Debt Collector Prevails in FCRA and FDCPA Class Action Lawsuit: Court Upholds “Reasonable Investigation” Claim

In an important recent development in the legal landscape of consumer debt cases, an FCRA (Fair Credit Reporting Act) and FDCPA (Fair Debt Collection Practices Act) putative class action lawsuit, the U.S. District Court for the Southern District of Alabama granted summary judgment in favor of a defendant third-party debt collector. This case revolved around…

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Crackdown on Pyramid Schemes: FTC and Attorneys General Target BINT Operations in Multi-State Legal Actions

The recent actions taken by Arkansas Attorney General Tim Griffin and the Federal Trade Commission (FTC) serve as a stark reminder that pyramid schemes remain a live issue for law enforcement bodies, despite their relative age as fraudulent schemes. As stated in a recent report, the parties have reached a settlement with BINT Operations LLC…

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Counterfeit Threats Expand Beyond Luxury Brands, Impacting Business and Legal Landscape

The toll of counterfeiting on the economy and businesses has traditionally been a problem plaguing the high fashion industry. Recognizable high-end brands like Prada, Gucci, and Versace have regularly been victimized. These high-priced luxury items, including Rolex watches, Hermes handbags and Dior fragrances, are particularly attractive targets for counterfeiters, as the resale value of seemingly…

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Ransomware Shifts Focus to Smaller Companies as Top 10 Gangs Dominate Attacks

Ransomware actors are increasingly targeting smaller companies, particularly those with revenues ranging from $10 million to $50 million, according to a recent report by Kovrr, a cyber-risk quantification platform. The rationale behind this shift appears to be the smaller IT budgets and less security expertise available in such entities, rendering them easier targets. “They’re willing…

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Navigating the Tightrope: Corporate Social Responsibility, Legal Concerns, and the Barbie Film Controversy

In the wake of the controversial reception of the new Barbie film, the debate over its allegedly “woke” and “feminist” messages has taken the public and legal domain by storm. This comes in response to a number of commentators across the US, expressing their concern through various acts of protest, including, shockingly, the burning of…

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Connected-Vehicle Data Privacy Takes the Spotlight in California Investigation

Automakers are eager to capitalize on consumer data gathered from internet-connected vehicles, but privacy watchdogs are urging for more scrutiny before this potential source of revenue becomes too difficult to regulate. The Enforcement Division of the California Consumer Privacy Protection Agency (CCPPA) announced this week it would review the data privacy practices of connected-vehicle (CV)…

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EU Batteries Regulation Shifts Focus to Sustainability, Recycling, and Supply Chain Due Diligence

In a move that’s poised to greatly affect the design, production, and waste management sectors of the battery industry across the European Union, the new EU batteries regulation is set to instate enhanced sustainability, recycling, and safety requirements. This development is of critical importance to all our esteemed readers who are engaged in legal advisories…

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Florida’s Concealed Carry Law Revisions: Implications for Leasing Industry and Property Owners

Effective July 1, 2023, new revisions to the Florida statutes allow individuals to carry concealed weapons without a permit, a move that holds significant implications for those involved in the leasing industry in the state. Interested parties can still obtain permits from the Florida Department of Agriculture and Consumer Services, ensuring a level of choice…

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FDA Issues Draft Guidance to Accelerate Development of Medical Devices to Combat Opioid Crisis

The U.S. Food and Drug Administration (FDA) continues to take proactive steps in the battle against opioid misuse. The FDA has recently made public draft guidance regarding the study and testing of medical devices for treating opioid use disorder (OUD), as noted by Knobbe Martens. These newly-proposed guidelines align with the FDA’s established Overdose Prevention…

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US Auto Loan Market Experiences Tightening Lending Standards and Weakening Demand Amid Economic Uncertainty

On July 31, the Board of Governors of the Federal Reserve System (the Federal Reserve) issued its July Senior Loan Officer Opinion Survey on Bank Lending Practices. The survey addressed changing variations in the standards, terms, and demands for bank loans catering to businesses and households in the second quarter of 2023. According to the…

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Exploring Troutman Pepper’s Weekly Consumer Financial Services Newsletter: Insights and Updates for August 2023

Troutman Pepper, a leading law firm with a deep focus on Consumer Finance Services, recently released their Weekly Consumer Financial Services Newsletter for August 2023. The firm continues its tradition of providing updated insights on proceedings impacting the Consumer Finance Services industry at both federal and state levels. In their most recent newsletter, Troutman Pepper…

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Texas Court Halts CFPB Rule on Lending Data Collection for Women-Owned, Minority-Owned, and Small Businesses

On Monday, the contentious issue regarding the implementation and enforcement of the Consumer Financial Protection Bureau’s (CFPB) final rule gained a preliminary injunction issued by a Texas federal district court, according to this article. The lawsuit challenging the validity of the Rule was based on Section 1071 of the Dodd-Frank Act. Nevertheless, this injunction was…

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Navigating the Legal Landscape: PFAS-Related Lawsuits and Implications for Consumer Product Industries

The rise in claims regarding per- and polyfluoroalkyl substances (PFAS) has caught the attention of many legal professionals, especially those engaged in the consumer products sector and related industries. Manufacturers, distributors, and retailers are amongst those being targeted by these lawsuits, increasing the necessity to comprehend the nature and types of these PFAS claims. Recent…

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CFPB’s Summer 2023 Supervisory Highlights: Lessons for Legal Professionals in Financial Compliance

On July 26, 2023, The Consumer Financial Protection Bureau (CFPB) issued its Summer 2023 Supervisory Highlights, as recounted on JD Supra. It describes key findings and unprecedented violations identified during examinations conducted between July 2022 and March 2023. The report has caught the attention of legal professionals and corporate entities engaged in the finance field…

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