The number of enforcement actions by the Consumer Financial Protection Bureau (CFPB) more than doubled from 2019 to 2020. The CFPB made clear that cracking down on deceptive and unfair acts and practices under the Consumer Financial Protection Act of 2010 (CFPA) remains a core focus, with 11 of the 15 complaints it filed last […]
Unfair, Deceptive and Abusive Acts or Practices (UDAAP)
Misrepresentation and Deception: Government Enforcement Agencies Ready to Litigate
A&B ABstract: The COVID-19 pandemic appears to be drafting the attention to consumer protection regulators to products that were active after the 2008 recession. In the midst of the global pandemic, with unemployment rates surging to unprecedented levels, consumer protection regulators appear focused on areas where cash-strapped consumers may turn, such as credit repair, payday […]
Federal and State Guidance Regarding the COVID-19 Pandemic
A&B Abstract: The Alston & Bird Consumer Finance team recognizes that this is a period of great uncertainty both for the nation and our clients. We have received numerous questions and concerns regarding what federal and state regulators are doing in light of the COVID-19 pandemic and how their response may affect day-to-day business. We […]
CFPB Issues Policy Statement on Dodd-Frank “Abusiveness” Standard, But Important Uncertainties Remain
A&B ABstract: The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) issued a Policy Statement to provide a framework for how it intends to apply the Dodd-Frank Act’s “abusiveness” standard going forward in its supervision and enforcement activities. While this framework attempts to provide clarity where the Dodd-Frank Act left uncertain what acts and practices […]
FTC to Settle Charges of Deception with Marketer of Consumer Financial Products
A&B ABstract: The Federal Trade Commission (“FTC”) recently announced an administrative complaint and proposed settlement against a marketer of consumer financial products that highlights potential compliance issues with product and service reviews, particularly entities that provide “pay-to-play” rankings and ratings. Discussion: On February 3, 2020, the Federal Trade Commission (“FTC” or “Commission”) announced an administrative […]