Consumer Protection News March 2017
The following is a compendium of information that may be of interest to our AG offices who are dealing with consumer protection issues. Neither the National Association of Attorneys General nor the National Attorneys General Training & Research Institute expresses a view as to the accuracy of the matters, nor as to the position expounded by the authors of the hyperlinked materials.
Comptroller of the Currency
FinTech and Federal Banking Charters
Comptroller of the Currency Thomas J. Curry said on March 6 during a large industry conference that financial technology firms receiving a federal charter would be subject to strict oversight. His remarks come in light of concerns that federal chartering would allow FinTech firms to evade state regulations and consumer protection.
Federal Trade Commission
FTC Website Dedicated to Economic Liberty
The FTC has launched a new website highlighting the agency’s new Economic Liberty Task Force. The task force addresses regulatory hurdles to job growth, including the proliferation of occupational licensing.
Privacy and Security Issues Related to Connected and Automated Vehicles
The FTC and the National Highway Traffic Safety Administration (NHTSA) will hold a workshop on June 28, 2017, in Washington, DC, to examine the consumer privacy and security issues posed by automated and connected motor vehicles. The workshop will include a variety of stakeholders, including industry representatives, consumer advocates, academics, and government regulators, to discuss various issues related to connected and automated vehicles that collect data.
Consumer Financial Protection Bureau
D.C. Circuit Court of Appeals case
The U.S. Department of Justice, at the request of the Office of the Solicitor General, has filed a request for extension until March 17 to file an amicus brief in the PHH v. CFPB case. The D.C. Circuit Court had granted rehearing en banc in the matter and vacated the holding from the three-judge panel that had held the agency’s single director structure to be unconstitutional.
The Court previously denied motions by\Democratic members of Congress, state attorneys general, and bureau opponents to intervene in CFPB litigation.
CFPB Seeking Comments on Plan for Assessing the Remittance Rule
The CFPB has released its plan to assess the effectiveness of the remittance rule and seeks public comment on the plan, including suggestions for sources of data, and, generally, to provide information that would help with the assessment.
CFPB Delays Prepaid Account Rules
The CFPB has proposed to delay the effective date of their rule governing prepaid accounts by six months. The proposal came as the result of some industry participants believing they will have difficulty complying with certain provisions of the rule by the current October 1, 2017, effective date.
Request for Comment or Information
The CFPB is proposing a new information collection titled “Student Loan Servicing Market Monitoring.” Comments are invited on (a) Whether the collection of information is necessary for the proper performance of the functions of the Bureau, including whether the information will have practical utility; (b) The accuracy of the Bureau's estimate of the burden of the collection of information, including the validity of the methods and the assumptions used; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; and (d) Ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology.
Supervisory Highlights Consumer Reporting Special Edition
This issue of Supervisory Highlights shares findings from recent supervisory examination observations in consumer reporting. These observations include findings from examinations at consumer reporting companies and at companies that furnish information to consumer reporting companies.
Consumer Insights on Managing Spending
The CFPB has published research on consumer challenges in tracking spending and keeping to a budget. The report describes approaches to helping consumer manage their spending.
CFPB Monthly Complain Report, Vol. 20 (February28, 2017)
NAAG Consumer Protection Spring Conference
The 2017 Spring Consumer Protection Conference will be held May 15 – 17 in Washington, DC. Regulator sessions will most likely include such matters as Targeting Consumer Outreach, Class Action Update, Case Study – A Look Inside a Multistate Case, Navigating the Multistate Landscape, Electronic Evidence, The Psyche of Elder Scams, and Legal Theories in a Sharing Economy. Federal agency briefings and presentations will also be included. Please note that the Multistate Roundtable (an update on the status ofmultistate groups and the various working groups) will be held on Monday morning, May 15. The multistate session is restricted to NAAG member staff only.
On Monday from 12 Noon until 7:00 PM, the private sector is invited to attend the conference. The open portion of the Spring Consumer Protection Conference agenda promises to address pressing and relevant issues in consumer protection. Open sessions will most likely include discussions concerning Disruptive Technologies, Class Action and CAFA, Spokeo One Year Later, Effectiveness of Notices and Disclaimers, and Social Media Marketing.
Mark Neil is the Editor of Consumer Protection News and may be reached at 202-326-6019. Consumer Protection News is a publication of the National Association of Attorneys General (NAAG). Any use and/or copies of this newsletter in whole or in part must include the customary bibliographic citation. NAAG retains copyright and all other intellectual property rights in the material presented in this publication. For content submissions or to contact the editor directly, please e-mail email@example.com.