The Consumer Financial Protection Bureau has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. Lenders will collect and report information about the small business credit applications they receive, including geographic and demographic data, lending decisions, and the price of credit. A summary, with […]
Author Archives: Allison Zieve
As a result of a Federal Trade Commission lawsuit, the operators of a telemarketing scam that called hundreds of thousands of consumers nationwide to pitch them expensive “extended automobile warranties” will face a lifetime ban from the extended automobile warranty industry and from all outbound telemarketing. The FTC’s press release is here.
The Consumer Financial Protection Bureau took action this week against Portfolio Recovery Associates, one of the largest debt collectors in the nation, for violating a 2015 CFPB order and engaging in other violations of law. The CFPB’s proposed order, if entered by the court, would require Portfolio Recovery Associates to pay more than $12 million […]
The Federal Trade Commission has proposed a “click to cancel” provision requiring sellers to make it as easy for consumers to cancel their enrollment as it was to sign up. The proposal would make several specific changes, including implementing a simple cancellation mechanism, new requirements before making additional offers, and new requirements regarding reminders and […]
The Consumer Financial Protection Bureau this week “launched an improved survey of credit card issuers that can help consumers and families compare interest rates and other features when shopping for a new credit card.” The agency explained that the [u]pgrades to the CFPB’s terms of credit card plans survey are designed to increase price competition […]
In 2019, the CFPB issued a “civil investigative demand” to the Law Offices of Crystal Moroney, a law firm that principally provides legal advice and services to clients seeking to collect debt. In April 2020, the CFPB moved to enforce the 2019 CID. In August 2020, the district court granted the CFPB’s petition to enforce […]
“While ChatGPT and generative AI’s powerful potential has sparked excitement, some experts worry that ChatGPT—which sometimes produces inaccurate responses—may spread misinformation. In addition, other experts have expressed concern that the tool may replace workers.” At The Regulatory Review, scholars compile scholarship discussing the potential harms of ChatGPT and evaluating ways to regulate generative AI. The […]
The Federal Communications Commission voted on Thursday to require providers that receive and deliver phone traffic to implement call authentication standards mandated under its STIR/SHAKEN robocall regime and to implement basic protections from problematic robotexts. Under the previous rules, only voice service providers that originate and terminate calls were required to implement analytical tools that […]
A new Federal Trade Commission report to Congress details the consumer issues that affect American Indian and Alaska Native (AI/AN) populations, as well as the FTC’s enforcement, outreach and education work on these issues. The report summarizes the agency’s efforts to hear directly from tribal leaders, community members, advocates, and others about issues affecting their […]
After years of advocating that forced arbitration provisions that deprive consumers of the option of filing claims in court and bar consumers from pursuing class actions, the Chamber of Commerce’s Institute for Legal Reform is now complaining that consumers are using arbitration too much. Reuters’ article on ILR’s shameless report, with a link to the […]