When designing privacy protection regulation, regulators face a challenging trade-off. On one hand, individuals are reluctant to share their personal data due to concerns about potential abuse or misuse. To protect consumers' privacy, regulators may consider limiting or even prohibiting the collection of personal data. On the other hand, data play a vital role for data-intensive firms like fintechs, which rely heavily on personal information to screen and price borrowers. Privacy regulation could thus potentially hinder the growth of fintechs and weaken competition in the financial sector.
The top US consumer watchdog will closely monitor whether credit-card issuers follow through on their marketing promises of sign-up bonuses and other perks following Tuesday’s $250 million enforcement action against Bank of America Corp.
Today, the Consumer Financial Protection Bureau (CFPB) joined the State of Maine to help ensure that consumers receive critical consumer protections when taking out loans. Maine law incorporates the federal Truth in Lending Act. That law provides crucial consumer protections, including requiring lenders to provide precise information about the amount of a loan, its interest rate and other costs, and when it must be repaid. Why the consumer borrowed the money – not the label that the company sticks on the loan – determines whether the loan is covered by the law.
Takeaways: On June 30, 2023, in Kristen Hall v. Smosh Dot Com, Inc., DBA Smosh, et al., No. 22-16216 (9th Cir. June 30, 2023), the Ninth Circuit reversed the district court’s dismissal for lack of Article III standing of a class action under the Telephone Consumer Protection Act (the “TCPA”) and remanded the claim for further proceedings.
Without much fanfare, the Financial Crimes Enforcement Network (FinCEN) published in June its Spring 2023 Rulemaking Agenda, which provides proposed timelines for upcoming key rulemakings projected throughout the rest of 2023.
.jpg)
.jpg)