The Federal Trade Commission on Wednesday announced a major consumer protection law enforcement action and settlement against a Texas-based company for engaging in an unlawful pyramid scheme. The company, its former CEO, and two top promoters are banned from engaging in any multi-level marketing business.…
Posts published in “Federal Regulation”
The Consumer Financial Protection Bureau today released its Notice of Proposed Rulemaking to implement the Fair Debt Collection Practices Act. Years in the making, the proposed rules if adopted would bring significant changes to the form and manner of debt collector communications to consumers, credit…
The U.S. Court of Appeals for the Ninth Circuit recently held that the Federal Foreclosure Bar’s prohibition on nonconsensual foreclosure of assets of the Federal Housing Finance Agency preempted Nevada’s superpriority lien provision and invalidated a homeowners association foreclosure sale that purported to extinguish Freddie…
The federal Consumer Financial Protection Bureau (CFPB) recently issued its final policy regarding “no action letters.” A copy of the final policy is available at: Link to Policy. The final policy establishes a process to apply for non-binding statements from the CFPB as to whether…
The Federal Trade Commission has released a report examining the benefits, potential risks, and legality of the use of big data in business. Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues focuses on how big data is used after it is collected…
The federal banking regulators (including the CFPB) confirmed in an Oct. 1 letter that “[e]xaminers will expect supervised entities to make good faith efforts to comply with the [‘Know Before You Owe’ TILA-RESPA Integrated Disclosure] Rule’s requirements in a timely manner.” More specifically, “examiners will consider…
Five of the federal banking regulatory agencies (FDIC, FRB, OCC, FCA, and NCUA) recently issued a joint final flood insurance rule, which among other things: Requires escrowing of flood insurance payments for non-exempt loans secured by residential improved real estate or mobile homes that are made,…