07.05.18
At the top of the list of priorities for the new Federal Trade Commission: taking stock.
Television personality Dr. Mehmet Oz reached a $5.25 million deal in a false advertising class action accusing him of overstating the benefits of dietary supplements promising weight loss.
Offering some hope to retailers facing litigation over allegedly false markdowns on price tags, the U.S. Court of Appeals, Ninth Circuit released an unpublished opinion upholding a California federal court decision that Kohl’s Department Stores did not have to pay restitution to the plaintiff.
Reversing prior precedent that prevented collecting sales tax from Internet retailers that do not have a physical presence in the state, the 5-4 Supreme Court said the case law didn’t reflect the current reality.
Consumer lenders doing business in California will be subject to the new consumer privacy requirements by 2020, under California’s version of the General Data Protection Regulation (GDPR).
The future of the Bureau of Consumer Financial Protection (CFPB) remains uncertain, as the nomination of a permanent director turned controversial, and a New York federal court ruled its structure unconstitutional.
In another news-heavy cycle, the Bureau of Consumer Financial Protection (CFPB) released a report on year-end credit card borrowing, dropped a potentially major RESPA-based investigation on co-marketing practices, and reached two major settlements.
Concerns about “regulation by enforcement” continue to make headlines as Rep. Blaine Luetkemeyer (R-Missouri) reached out to federal financial regulators to encourage a halt to this “unsettling trend.”
The California Department of Business Oversight (DBO) released a pair of reports on installment consumer lending for 2017, finding that the combined dollar amount of installment consumer loans by nonbanks in the state fell almost 10 percent over the prior year.
In testimony before both houses of Congress, Office of the Comptroller of the Currency (OCC) Comptroller Joseph M. Otting shared with lawmakers his priorities for the federal bank regulatory agency.