Downloading an app, buying a product or service, or otherwise interacting with a company frequently requires consumers to consent to multi-page contracts. In a new proposed rule, the CFPB would require nonbank financial companies subject to the CFPB’s supervisory jurisdiction to register any use of such form contracts if they contain terms that seek to waive or limit consumer rights and legal protections. 

Ioana Gorecki 
IGorecki@kelleydrye.com
(202) 342-8417
Bio - https://www.kelleydrye.com/Our-People/Ioana-Gorecki

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CFPB Tackles Fine Print in Consumer Financial Contracts

On February 9, the FTC provided the CFPB with its annual summary of activities enforcing the Equal Credit Opportunity Act (ECOA). The release of this summary provides a great opportunity for a round-up and some updates on new developments in this space over the past year.

https://www.adlawaccess.com/2023/02/articles/ecoa-and-beyond-recent-updates-and-developments-in-discrimination-enforcement/

Ioana Gorecki
IGorecki@kelleydrye.com
(202) 342-8417
Bio - www.kelleydrye.com/Our-People/Ioana-Gorecki

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ECOA and Beyond- Recent Updates and Developments in Discrimination Enforcement

Last week, a mental-health chatbot used by the National Eating Disorder Association suddenly began giving diet advice to people seeking help for eating disorders. The rogue chatbot had apparently been developed as a closed system, but the software developer rolled out an AI component to the chatbot in 2022. NEDA claims it was not consulted about the update and did not authorize it. The organization has now taken the chatbot offline.

https://www.adlawaccess.com/2023/06/articles/when-chatbots-go-rogue/

Kate White
kwhite@kelleydrye.com
(202) 342-8855
https://www.kelleydrye.com/Our-People/Katherine-White

Ioana Gorecki
igorecki@kelleydrye.com
(202) 342-8417
https://www.kelleydrye.com/Our-People/Ioana-Gorecki

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When Chatbots Go Rogue

As the Supreme Court deliberates over the Fifth Circuit’s ruling that the CFPB’s funding method is unconstitutional, another court in the Fifth Circuit dealt a blow to the CFPB’s aggressive agenda. On Friday, the District Court for the Eastern District of Texas invalidated the Bureau’s March 2022 updates to its examination manual that instructed CFPB examiners to determine whether financial institutions and service providers adequately protect against discrimination, including disparate impact. If it holds in likely appeals, the decision could have a far-reaching impact on both the CFPB’s and the FTC’s attempts to use their unfairness authority to bring enforcement to remedy perceived discriminatory practices, as well as other attempts by both agencies to broadly interpret statutory grants of authority and use them in novel and untested ways.

https://www.kelleydrye.com/viewpoints/blogs/ad-law-access/texas-court-puts-hold-on-cfpbs-use-of-unfairness-authority-to-include-discrimination

Donnelly McDowell
dmcdowell@kelleydrye.com
(202) 342-8645
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Texas Court Puts Hold on CFPB's Use of Unfairness Authority to Include "Discrimination"

A bipartisan coalition of 42 Attorneys General, led by Iowa, Nebraska, and Tennessee, and the Consumer Financial Protection Bureau (CFPB) announced a $35 million settlement with Tempoe LLC, a specialty consumer finance company. The multistate settlement resolves claims that the company’s marketing sales practices misled consumers that they signed up for an installment plan or credit sale to purchase personal goods and services, when in fact they ended up leasing the items.

https://www.kelleydrye.com/viewpoints/blogs/ad-law-access/state-ags-and-cfpb-stop-tempoes-rhythm

Paul Singer
psinger@kelleydrye.com
(202) 342-8672
www.kelleydrye.com/Our-People/Paul-L-Singer

Abigail Stempson
astempson@kelleydrye.com
(202) 342-8678
www.kelleydrye.com/Our-People/Abigail-Stempson

Beth Chun
bchun@kelleydrye.com
(202) 342-8671
www.kelleydrye.com/Our-People/Beth-Bolen-Chun

Kaelyne Wietelman
kwietelman@kelleydrye.com
(202) 342-8478
www.kelleydrye.com/Our-People/Kael…Yumul-Wietelman

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State AGs and CFPB Stop Tempoe's Rhythm

The adoption of artificial intelligence (AI) in the workplace is accelerating with an increasing number of employers integrating AI-related technologies into every stage of the employment lifecycle – from recruitment to separation. While these technologies offer employers opportunities to streamline certain processes and make others more objective, they also pose certain challenges and legal risks.

https://www.kelleydrye.com/viewpoints/blogs/ad-law-access/big-brother-biased-bots-practical-considerations-for-using-ai-in-employment-decision-making

Jayson Lewis
jlewis@kelleydrye.com
(212) 808-7527
https://www.kelleydrye.com/people/jayson-b-lewis

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Big Brother & Biased Bots- Practical Considerations for Using AI in Employment Decision-Making

Yesterday, the Consumer Financial Protection Bureau (CFPB) released a notice of proposed rulemaking that would allow the agency to supervise and conduct examinations of certain non-bank providers of digital wallets and payment apps. The move is intended to address perceived ​“regulatory arbitrage by ensuring large technology firms and other nonbank payments companies are subjected to appropriate oversight,” according to CFPB Director Rohit Chopra.

https://www.kelleydrye.com/viewpoints/blogs/ad-law-access/cfpb-issues-proposed-rule-to-expand-supervisory-authority-conduct-examinations-of-digital-wallets-and-mobile-payment-apps

Donnelly McDowell
dmcdowell@kelleydrye.com
(202) 342-8645
https://www.kelleydrye.com/people/donnelly-l-mcdowell

Matthew Luzadder
mluzadder@kelleydrye.com
(312) 857-2623
https://www.kelleydrye.com/people/matthew-c-luzadder

Alex Schneider
aschneider@kelleydrye.com
(202) 342-8634
https://www.kelleydrye.com/people/alexander-i-schneider

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CFPB Issues Proposed Rule to Expand Supervisory Authority

In a long-awaited decision with profound implications for the future of the agency, the Supreme Court held 7-2 today that the Consumer Financial Protection Bureau (CFPB) is constitutionally funded. CFPB officials can breathe a sigh of relief as a contrary decision would have called into question many longstanding enforcement, investigative, and regulatory efforts. With the Court’s decision today, more than a dozen pending CFPB cases that had been paused pending the decision will now move forward.

https://www.kelleydrye.com/viewpoints/blogs/ad-law-access/supreme-court-upholds-cfpb-funding-mechanism-as-constitutional-quelling-uncertainty-and-reinvigorating-the-cfpbs-docket

Donnelly McDowell
dmcdowell@kelleydrye.com
(202) 342-8645
www.kelleydrye.com/people/donnelly-l-mcdowell

Natascia Taken
ntaken@kelleydrye.com
(312) 857-7097
https://www.kelleydrye.com/people/natascia-m-taken

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Supreme Court Upholds CFPB Funding Mechanism as Constitutional

The Ad Law Access podcast, now available daily, is powered by Kelley Drye’s Advertising and Privacy / Data Security teams. 

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