The California Department of Financial Protection and Innovation (DFPI) has released its final regulations under the California Consumer Financial Protection Law (CCFPL), which will come into effect on October 1, 2023. The newly released regulations will impact a broad range of industry professionals who provide commercial financial products and services. The CCFPL focuses primarily on…
In a recent development, a California Appeals Court overturned a previous ruling stating that alleged debt was insufficient to file a claim under the Rosenthal Fair Debt Collection Practices Act (Rosenthal Act). The appeals court revised this lower court’s interpretation, which had previously posited that only debts that were ‘in fact, actually due or owing’…
In an unprecedented move, the Federal Reserve Board (FRB) has recently announced its intent to create a new, risk-focused Novel Activities Supervision Program (NASP) as a step towards strengthening their supervision over regulated banks involved with crypto-assets and blockchain technology. The program will also scrutinize the complex, technologically advanced relationships between these regulated banks and…
On September 6, 2023, the Minnesota Attorney General’s Office initiated investigations into the operations of more than 50 student-loan debt-relief companies. These probes came amidst suspicions of these companies violating consumer protection laws within the state of Minnesota. This news was announced by Shipkevich PLLC. Interestingly, many of the targeted companies are based in California….
In a pivotal federal case, a Texas district court is prepared to decide on cross-motions for summary judgment in a Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) proceeding that now includes a discrimination lawsuit. The U.S. Chamber of Commerce, along with six other trade groups, lodged this legal battle against the Consumer Financial Protection…
In a significant regulatory update, the Federal Deposit Insurance Corporation (FDIC) has rated a fintech bank as needing improvement in its adherence to the Community Reinvestment Act (CRA), amidst allegations of FTC Act violations. This rating emerged from the FDIC’s latest list of nonmember banks examined for CRA compliance. The details released by the FDIC…
On September 6, 2023, Lyon Real Estate reported a data breach, a significant event for global entities that are increasingly focused on protecting their sensitive consumer data. The report was filed with the Attorney General of California, as Lyon Real Estate had found that an unauthorized party was able to gain access to the company’s…
In an official notice filed with the Attorney General of Maine on September 7, 2023, Lifeline Systems Company (“Lifeline”) disclosed a significant data breach involving the unauthorized access to sensitive customer information. The company has confirmed that personal data of over 74,000 customers have been exposed as a result of the breach. The incident marks…
In a recent development, the Federal Deposit Insurance Corporation (FDIC) declared that it is set to launch a new Banker Engagement Site (BES) this month through FDICconnect. This innovative tool aims to serve as the fundamental channel for exchanging examination planning and other related information required for consumer compliance and Community Reinvestment Act (CRA) activities….
A recent third-party data breach has led to unauthorized access to an unknown number of Janssen CarePath customers’ private data, shedding light once more on the increasing threat that cyberattacks pose for corporations worldwide, especially those handling sensitive consumer information. According to a press release issued by IBM on September 6, 2023, the data breach…
In a recent turn of events that will significantly impact the world legal spectrum, the Southern District of New York (SDNY) has dismissed an economic injury class action in a case citing express over-the-counter (OTC) preemption. This decision sets a noteworthy precedent that is expected to have far-reaching implications for consumer protection and economic loss…
Yesterday, on September 7, 2023, the U.S. Senate Committee on Banking, Housing, and Urban Affairs convened for a hearing titled, “Perspectives on Challenges in the Property Insurance Market and the Impact on Consumers”. This crucial discussion dissecting the myriad difficulties that riddle the property insurance market and their direct repercussions on the consumer populace was…
Subject to the leadership of Chair Lina Kahn, the Federal Trade Commission’s (FTC) privacy and consumer protection enforcement program has entered a transformative period. Observers within the legal profession are flagging up three fresh areas of scrutiny this year: pixel tracking, dark patterns in consumer interfaces, and artificial intelligence (AI). As reported by JDSupra, pixel…
In an intriguing development in the legal landscape of consumer finance, the Consumer Financial Protection Bureau (CFPB) has announced its decision to pursue rulemaking targeting data brokers. This announcement came on August 15, 2023, following a related request for information (RFI) earlier this year. This rulemaking initiative by the CFPB could bring about a considerable…
In a proactive turn of events regarding counterfeit online reviews, the Federal Trade Commission (FTC) and six state attorneys general coordinated efforts to resolve an enforcement case against Roomster, a renowned apartment listing platform. The action comes on the heels of the agency spotlighting deceptive online reviews and endorsements in its recent guidance on the…
In a recent development, Amerita, a subsidiary of PharMerica, confirmed a significant data breach involving the leakage of tens of thousands of patients’ health information. The breach was discovered on September 6, 2023, after which the company duly filed a notice of data breach with the Attorney General of Texas. America revealed that an unauthorized…
In 2023, the New England and First Circuit Class Action Tracker took flight, serving as an analytical tool for observing class action litigation trends in Massachusetts, Maine, New Hampshire, and Rhode Island. Since its inception, an alarming trend of cybersecurity and data privacy class action filings has been noticed in the New England area. The…
Amid a wave of consolidation in the mortgage technology industry, the Federal Trade Commission (FTC) is stepping in to safeguard competition. The FTC recently settled with Intercontinental Exchange, Inc. (ICE) and Black Knight, Inc., resolving allegations that the duo’s proposed merger would raise antitrust issues. The two firms rank as the nation’s largest providers of…
In recent legal news, a state-chartered bank, the name of which is not disclosed, reached a proposed consent order with the United States Department of Justice (DOJ) to resolve allegations of discriminatory practices known as ‘redlining’. The claim pointed to violations of the Fair Housing Act and the Equal Credit Opportunity Act (ECOA). According to…
A consortium of companies that once offered credit repair services, though now bankrupt, have agreed upon a colossal $2.7 billion settlement with the Consumer Financial Protection Bureau (CFPB) in order to amicably resolve a previously outstanding lawsuit by the agency. The details of this significant legal outturn can be read here. In the year 2019,…
Key developments in the payments industry, including digital assets and blockchain, have seen significant movements in August 2023. Major updates of interest include legislative changes from Germany, regulatory inquiries from the UK Payment Systems Regulator, and new legal framings for virtual assets in Namibia. In Europe, Germany’s Ministry of Finance has begun soliciting feedback on…
Legal professionals worldwide, and especially those operating in Pennsylvania, need to carefully navigate the intricacies of the Unfair Trade Practices & Consumer Protection Law (UTPCPL). The UTPCPL is a state statute that specifically prohibits “unfair methods of competition” and “unfair or deceptive acts or practices”. The law and its implementing regulations are tailored towards companies…
Product Liability is an essential topic in business law, particularly significant to corporations and legal professionals. Clarifying the understanding of product liability claims helps these professionals adeptly navigate related legal scenarios, potentially preventing litigation or adeptly defending against it. This subject is particularly crucial in Florida, where the state law distinctly categorizes product liability claims…
August 2023 marked another engaging month in the sphere of the International Trade Commission (ITC) law, as a variety of impactful legal developments came to the surface. The month was particularly highlighted by a new complaint filed for a violation of Section 337 in the ITC. The filing was initiated by a single complainant, a…
Philips, the electronics multinational conglomerate, has reached a settlement for $479 million in response to a swath of lawsuits brought forward by consumers. These lawsuits center around Philips’ recalled CPAP (Continuous Positive Airway Pressure) and other associated breathing machines, which have been connected to instances of cancer. This class action settlement, confirmed last Thursday, is…