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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
Wednesday, February 17, 2021
On March 30, the Supreme Court will hear arguments on whether a damages class action, is permitted by Article III of the Constitution or Rule 23 of the Federal Rules of Civil Procedure where the majority of the class has suffered no actual injury. Notably, this is the first time the Supreme Court will apply the rulings of
Spokeo, which held that a plaintiff “cannot satisfy the demands of Article III by alleging a bare procedural violation,” to an entire class. The Supreme Court’s forthcoming decision will have significant implications on defenses to class actions, and could possibly expand liability for companies most often entangled in class actions with plaintiffs that have tenuous claims based only on statutorily created rights of action.
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On February 1, 2021, the Southern District of New York denied Jason Wimberley’s motion to file a second amended complaint finding that despite the liberal standard applied to
pro se pleadings, his proposed second amended complaint failed to state a claim under the Fair Credit Reporting Act (FCRA) against Experian Information Solutions (“Experian”).
Wimberley v. Experian Information Solutions, 2021 WL 326972 (S.D.N.Y. Feb.1, 2021).
The proposed second amended complaint contained twelve separate causes of action related to his student loans, including multiple counts for violations of FCRA and New York’s state law counterpart. Wimberley’s credit reporting claims were largely based on his contention that information regarding his student loans was reported beyond the statutory period.
Economy Explained: What Do Credit Reporting Agencies Do? gobankingrates.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gobankingrates.com Daily Mail and Mail on Sunday newspapers.
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February 18, 2021 4:00 AM Ashley Chorpenning - Forbes Advisor
Posted:
Updated:
February 19, 2021 9:12 AM
For most kinds of life insurance applications, the life insurance company will collect and evaluate a ton of information about you.
Although insurance companies have a lot of information from the application and, often, a life insurance medical exam, they also often tap resources for extra data, such as the MIB Group.
Who is the MIB Group?
Operating in the U.S. and Canada since 1902, the MIB Group is a member-owned corporation that provides underwriting services to life and health insurance companies. MIB’s services help insurers gather information about a person’s risk and eligibility for life, disability, health and long-term care insurance policies.