In December 2013, the Consumer Financial Protection Bureau (CFPB) announced its first settlement in the indirect auto lending industry. The target company was Ally Financial Inc. and Ally Bank (Ally). The CFPB alleged that Ally had engaged in discriminatory pricing by charging minority consumers higher dealer markups for their auto loans. Ally was ordered to

Retailer superstore Meijer Inc. is on the hook for allegedly distributing recalled consumer products. In a press release dated September 17, 2014, the Consumer Product Safety Commission (“CPSC”) announced the hypermarket operating 24-hour stores and gas stations in various Midwestern states has agreed to settle charges that it knowingly sold and distributed recalled consumer products.

Yesterday, the Senate unanimously confirmed Joshua D. Wright to replace J. Thomas Rosch as a Republican commissioner of the Federal Trade Commission (FTC). According to various sources, Wright is widely regarded as the top antitrust scholar of his generation. He is the author of more than 50 scholarly articles and book chapters and co-editor

On October 1, 2012, Washington-based think tank the Future of Privacy Forum (FPF) announced the first privacy seal program for companies processing consumer energy usage data (CEUD) made available through smart meters. The seal will be powered by TRUSTe, a data privacy management company. To create the program, FPF and TRUSTe worked with a number

On August 2, 2012, the Consumer Financial Protection Bureau (CFPB) issued its second Semi-Annual Report to Congress. The report provides an update on the CFPB’s activities since its first report in January 2012 as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Many of the agency’s initiatives have been previously discussed, such

On July 16, 2012, the Consumer Financial Protection Bureau (CFPB) issued a final rule granting it supervisory authority over leading credit reporting agencies. Those firms newly subject to the CFPB’s oversight include the big three consumer reporting agencies, Equifax, Experian, and TransUnion, as well as nonbank entities engaging in consumer reporting activities with more than

The Federal Trade Commission (FTC) recently held a public workshop entitled “In Short: Advertising & Privacy Disclosures in a Digital World” exploring effective advertising and privacy disclosures in social media and on mobile devices. Our full summary of the workshop is covered here. Panelists addressed key challenges in creating effective mobile privacy disclosures, including

On May 8, 2012, the Federal Trade Commission (FTC) announced its settlement with social networking service Myspace on charges that it misrepresented its protection of users’ personal information in violation of federal law. Like many of its social media counterparts who were recently the target of FTC enforcement actions, Myspace is charged with espousing strict

The Consumer Financial Protection Bureau (CFPB) continues to flex its regulatory muscles under the Dodd-Frank Act. Last week the CFPB divested the Federal Trade Commission of its rulemaking authority from various consumer protection laws, as discussed here. Today, the CFPB issued three additional interim final rules transferring “consumer financial protection functions” previously granted to other Federal agencies. Again, these rules duplicate existing regulations, making only technical and non-substantive changes, and do not impose any new substantive obligations on regulated entities.

Continue Reading CFPB Issues Three Interim Final Rules on Consumer Financial Protection Laws

On December 16, 2011, the Consumer Financial Protection Bureau (CFPB) issued three interim final rules modifying three separate consumer protection laws. This is the first of likely many waves of regulation in the exercise of the agency’s rulemaking authority granted at its inception on July 21, 2011, under the Dodd-Frank Act. The interim final rules published today transfer the rulemaking authority originally vested in the Federal Trade Commission to the CFPB and duplicate existing regulations, making only technical, formatting, and stylistic changes. None of the proposed regulations impose any new substantive obligations on regulated entities. The rules are briefly summarized below.

Continue Reading CFPB Issues Three Interim Final Rules on Consumer Protection Laws