FTC’s Comment on ECOA and Regulation B Signals Continued Focus on Small Business LendingLast year, the CFPB issued a notice and request for information on the Equal Credit Opportunity Act (ECOA) and Regulation B. Specifically, the CFPB sought “comments and information to identify opportunities to prevent credit discrimination, encourage responsible innovation, promote fair, equitable, and nondiscriminatory access to credit, address potential regulatory uncertainty, and develop viable solutions to

FTC and NY AG Target Merchant Cash Advance CompaniesOn June 10, 2020, the Federal Trade Commission and the  New York Office of the Attorney General filed actions against two merchant cash advance (MCA) companies – RCG Advances and Ram Capital Funding – and individuals associated with both companies in the Southern District of New York and the Supreme Court of the State of

FTC Imposes $110 Million Fine Against Payment Facilitator and Its ExecutivesPayment processor/facilitator Allied Wallet, its CEO, and two other corporate officers, recently agreed to settle Federal Trade Commission (FTC) charges that they assisted or knowingly processed fraudulent transactions for merchant-clients. This action indicates that enforcement actions against payment processors are alive and well, despite the FTC’s previously announced end of “Operation Chokepoint,” which, among other

First Federal Legislation Proposed Relating to Protection of BiometricsAmidst privacy concerns and booming technological innovation, Sens. Roy Blunt (R-Mo.) and Brian Schatz (D-Hawaii) have introduced a bill proposed as the “Commercial Facial Recognition Privacy Act of 2019” (CFRPA) targeting arguably the most “personal” biometric identifier—our face. While several states have enacted legislation relating to protection of biometric identifiers, this is the

Five Privacy Practices Every Company Should Address in the Wake of the FTC’s Enforcement Action against PayPalPrivacy is serious business. This was made clear in the Federal Trade Commission’s (FTC) recent announcement that it had settled its complaint against Venmo, PayPal’s peer-to-peer payment service, for misrepresentations to consumers regarding privacy and security settings. Although the terms of the settlement do not become final until approval by the FTC on or about