The FTC is seeking public comment on proposed changes to the Used Car Buyers Guide required by the agency’s Used Car Rule. The FTC's Press Release is http://www.ftc.gov/opa/2012/12/usedcarrule.shtm. The FTC also issued a final rule that makes technical corrections and revises the Spanish translation of the Buyers Guide. The Used Car Rule, formally known as the Used Motor Vehicle Trade Regulation Rule,… Read More
On November 29, 2012, the FCC issued a Declaratory Ruling that sending a one-time confirmatory text message within five minutes of receipt of a consumer's request that no further text messages be sent does not violate the TCPA or the FCC's rules as long as the sender had prior express consent to send text messages using an automatic telephone dialing system. The FCC… Read More
Communications Innovators filed a Petition for Declaratory Ruling before the FCC, who set the deadline for commentary as November 15, 2012, and the replies due November 30, 2012. The FCC’s inquiry suggests breadth that might not only include purported ‘dual purpose’ calls, but also what an ATDS is. A copy of the Petition is here and the FCC's Request for Comment is here. Read More
On January 2, 2013 the Consumer Financial Protection Bureau (CFPB) starts its supervision of large debt collection firms that account for 63 percent of the market. The CFPB announced Final Rule on Wednesday. The CFPB will regulate 175 debt collection firms that each bring in more than $10 million in annual receipts. See the live-blog entries from the CFPB's roundtable as to what… Read More
The CFPB's and FTC's amicus brief urges the Supreme Court to overturn the Marx decision of the U.S. Court of Appeals for the Tenth Circuit, where Ms. Marx sued General Revenue Corporation under the FDCPA. Marx lost. The 10th Circuit ruled that Marx was responsible for paying more than $4,500 to cover the debt collector’s litigation costs, even though she… Read More
Yesterday, the FTC prevailed against the National Automobile Dealers' Association's challenge to the FTC's Risk Based Pricing Rules under FACTA. The FTC's Motion to Dismiss was granted and the NADA's Summary Judgment Motion was denied. (National Auto. Dealers Ass'n v. F.T.C., --- F.Supp.2d ----, 2012 WL 1854088 (D.D.C. 2012) Judge Huvelle summarized the case as follows: The National Automobile Dealers… Read More
The Federal Trade Commission has issued an advisory affirming consumers' rights under the FTC's Holder Rule which protects the rights of consumers who make a purchase using credit obtained through the merchant. The Rule, formally known as the "Trade Regulation Rule Concerning Preservation of Consumers' Claims and Defenses," protects consumers when merchants sell a consumer's credit contracts to other lenders. Specifically, it… Read More
Today, the CFPB issued its Proposed Rule Defining Larger Participants in Certain Consumer Financial Product and Service Markets. The CFPB explained the background of the Proposed Rule and CFPB's authority for issuing it: The Consumer Financial Protection Act of 2010 (Act)1 established the Bureau of Consumer Financial Protection (Bureau) on July 21, 2010. One of the Bureau’s key responsibilities under… Read More
The FCC today issued its Final Telemarketing Sales Rule today. As to debt collection calls, the FCC noted the distinction between land-lines and cellular telephones, as well as affirming that debt collectors can obtain either oral or written consent to call consumers on their cellular telephones using an autodialer: Moreover, while we revise our consent rules to require prior written consent… Read More
To quote the Church Lady: "Well isn't that special". The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) have signed an agreement to coordinate efforts to protect consumers and avoid duplication of federal law enforcement and regulatory efforts. “The FTC has always been committed to protecting consumers and legitimate companies from bad actors in the financial marketplace,”… Read More
The Federal Trade Commission will host its third roundtable on November 17, 2011, in Washington, D.C., to gather information on consumers’ experiences in the leasing of motor vehicles at dealerships. The roundtable also will address what has been learned about auto sales, financing and leasing at all of the roundtables; what consumer and business education initiatives would be useful; and… Read More
As part of the Federal Trade Commission’s systematic review of all FTC rules and guides, the agency is seeking public comment on its Rules and guidance regarding product warranties under the Magnuson-Moss Warranty Act. The agency is seeking comment on the FTC’s Interpretations of the Magnuson-Moss Warranty Act, the FTC’s Guides for the Advertising of Warranties and Guarantees, and three… Read More
The FTC issued a staff report, that compiles and updates the agency’s guidance on the Fair Credit Reporting Act (FCRA), the 1970 law designed to protect the privacy of credit report information and ensure that the information supplied by credit reporting agencies is as accurate as possible. A credit report contains information about a consumer’s personal and credit characteristics, character,… Read More
The FRB issued a proposed rule under Reg B that car dealers need not comply with certain data collection requirements in Dodd-Frank until the FRB issues final regulations. Dodd-Frank amended ECOA to require creditors to collect and report information concerning credit applications made by women-owned or minority-owned businesses and small businesses. Public comment on the proposed rules must be submitted by… Read More
The FRB and the FTC issued final rules implementing Dodd-Frank's credit score disclosure requirements, amending their January 10, 2010 interim risk-based pricing rules to require disclosure of credit scores and information relating to credit scores in risk-based pricing notices if a credit score of the consumer is used in setting the material terms of credit. If a credit score is used in… Read More
The Federal Trade Commission will host its second roundtable to gather information on consumers’ experiences in the sale and financing of motor vehicles at dealerships. The roundtable will be held in San Antonio, Texas, on August 2-3, 2011, and will cover topics regarding military consumers’ experiences in buying and financing motor vehicles, the role of financial literacy in consumers’ understanding… Read More
Yesterday, the FCC issued an Order implementing the Truth-in-Caller-ID Act, here. The FCC's press release explained: Increasingly, bad actors are altering or manipulating caller ID information—known as caller ID spoofing—to further a wide variety of malicious schemes, from identity theft to placing false emergency calls to SWAT teams. Using spoofing services accessible through the web or prepaid cards, anyone can… Read More
In a comment submitted to the Federal Communications Commission, the FTC urged its sister agency to hold that sellers of goods and services should be held responsible for sales calls made by others on their behalf, even if the seller did not physically place the calls. The FTC stressed that the FCC should not allow such sellers to escape liability… Read More
As part of its ongoing efforts to ensure that auto dealers’ financing practices comply with federal consumer protection laws, the Federal Trade Commission has completed investigations of nearly 50 automobile dealers across the country to assess their compliance with the FTC’s Rule Concerning Preservation of Consumers’ Claims and Defenses, more commonly known as the “Holder in Due Course” Rule. The… Read More
We posted notice of the FTC's Conference on Motor Vehicle Sales and Financing. The FTC posted transcripts from the Conference at Sess 1, Sess. 2, Sess. 3, and Sess. 4. Read More
