Trump Administration guts agency’s enforcement abilities
The administration of President Donald J. Trump, largely through Elon Musk’s Department of Government Efficiency, is moving rapidly to shut down the Consumer Financial Protection Bureau ("CFPB").
The Consumer Financial Protection Bureau (“CFPB”) is making it a priority to monitor credit card rewards programs and crack down on unfair or deceptive acts that prevent consumers from obtaining the advertised benefits of these programs.
The Consumer Financial Protection Bureau (“CFPB”) has survived a Supreme Court challenge that threatened to render its source of funding unconstitutional. In CFPB v. Community Financial Services Assoc. of America, the Supreme Court, by a ruling of 7-2, approved the ability of the Federal Reserve to provide operational funds to the CFPB. Opponents of the CFPB unsuccessfully argued that the only permissible means of funding should be a congressional appropriation.
Andrew Lustigman, Chair of Olshan's Advertising, Marketing & Promotions Group and Co-Chair of the firm’s Brand Management & Protection Group, published an article in Bloomberg Law entitled “New Laws, Consumer Actions Will Help Us Say Goodbye to Junk Fees.” In the article, Andy discusses the increasing significance of surcharges and undisclosed fees impacting consumer purchasing decisions.
Federal Court rules CFPB funding mechanism is unconstitutional
Happy holidays! As we enter a new year, Olshan’s Advertising & Branding groups share their list of current hot topics in advertising law. In no particular order (drum roll please), here is our top 10 list:
The Consumer Financial Protection Bureau announced in July 2017 a new rule banning financial service companies from including mandatory arbitration clauses in their agreements with consumers that include a class action waiver.