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Posts tagged as “Federal Regulation”

COVID-19: Several States Toll Statutes of Limitations on Legal Actions

A number of states have tolled the statutes of limitations on legal actions in response to COVID-19. The Iowa Supreme Court announced a toll on statutes of limitations in a March 17 order regarding court procedures. According to a March 23 operations summary from the Iowa Judicial Branch: “The March 17th order is intended to toll the statute of limitations or similar deadline for commencing an action in district court by 48 days. Tolling means you add that amount of time to the statute of limitations. So, for example, if the statute would otherwise run on April 8, 2020, it…

Maryland High Court Holds Private Litigants Cannot Bar AG or CFPB from Separately Suing on Same Claims

The Maryland Court of Appeals recently held that victims on whose behalf money is collected or property is recovered by the Maryland Consumer Protection Division of the Attorney General's Office (CPD) or federal Consumer Financial Protection Bureau have no authority, through a private settlement, whether or not approved by a court, to preclude the CPD or CFPB from pursuing their own remedies.

What is ‘Abusive’ Conduct Under Dodd-Frank? CFPB Provides an Answer by Issuing Its Policy on Abusive Acts and Practices

Following its enaction, the Dodd-Frank Act left the financial services industry with uncertainty in many areas. For nearly 10 years, the industry has wondered and speculated about the inclusion of a prohibition against abusive acts and practices.  What exactly is abusive conduct? Is abusive conduct different from false and misleading acts or unfairness? How will the CFPB handle enforcement?

2019: A Watershed Year for Consumer Financial Services Law

It has been an extraordinary 365 days for consumer financial services law. I cannot recall a year where so many states introduced legislation or proposed regulations or rules impacting the credit industry. At the federal level, proposed rules for the Fair Debt Collection Practices Act were (finally) released and California also proposed regulations under the California Consumer Privacy Act.

The 2019 Privacy Legislation Bomb Cyclone

The European Union’s General Data Protection Regulation (GDPR) went into effect on May 25, 2018, and introduced privacy concepts that were new to some U.S. businesses.  Fortunately, the GDPR was developed over a period of time that allowed for thoughtful deliberation and careful drafting. The California Consumer Privacy Act (CCPA), on the other hand, was speedily enacted under the threat of a ballot initiative.

FTC Announces Consumer Protection Law Enforcement Action, Settlement

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. In addition, the company and CEO have agreed to pay $150 million. During Wednesday’s press conference, Andrew Smith, director of the FTC’s Bureau of Consumer Protection, noted that “multi-level marketing is not inherently illegal.” An illegal pyramid scheme encourages new business opportunities involving without looking at whether participants have a meaningful opportunity for selling products.…