On September 29, the Consumer Financial Protection Bureau (CFPB) released its biennial report to Congress regarding the consumer credit card climate. The report shows that the market’s growth during the last few years reversed course in 2020. It also provides the latest research findings on consumer credit use, its cost, and consumers’ access to credit,
On October 4, California passed a bill requiring a money transmitter to display a toll-free telephone number on its website through which a customer may contact the licensee for customer service issues and receive live customer assistance. The telephone number must be operative at least 10 hours per day, Monday through Friday, excluding federal holidays.
On September 30, the Senate confirmed Rohit Chopra as the new director of the Consumer Financial Protection Bureau (CFPB). Chopra’s confirmation marks the beginning of his second stint with the CFPB — Chopra served as the CFPB assistant director between 2010 and June 2015, and had overlapping duties as the student loan ombudsman between October
On September 9, the Conference of State Bank Supervisors (CSBS) released the Model Transmission Modernization Act (model law) in efforts to replace the 50 state-specific money transmitter laws with a nationwide standard. Unless the states adopt the model law, no change will occur to any existing state money transmission laws.
If enacted by the states,
On September 13, President Biden announced his intent to nominate privacy advocate Alvaro Bedoya to serve as a commissioner of the Federal Trade Commission (FTC). If confirmed, Bedoya will take the seat currently held by Rohit Chopra, who President Biden has nominated as the next director of the Consumer Financial Protection Bureau (CFPB), as we
On July 29, the BBB National Programs’ Children’s Advertising Review Unit (CARU) issued revised guidelines for ads directed to children.
CARU helps companies comply with laws and guidelines that protect children from deceptive or inappropriate advertising and ensure that, in an online environment, children’s data is collected and handled responsibly. When advertising or data collection
The federal government’s recent argument that neither federal law nor the U.S. Constitution preempted a municipal ordinance in South Portland, ME demonstrates the sometimes-complex relationship between federal, state, and local laws.
Overview. The Portland Pipe Line Company had plans to reverse the oil flow in a pipeline from Canada to South Portland and construct 70-foot-tall
In the 10 years since the Consumer Financial Protection Bureau (CFPB) opened its doors on July 21, 2011, the agency has in many ways upheld its mandate of looking out for the public interest. Created by the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act one year earlier, the CFPB is tasked
On June 4, the Consumer Financial Protection Bureau (CFPB) issued a frequently asked question and answer guide. Regulation E, in part, establishes limitations on a consumer’s liability and requires investigations of consumers’ claims of unauthorized electronic fund transfers. This FAQ concerns unauthorized transfers governed by Regulation E.
The first and second questions deal with
On May 18, the Federal Trade Commission’s (FTC) Acting chairwoman told Congress that the U.S. Chamber of Commerce’s opposition to legislation that would authorize the FTC to obtain monetary remedies under Section 13(b) of the FTC Act was based on “numerous misstatements and faulty premises.” Chairwoman Slaughter’s comments highlight the FTC’s concern that the Supreme