This week, the House of Representatives passed the “Consumer Protection and Recovery Act” (H.R.2668) to give the Federal Trade Commission (FTC) enhanced ability to bring enforcement actions against fraudsters and scammers and collect monetary relief for consumers harmed.
Specifically, H.R. 2668 would amend Section 13(b) of the FTC Act to explicitly reaffirm the FTC’s authority to obtain injunctive and equitable relief, including monetary redress for consumers in court. Additionally, the bill makes it clear that the agency may pursue other kids of equitable relief, including restitution for losses, contract reformation and recession, monetary refunds, and the refund of property, as well as forcing bad actors to return their ill-gotten gains.
AFSA joined other trade associations in a letter to Congress in opposition to the bill as it would expand the FTC’s authorities and scope of cases where monetary relief can be rewarded well beyond fraud causes.
“We would like to see a bipartisan solution, one that gives the FTC the potential to pursue monetary relief but cannot support legislation without a reasonable statute of limitations, a differentiation between consumer protection and antitrust cases, and guidance as to when equitable relief is an appropriate remedy,” the trades wrote to Congress.
After the House passage of the H.R. 2668, the bill will be considered by the Senate, where its future remains unclear. AFSA is continuing to monitor and engage with Senate offices on this legislation.
This week, the House of Representatives passed the “Consumer Protection and Recovery Act” (H.R.2668) to give the Federal Trade Commission (FTC) enhanced ability to bring enforcement actions against fraudsters and scammers and collect… Read the rest
This episode of the AFSA Extra Credit Podcast is the third edition of our 50-state series, where we’ll be asking questions of financial services regulators around the country. We’ll make our way through all 50 states getting to know the regulators… Read the rest
The use of expanded Fair Credit Reporting Act (FCRA) – or alternative – data has continued to gain popularity among lenders and financial institutions. Today’s volatile economy, exacerbated by financial disparities created by the… Read the rest
Occasionally someone slips and says something they are thinking but know they should never actually say publicly. This is what happened to poor Sara Nelson-Pallmeyer of Exodus Lending, a Minnesota-based nonprofit that claims to “advocate… Read the rest
In this month of July, we should remember the role United States servicemembers play in defending and preserving the blessings of freedom for all Americans. The American Financial Services Association (AFSA) is pleased to support Military… Read the rest
AFSA’s login systems maintenance is now complete. Members should be able to access password-protected resources, including AFSA*Track, with no issue. If you do encounter an issue, please contact Dan Bucherer at dbucherer@afsamail.org… Read the rest
Senate Banking Committee Chair Sherrod Brown (D-OH) today announced that the committee would hold a hearing entitled, Protecting Americans from Debt Traps by Extending the Military’s 36% Interest Rate Cap to Everyone on July 29 at… Read the rest
President Biden issued an Executive Order (the “Order”) on issues related to market competition in the U.S. economy. Among other provisions, the Order calls on the Consumer Financial Protection Bureau (CFPB) to complete its rulemaking … Read the rest
To deliver a better user experience for all AFSA’s digital properties, we will begin upgrading Protech, its association management database, from July 12 through the 14th. The Protech system also controls Afsaonline.org login authentication… Read the rest
