WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a new report that suggests consumers tend to pay more for products that have more complex pricing structures. The report is based on experiments with multiple rounds of buyers and sellers interacting in simple markets, and found that participants tended to pay more when prices were broken into sub-parts and were harder to understand.
On April 6, 2024, Maryland's legislature passed a comprehensive privacy bill, the Maryland Online Data Privacy Act (MODPA), and sent it to the state's governor for signature. If enacted, the law would take effect on October 1, 2025, and become one of the strictest to date compared to other recently passed privacy laws.
On April 23, 2024, the Federal Trade Commission (FTC) voted 3-2 in favor of issuing a final rule that will essentially ban employers’ use of non-compete agreements in the workplace.
The Consumer Financial Protection Bureau (CFPB) has released two Supervisory Highlights for Spring 2024, covering Fair Credit Reporting Act (FCRA) Compliance, Supervision, Credit Reports, Scores and Identity Theft and Mortgage Servicing, Unfair, Deceptive, or Abusive Acts or Practices (UDAAPs), Deceptive Practices, and Mortgages. These Supervisory Highlights identify various issues and offer guidance to organizations on ensuring compliance with federal regulations concerning credit reporting and mortgage loan operations. If your focus is on mortgage servicing or credit reporting, these two CFPB Supervisory Highlights are for you.
On April 26, 2024, Financial Business and Consumer Solutions, Inc. (“FBCS”) filed a notice of data breach with the Attorney General of Maine after discovering unauthorized access to certain systems in its network
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