a non-profit that seeks to advance
CFPB Clarifies Standard for Determining “Abusive” Practices
The CFPB announced today a policy statement outlining three new principles that it intends to apply when evaluating whether practices are “abusive” under the Dodd-Frank Act. The Dodd-Frank Act marked the first time that a federal or state regulator was granted the authority to regulate broadly “abusive” acts and practices. While Dodd-Frank provided a general