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The CFPB’s Enforcement Strategy Gleaned From Consumer Complaint Analytics

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 … Continue Reading

CFPB Defines “Larger Participants” of the Consumer Reporting Market

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 $7 … Continue Reading

CFPB Issues Final Rules of Practice Governing the Agency’s Adjudication and Investigational Proceedings and an Interim Final Rule Pursuant to the Equal Access to Justice Act

On June 29, 2012, the CFPB issued two Rules of Practice separately governing the agency’s adjudication proceedings and investigational, nonadjudicative matters. In addition, the CFPB issued its final State Official Notification Rule. These rules codify the interim final rules promulgated on July 28, 2011, previously discussed here, and have an immediate effective date. Also on … Continue Reading

FTC Settles Landmark FCRA Case Involving the Sale of Social Media Data for Employment Screening

The Federal Trade Commission (FTC) today announced its settlement with Spokeo, Inc. for alleged violations of the Fair Credit Reporting Act (FCRA) and Section 5(a) of the FTC Act. As part of the FTC’s ongoing enforcement of the FCRA to regulate the collection, dissemination, and use of consumer credit information, this is the first case … Continue Reading

Tips from the FTC Workshop on Effective Mobile Policy Disclosures

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 spatial … Continue Reading

CFPB Holds Field Hearing on General Purpose Reloadable Prepaid Cards

On May 23, 2012, the Consumer Financial Protection Bureau (CFPB) officially launched its prepaid card initiative. In addition to issuing an Advance Notice of Proposed Rulemaking (ANPR), the CFPB hosted a field hearing in Durham, North Carolina, on general purpose reloadable prepaid cards, a rapidly growing segment of prepaid cards. Current and entering industry members … Continue Reading

FTC Advisory Opinion Affirms Broad Consumer Rights Under Holder Rule

Earlier today, the Federal Trade Commission (FTC) issued an advisory opinion affirming broad consumer rights under the Holder in Due Course Rule ("Holder Rule"). The National Consumer Law Center (NCLC), joined by Public Citizen, the Center for Responsible Lending, the National Association of Consumer Advocates, and the federation of state Public Interest Research Groups, requested … Continue Reading

Myspace Settles FTC Charges of Misleading and Deceptive Statements in its Privacy Policy

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 … Continue Reading

FTC Issues Annual Financial Acts Enforcement Report to Federal Reserve

On February 10, 2012, the Federal Trade Commission issued its annual financial acts enforcement report to the Federal Reserve Board. The report highlights the Commission’s enforcement and compliance activity in 2011 regarding the following consumer protection laws: the Equal Credit Opportunity Act; the Electronic Funds Transfer Act; the Consumer Leasing Act; and the Truth in … Continue Reading

CFPB Issues Three Interim Final Rules on Consumer Financial Protection Laws

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 … Continue Reading

CFPB Issues Three Interim Final Rules on Consumer 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 … Continue Reading

The FTC Offers Framework for Facial Recognition Technology

On December 8, 2011, the Federal Trade Commission (FTC) sponsored a workshop in Washington, D.C. to discuss the privacy implications of facial recognition technology. The web cast is available here.  Facial recognition technology has been integrated in a wide range of products and services, including online social networks, digital billboards and mobile apps, which raise … Continue Reading

The CFPB Proposes Public Disclosure of Certain Credit Card Complaint Data

On December 7, 2011, the Consumer Financial Protection Bureau (CFPB) issued a proposed policy statement addressing the public disclosure of certain credit card complaint data. Since its launch in July, 2011, the CFPB has assumed the role of moderator between credit card consumers and their issuing banks. Consumers file complaints on the CFPB website, inputting … Continue Reading