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The change in the White House administration combined with a potential ground-breaking Supreme Court decision may move the oversight and enforcement for marketing by the fintech sector from the Federal Trade Commission (“FTC”) to the Consumer Financial Protection Bureau (“CFPB”). This would be a tectonic shift.
Up to the present, the FTC has been the primary federal watchdog prosecuting and investigating allegations of consumer fraud and deception in fintech. While the FTC has traditionally depended on administrative proceedings to prosecute perceived consumer harms, the FTC has increasingly relied on its authority under Section 13(b) of the FTC Act to bypass the administrative process and immediately seek relief in federal court. Though Section 13(b) explicitly references only injunctive relief, for the past decade, the FTC has aggressively pursued monetary relief in actions brought pursuant to Section 13(b). The
FTC Could Let Consumer Financial Protection Bureau Oversee Fintech natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.
Thursday, February 11, 2021
As anyone who has been through a corporate sale process can tell you, there is no such thing as a “standard” M&A transaction. Every deal is different and presents a unique set of challenges. This is especially true of transactions involving lead generation companies, which can be very different than businesses in other industries. Amongst other differences, companies in this space utilize a wide variety of customized commercial arrangements and are subject to numerous industry-specific regulatory requirements that buyers need to be aware of before making an investment in this space. In this article, we highlight the top 10 issues that buyer should diligence when considering acquiring a lead generation company. Sellers in this space should focus on eliminating any issues in these areas as well to make them a more attractive acquisition target.
National Foreclosure and Eviction Moratoria Extended
In late December 2020, prior to the change in Presidential administrations, the Department of Housing and Urban Development (HUD) announced an extension from December 31, 2020, to February 28, 2021, of its foreclosure and eviction moratoria for single-family FHA insured mortgages and REO properties due to the COVID-19 pandemic. This was the fourth extension of the FHA moratorium.
On January 19, 2021, one day before the change in Presidential administrations, the Federal Housing Financing Agency (FHFA), which regulates Governmental Sponsored Entities (GSEs) The Federal National Mortgage Association (Fannie-Mae) and The Federal Home Loan Mortgage Corporation (Freddie Mac), announced that it was extending the GSEs’ moratoria on single-family home foreclosures and real estate-owned evictions to February 28, 2021. This was the fifth extension of the GSEs’ foreclosure and eviction moratoria.
California’s New Mini-CFPB Law Largely Parallels Its Federal Cousin By Brian Casey and Jon Gillum | February 5, 2021
California recently adopted significant amendments to its financial code, resulting in what is now known as the California Consumer Financial Protection Law (CFPL), or colloquially as the California “mini-CFPB” Act. The California CFPL substantially mimics the federal Consumer Financial Protection Act, which was a key part of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
The federal Dodd-Frank Act, through its Consumer Financial Protection Act (CFPA), established the Consumer Financial Protection Bureau (CFPB) as the primary federal regulator of consumer financial products and services that are not overseen by another federal functional regulator. The California CFPL has renamed the state’s Department of Business Oversight as the Department of Financial Protection and Innovation (DFPI