Earlier this month, the Consumer Financial Protection Bureau (CFPB) finalized a rule aimed at stopping payday debt traps by requiring lenders to determine upfront whether consumers can afford to repay their loans. While referred to colloquially as the “payday loan rule,” the rule covers a variety of loans that require consumers to repay all or [...]
The Federal Trade Commission (FTC) recently announced it settled an enforcement action against two social media influencers for failing to disclose the material relationship between themselves and the business they were promoting. Social media influencers are individuals who have a following on social media and can use their status to influence the popularity or perception [...]
West Virginia Consumer Collection Practices Act (“WVCCPA”) now allows creditors and debt collectors a 45-day opportunity to cure an alleged violation before a consumer may file a lawsuit. Before prosecuting a claimed violation, a consumer must notify the creditor or collector of the violation. The notice must clearly state that the consumer is claiming violations [...]
On Thursday August 3, 2017, the Senate voted to confirm FCC Commissioners Jessica Rosenworcel and Brendan Carr while delaying a vote on Chairman Ajit Pai. Rosenworcel and Carr’s confirmations restore the FCC to its full five-member quorum. Rosenworcel, a Democrat, was unable to achieve confirmation before expiration of her previous term, and her appointment by [...]
Join Mac Murray & Shuster for the 2017 PACE Washington Summit on September 17 – 19, and receive $200 off the Early-Bird Registration Rate! Just use promo code MSLAW200 when registering to receive $200 off the current Early Bird registration price of $649 for PACE Members and $949 for non-members. The PACE Washington Summit is the only conference [...]
On July 10th, the CFPB issued its final rule on the use of arbitration provisions in consumer financial agreements. Although the rule and official commentary weigh in at 775 pages, the following three requirements in particular are important for providers of consumer financial products and services: Class action waivers in pre-dispute arbitration agreements can no [...]
On July 17, Acting FTC Chairman Maureen K. Ohlhausen announced internal process reforms in the agency’s Bureau of Consumer Protection. The Commission’s reforms address Civil Investigative Demands (CID) in consumer protection cases. Under the new initiative, CIDs will be required to include more detailed information regarding the scope and purpose of investigations, while providing businesses [...]
Government watchdog group The Center for Media and Democracy is suing the Utah attorney general’s office for allegedly refusing to release documents related to the office’s ties with the Republican Attorneys General Association (RAGA). In its lawsuit, The Center for Media and Democracy argues that Attorney General Sean Reyes’ office is violating Utah’s open records [...]
Yesterday the CFPB issued its final rule on the use of arbitration clauses in consumer financial agreements. At a staggering 775 pages with official commentary, the rule: Bans the use of class action waivers in pre-dispute arbitration agreements; Requires providers to affirmatively disclose in pre-dispute arbitration agreements that the consumer can file a class action; [...]
On Thursday, June 29, President Donald Trump nominated Brendan Carr to fill the final vacant seat at the Federal Communications Commission. Carr’s nomination would leave the FCC with a 3-2 Republican majority if approved, following President Trump’s nomination of Jessica Rosenworcel to a Democratic seat on June 14. Carr, the FCC’s general counsel, is a [...]
