CFPB, Federal Agencies, State Agencies, and Attorneys General
An Illinois federal district court has ruled that Section 19 of the FTC Act provided an alternate route for the FTC to obtain restitution after its prior restitution award under Section 13(b) of the FTC Act was vacated by the Fifth Circuit because it concluded that monetary relief is not available under Section 13(b).
In…
In a decision issued earlier this summer, the U.S. Court of Appeals for the Seventh Circuit vacated the district court’s order awarding restitution, mandating civil penalties, and issuing an injunction in an action brought by the CFPB against two mortgage-assistance relief companies and four lawyers associated with the companies. The decision imposes significant limitations on…
Despite the pendency in the Tenth Circuit of a constitutional challenge to a CFPB administrative order that requires a lender and its CEO to pay restitution and civil money penalties, a Kansas federal district court recently refused to stay enforcement of the order.
Earlier this week, FTC Acting Chairwoman Rebecca Kelly Slaughter sent a letter to the Chair and Ranking Member of the House Commerce Committee responding to a letter sent to the lawmakers by the U.S. Chamber of Commerce regarding the legislation that has been introduced to amend Section 13(b) of the FTC Act. The legislation (H.R.…
The Federal Trade Commission recently announced that it has settled the lawsuit it filed against Yellowstone Capital LLC, a provider of merchant cash advances, and its chief executive officer and president for alleged unfair and deceptive conduct in violation of section 5 of the FTC Act, 15 U.S.C. § 45.
In its Complaint, the FTC…
On April 20, 2021, in anticipation of an adverse Supreme Court ruling, the Senate Committee on Commerce, Science, and Transportation held a hearing titled, “Strengthening the Federal Trade Commission’s Authority to Protect Consumers.” Two days after the hearing, on April 22, 2021, the U.S. Supreme Court ruled that Section 13(b) of the Federal Trade Commission…
In a unanimous decision, the U. S. Supreme Court ruled today that Section 13(b) of the Federal Trade Commission Act (Act) does not authorize the FTC to seek, and a court to award, monetary relief such as restitution or disgorgement.
In AMG Capital Management, LLC v. FTC, the FTC filed a lawsuit in federal…
Last week, in FTC v. AbbVie Inc., the U.S. Court of Appeals for the Third Circuit ruled that Section 13(b) of the Federal Trade Commission Act, which expressly gives the FTC authority to obtain injunctive relief, does not allow a district court to order disgorgement. In July 2020, the U.S. Supreme Court agreed to…
Last Thursday, in addition to agreeing to decide an issue of major significance under the Telephone Consumer Protection Act, the U.S. Supreme Court agreed to decide whether Section 13(b) of the Federal Trade Commission Act, which expressly gives the FTC authority to seek injunctive relief, also authorizes the FTC to seek monetary relief, such…
A letter recently sent by House Financial Services Committee Chairwoman Maxine Waters to CFPB Director Kathy Kraninger will undoubtedly be followed in the coming months by many similar letters to the CFPB from the Committee’s new Democratic leadership.
In the letter, Chairwoman Waters raises concerns “about how the Consumer Bureau is exercising its enforcement activity,…
