The Consumer Financial Protection Bureau (CFPB) is spearheading a rulemaking proposal that could alter the framework for reporting medical debt on consumer credit reports, which carries critical implications for corporations and law firms alike. This initiative by the CFPB, which is still under consideration, consists of two core components. This recent report by Goodwin provides…
It is perhaps an understatement to propose that Bexis, a co-founder of this blog in 2006, did so with a clear purpose in mind: to assist medical device and pharmaceutical manufacturers, entities that often find themselves at the sharp end of the litigation stick in our lawsuit-prone nation. This blog has evolved into a valuable…
As a part of California’s recent “Climate Accountability Package,” two significant bills have been passed necessitating US-based companies that operate within the Golden State to disclose information about their emissions and climate-related financial risks. These bills are the Climate Corporate Data Accountability Act, also known as California Senate Bill 253 (SB-253), and the Climate-Related Financial…
The era of the Internet of Things is fast expanding, giving rise to serious concerns about data privacy across various industries. Notably, motor vehicle manufacturers are making forays into digital infotainment, navigation systems, and autonomous driving technologies, but the question remains – are they paying sufficient attention to customer data protection? The National Highway Traffic…
For those closely observing the dealings of the Eastern District of Pennsylvania, plaintiff Andrew Perrong is a familiar name. In the latest development, one of Perrong’s suits was partially dismissed on ATDS grounds on September 18, 2023, as reported by the mentioned case details, Perrong v. Bradford, et al., No. 2:23-cv-00510, 2023 WL 6119281 (E.D….
In the recent issue of Decoded: Technology Law Insights, some pressing legal issues, significant for automotive manufacturers and corporations, were discussed. This volume brought to light queries pertaining to whether automakers are making sufficient efforts to protect customer data while keeping pace with the expanding Internet of Things (IoT) As an integral part of the…
In a progressive move towards stricter environmental regulation, the U.S. Securities and Exchange Commission (SEC) has been centering Environmental, Social, and Governance (ESG) issues in their enforcement priorities. On September 25, the SEC announced a historic penalty for the practice of ESG greenwashing, the largest ever imposed on an asset manager. ESG greenwashing is a…
In a recent interview with Cornerstone Research, Donna Hoffman, a professor at the GW School of Business at George Washington University shared her expert insights on the transformative influence of technology on consumer behavior. This periodically featured conversation delved deep into issues related to data collection and privacy practices, topics of extreme relevance to corporate…
In an era where corporate responsibility and sustainability efforts are under the microscope, an unfolding trend of litigation tied to “Greenwashing” promises to keep corporate legal teams on their toes. Despite the absence of a universally accepted definition, Greenwashing typically pertains to misleading or false assertions regarding the environmental advantages of a product, aimed at…
The impact of Amazon’s vast retail influence is far-reaching, with the iconic blue delivery trucks a regular sight across the globe. Despite the convenience Amazon offers, reasons behind its dominance in the market have been called into question. Are consumers choosing Amazon out of preference, or due to a lack of alternatives? This predicament brings…
The U.S. Consumer Product Safety Commission (CPSC) recently enacted a significant measure, aimed at improving consumer product safety. This involves the mandatory implementation of safety standards for products that incorporate coin or button cell batteries into their design. This rule has been published and fully adopted as mandated by Reese’s Law (15 U.S.C. § 2056e)….
The Consumer Financial Protection Bureau (CFPB) recently broadcasted plans for extensive rule-making proposals to update the scope of the Fair Credit Reporting Act (FCRA). Hinting at arguably one of the most dramatic shifts in FCRA coverage in decades, the CFPB’s initiative was laid out in an outline published on September 15, 2023. The primary goal…
In a recent development in the ongoing trademark dispute between Riseandshine Corporation, colloquially known as Rise Brewing, and PepsiCo Inc, the New York court has sided with PepsiCo. Rise Brewing set forth three federal and two state claims founded on trademark infringement and unfair competition matters, all pertaining to the usage of the trademark RISE….
In the ever-changing landscape of global data privacy regulations, the California Consumer Privacy Act (CCPA) and the California Privacy Rights Act (CPRA) have set many companies on a journey of comprehensive data mapping. Why is data mapping gaining such focus, what does it entail, and how is it performed effectively? As noted by Legal News,…
The Consumer Financial Protection Bureau (CFPB) recently highlighted the risks and potential harm consumers face due to employer-driven debt. In a report published on July 20, 2023, the CFPB shed light on the risks posed by financing arrangements where employers extend credit or leases to employees to cover various employment-related expenses such as training, equipment,…
On September 12, 2023, the U.K. Financial Conduct Authority (FCA) published a policy statement outlining its plan for implementing a new regulatory gateway for financial promotions. This comes as part of the changes introduced by the Financial Services and Markets Act 2023 which amends the Financial Promotion Restriction. This essentially prohibits authorized firms from endorsing…
In a bid to curb the growing trend of greenwashing, the European Council and Parliament recently reached a provisional agreement on a new European Union (EU) directive aimed at ’empowering consumers for the green transition’. The new legislation targets agencies and corporations that falsely claim their products or services are environmentally friendly, a trend commonly…
The Consumer Product Safety Commission (CPSC) has recently finalized some key rules concerning button cell and coin batteries. On September 11, 2023, the commission voted in favor of adopting holistic safety requirements for these batteries and their associated products, following the guidance of Reese’s Law. These safety requirements are not limited to just the batteries,…
On September 21, 2023, the UK’s Financial Conduct Authority (FCA) issued a potent reminder to organizations involved in the cryptoasset sector. The letter served as a ‘final warning’ for cryptoasset firms marketing to UK consumers, as well as to those entities supporting them. The intention is clear: to ensure these firms are prepared for the…
As more businesses continue to incorporate the use of Artificial Intelligence (AI) in their operations, regulatory agencies such as the Federal Trade Commission (FTC) are becoming increasingly involved. As indicated recently, the FTC has its sights set on becoming a critical player in the regulation of these advanced technologies. On September 19, 2023, speaking at…
The latest edition of the Troutman Pepper Weekly Consumer Financial Services Newsletter offers a comprehensive overview of the most impactful federal and state events shaping the Consumer Finance Services industry this past week. Keeping up with these developments, especially for legal professionals working for corporate entities and law firms, is crucial in navigating the ever-evolving…
The Consumer Products Safety Commission (CPSC) has displayed growing interest in per- and polyfluoroalkyl substances (PFAS) used in consumer products, signalling an intent to increase regulatory oversight. An official request for information (RFI) has been published by the CPSC in a bid to better understand the potential human exposures related to PFAS and any subsequent…
In a significant shift towards consumer data rights, California lawmakers recently passed a law that expands data broker registration obligations and drastically simplifies the process for consumers to be “forgotten.” The newly enacted Delete Act seeks to rectify the State’s already prevalent Data Broker Registration law and is expected to substantially influence the data collection…
In recent news, a special episode of the Consumer Finance Podcast has been released by Troutman Pepper Partners, Kim Phan and Stefanie Jackman. The episode, accessible through JD Supra, showcases the firm’s state and federal legislative and regulatory tracking products. These resources were intended to benefit industry professionals by informing them about the most recent…
The intersection of antitrust law and Artificial Intelligence (AI) is an emerging area of concern among U.S. antitrust regulators. The unprecedented capabilities of AI technology, and the extent to which companies are incorporating it into their operations, seems to be catching the attention of authorities. As explained by law firm K&L Gates, an array of…