Scammers are all about spinning lies, but they still operate in the real world. Many scammers pretend to be well-known businesses to gain trust and make their stories seem more believable.[1],[2
BALTIMORE, MD (May 24, 2024) – Attorney General Anthony G. Brown has joined a multistate coalition of 19 attorneys general in filing an amicus brief in National Automobile Dealers Association et al. v. FTC, supporting the Federal Trade Commission’s (FTC) defense of its new Combating Auto Retail Scams (CARS) Trade Regulation Rule.
Consumer Financial Protection Bureau v. Community Financial Services Ass’n of America, Ltd., 22-448. By a 7-2 vote, the Court held that Congress’s manner of funding the Consumer Financial Protection Bureau (CFPB) satisfies the Appropriations Clause. In response to the 2008 financial crisis, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB as an independent financial regulator within the Federal Reserve System.
The result of the CFPB’s multi-year study of the BNPL industry is what the CFPB calls an interpretive rule in which it finds that: (1) “digital user accounts” (each a “DUA”) that may be used to access credit are “credit cards” under Regulation Z; (2) the lenders that issue such accounts are “card issuers;” and (3) that as it relates to traditional BNPL loans (loans that are payable in four or fewer installments with no finance charge) these card issuers are “creditors” subject to subpart B of Regulation Z—the provisions typically applicable to open-end credit.
In a notable ruling, the U.S. Supreme Court has upheld the funding structure of the Consumer Financial Protection Bureau (CFPB), concluding that it does not violate the Constitution’s separation of powers clause. Justice Clarence Thomas authored the decision, which passed with a 7-2 majority. Justices Samuel Alito and Neil Gorsuch dissented.
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