Go-To Guide:
- The Federal Trade Commission (FTC)’s 2023 annual report highlights significant enforcement actions and educational efforts, focusing on consumer protection under the Truth in Lending Act (TILA), Consumer Leasing
CFPB Issues Final Rule Requiring Certain Nonbanks to Report Final Public Orders and Submit Annual Compliance Reports
On May 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued a Final Rule (the Rule) requiring certain nonbank “covered persons” to report certain final public orders issued by a
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CFPB Warns Against Deceptive Fine-Print Tactics Targeting Consumers
On June 4, 2024, the CFPB released a circular cautioning companies against including unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. The circular asserts
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California Senate Passes State’s Version of Corporate Transparency Act
On Feb. 15, 2024, California Sen. Maria Elena Durazo (D-Los Angeles) introduced Senate Bill 1201 (SB 1201 or the Bill), which would impose new disclosure requirements on California companies. Amended
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SEC Adopts Cybersecurity Amendments to Regulation S-P
On May 16, 2024, the U.S. Securities and Exchange Commission finalized amendments to Regulation S-P (the Amendments) that largely adopt the proposed amendments the SEC issued in 2023. As discussed
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U.S. Appeals Court Vacates SEC Private Fund Adviser Rule
On June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit unanimously vacated a rule the Securities and Exchange Commission (SEC) enacted in August 2023 that was intended to protect investors who invest in certain private funds and prevent fraud by the investment advisers to Private Funds.
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CFPB Launches Public Inquiry into Rising Mortgage Closing Costs and ‘Junk Fees’
On May 30, 2024, the CFPB issued a new request for information (RFI) from the public regarding “why closing costs are increasing, who is benefiting, and how costs for borrowers
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FTC Takes Action Against Doxo, Citing Junk Fees
The FTC recently took action against bill payment company Doxo and its co-founders, accusing them of engaging in deceptive “junk fee” practices that harmed consumers. The FTC’s complaint alleges that Doxo used misleading search ads and deceptive designs to conceal millions of dollars in “junk fees.”
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New Florida Law Creates House Bill 3 Complaint, OFR Investigation Process, and Expands Applicability to Additional Financial Institutions
On May 2, 2024, Florida Gov. Ron DeSantis held a press conference where he signed Florida House Bill 989 (HB 989 or the Bill) into law. HB 989 amends section
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California AG Publishes FAQs on California’s ‘Junk Fee’ Law
On May 8, 2024, the California Attorney General released a list of frequently asked questions (FAQs) to help businesses comply with SB 478, California’s soon-to-be effective “Hidden Fees Statute,”
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