In this issue...
The CFPB and FTC jointly issued a report on their 2017 activities to combat illegal debt collection practices under the FDCPA; these activities included fielding consumer complaints, taking law enforcement actions, banning illegal actors, and educating the public about their rights.
The GAO issued two reports directed toward financial services:
The Financial Stability Board announced several items ahead of the G20 meeting, including:
The CFPB released the ninth in a series of Requests for Information, this time seeking comment on whether it should amend regulations or exercise the rulemaking authorities that it inherited from other federal government agencies, including potential updates or modifications and any aspects of the inherited regulations that should not be modified.
The House of Representatives passed and has sent the following bills to the Senate for consideration:
The House Financial Services Committee approved and reported eight bills to the House of Representatives for consideration, including H.R. 4790, the Volcker Rule Regulatory Harmonization Act, which would give the Federal Reserve the exclusive rulemaking authority for the Volcker Rule and exempt banks with less than $10 billion in total consolidated assets.
The D.C. Court of Appeals overturned two provisions of the FCC's 2015 Omnibus Declaratory Ruling and Order interpreting the Telephone Consumer Protection Act (TCPA): the FCC's definition of an automatic telephone dialing system and the FCC's one-call "safe harbor" for calls placed to phone numbers previously assigned to a consenting individual but reassigned to a nonconsenting individual.
The FTC charged four individuals with violating the FTC Act’s prohibitions against unfair or deceptive acts or practices, alleging that they promoted deceptive money-making schemes involving cryptocurrencies.