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Posts tagged as “FTC”

FTC Seeks Comments on FCRA Rules Impacting Motor Vehicle Dealers

The FTC will soon propose changes it says are designed to align several existing rules under the federal Fair Credit Reporting Act with the Dodd-Frank Act. The impacted rules cover only “motor vehicle dealers” being persons “predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of motor vehicles, or both.”

Calif. App. Court (1st Dist) Rules FTC’s Holder Rule Preempts State Fee Shifting Laws

The Court of Appeals of California, First District, recently held that the Federal Trade Commission's "Holder Rule" limitation on recovery applies to attorney fees, such that a plaintiff’s total recovery on a Holder Rule claim — including attorney fees — cannot exceed the amount paid by the plaintiff under the contract.

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.…

Looking Back at 2013

2013 brought some significant developments to consumer financial services law. It began early with a favorable Fair Debt Collection Practices Act decision from the U.S. Supreme Court, followed by several interesting Telephone Consumer Protection Act decisions. But what really set the year apart was the activity we saw from federal regulators. Here’s my list of some of the most significant developments from around the country, which will likely impact 2014. U.S. Supreme Court The year began with the Supreme Court’s decision in Marx v. General Revenue. The Supreme Court held that a plaintiff who is unsuccessful in a claim brought under…