The Consumer Financial Protection Bureau has issued “an advisory opinion to protect Americans from double dealing on digital mortgage comparison-shopping platforms. Companies operating these digital platforms appear to shoppers as if they provide objective lender comparisons, but may illegally refer people to only those lenders paying referral fees. When shoppers use a lender that is […]
The Federal Trade Commission has taken its first enforcement action under its Health Breach Notification Rule, The action, filed against the telehealth and prescription drug discount provider GoodRx Holdings Inc., alleges that the company failed to notify consumers and others of its unauthorized disclosures of consumers’ personal health information to Facebook, Google, and other companies. […]
After receiving consumer complaints about its use of pre-checked recurring-donation checkboxes, the Minnesota Attorney General sent subpoenas and a civil investigative demand to WinRed, a so-called “conduit” political action committee (PAC). WinRed sought a preliminary injunction against the investigation in federal district court, arguing that Minnesota’s consumer protection laws were preempted by the Federal Election […]
As noted in today’s Second Circuit opinion, there have been nearly a dozen constitutional challenges to New York’s rent regulation regime over the years. The court of appeals rejected the latest challenge, brought by Mayer Brown on behalf of landlords, arguing that the rent-stabilization laws were facially unconstitutional as physical takings and irrational in violation […]
As Richard and Allison posted, the CFPB has proposed a new rule limiting the credit card late fee safe harbor to $8. And as is perfectly predictable, banks are angry about facing a restriction on late fee revenue. I want to comment on their arguments against the proposed rule. First some background: the Credit CARD […]
What are online tax preparation companies doing with customers’ data? Members of Congress sent a letter this week urging the IRS to investigate. A report published last fall in the publication, The Markup, disclosed that online tax filing services were sending taxpayers’ identities and financial information to Facebook through code called Pixel. Specifically, it found […]
In 2016, the CFPB issued a rule requiring certain disclosures for digital wallets and other prepaid accounts. Paypal challenged the rule as contrary to statute, unconstitutional, and arbitrary and capricious. The district court agreed with Paypal that the disclosure rules violated the EFTA ban on mandatory model clauses, and thus did not reach the other […]
That’s the name of this essay from the Student Borrower Protection Center.
The Consumer Financial Protection Bureau plans to cut credit card late fees to $8, wiping out up to $9 billion a year in fees that have become highly profitable for banks and credit card companies. CFPB Director Rohit Chopra plans to propose a rule on Wednesday that would slash late fees from the current $30 […]
The Consumer Financial Protection Bureau proposed today “a rule to curb excessive credit card late fees that cost American families about $12 billion each year. Major credit card issuers continue to profit off late fees that are protected by an expansive immunity provision. Credit card companies have also relied on this provision to hike fees […]