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Financial Services Law Insights and Observations

FTC Provides Annual Financial Acts Enforcement Report to CFPB and Federal Reserve

CFPB FTC Payday Lending TILA Auto Finance Electronic Fund Transfer U.S. Senate U.S. House Consumer Leasing Act

Consumer Finance

On June 9, the FTC announced that it has provided to the CFPB its 2014 Annual Financial Acts Enforcement Report. The report highlights the FTC’s enforcement, research, rulemaking, and policy development activities with respect to the Truth in Lending Act (Regulation Z), the Consumer Leasing Act (Regulation M), and the Electronic Fund Transfer Act (Regulation E). Areas detailed within the report include enforcement actions related to non-mortgage credit, including auto finance and payday lending, mortgage loan advertising, and forensic audit scams; and consumer and business outreach related to truth in lending requirements.  The report, submitted on May 29, will be used to prepare the CFPB’s Annual Report to Congress. The FTC also submitted a copy of the report to the Federal Reserve Board.

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