Category: Financial Services

July 25, 2017

ICOs: Proceed with Caution

Today, the Securities and Exchange Commission (“SEC”) issued an investor bulletin and an investigative report. The investigative report found that companies involved in sales of digital assets via distributed ledger or blockchain technology may be engaged in conduct subject to federal securities laws. While this report is the first of its kind to address initial… Read More

November 21, 2016

Presidential Predictions For Financial Consumer Protections

In January 2017, the Obama Administration will transfer power to the incoming Trump Administration, and Congress will convene with a Republican majority in both houses. Predictions abound as to what legislative and regulatory changes will transpire under the new administration. Earlier this month, WSJ Pro hosted a live video event to discuss how the election… Read More

October 7, 2013

CFPB Shows It’s a Tough New Cop on the Beat With Case Against Payment Processor

On October 3, 2013, the Consumer Financial Protection Bureau announced it had filed a complaint in federal district court in Washington state against a leading debt-settlement payment processor, Meracord LLC, and its CEO.  The CFPB contends that Meracord helped third parties collect millions of dollars in illegal upfront fees from consumers. The complaint alleged violations… Read More

August 27, 2013

’60 Minutes’ Show Gets Facts All Wrong in Report on Credit Reporting Agencies

The credit reporting industry – dominated by Experian, Equifax and Transunion – maintains a precarious balance of obligations: On the one hand, these companies bear a responsibility to banks and other businesses at large to retain reliable information to ensure that the credit scores they report are a fair representation of the individual’s credit-worthiness. On… Read More

March 24, 2013

FTC Points to Key Issues in New World of Mobile Payments

Earlier this month, the Federal Trade Commission released a staff report outlining key issues facing consumers and companies as they adopt mobile payment services, entitled “Paper, Plastic . . . or Mobile? An FTC Workshop on Mobile Payments.” The report is based on a workshop held by the FTC in 2012 to examine the mobile… Read More

March 8, 2013

Is Equifax Selling Your Salary Information?

According to a recent NBC News report, Equifax, one of the three largest American credit reporting agencies, has assembled an enormous database containing employment and salary information for more than 190 million U.S. adults. Very few people knew of the existence of the database, but the information in it allegedly is being sold to third… Read More

December 31, 2012

Can ‘Disparate Impact’ Become the Basis for a Fair-Lending Claim?

As part of its aggressive program to protect consumers in financial matters, the Consumer Protection Financial Bureau (CFPB) has announced that it is prepared to adopt a controversial “disparate impact” theory of liability against lenders. A case that the U.S. Supreme Court may accept would have a major impact on whether the CFPB is actually… Read More

November 8, 2012

Why Is CFTC Planning to Appeal Judge’s Ruling in Dodd-Frank Case?

The Commodity Futures Trading Commission (CFTC) is apparently going to appeal a U.S. district judge’s ruling that had overturned its decision to impose limits on the number of contracts that commodity traders can hold. The CFTC had found that under the recently passed Dodd-Frank law, which amended the Commodity Exchange Act of 1936, it now… Read More