Global Legal Law firm received a question about whether a car dealership in California would be held liable if they added a surcharge to the sale of a vehicle, which resulted in the sale amount being higher than the manufacturer’s suggested retail price (MSRP).
On March 2, 2023, the Consumer Financial Protection Bureau (CFPB) issued a study which revealed that customers of Buy Now, Pay Later (BNPL) programs were considerably more likely to turn to high-interest credit cards, payday loans and other costly financing options than those who don’t use these services.
The Consumer Financial Protection Bureau’s (CFPB) funding mechanism was ruled constitutional by a three-judge panel of the U.S. Court of Appeals for the Second Circuit. The panel did not agree with the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. (CFSA) v. CFPB. The U.S. Supreme Court has granted the CFPB’s petition and will review the Fifth Circuit decision in the next term.
On March 23, 2023, the Federal Trade Commission (FTC) proposed changes to the cancellation policy for companies selling products or services under a “negative option feature”. This includes subscriptions, memberships, free trials that automatically convert to paid subscriptions, and other recurring payment programs that renew indefinitely unless the consumer takes action to cancel or return the goods or services.
The SEC’s Examination Division issued a warning that focused on the findings of recent examinations of broker-dealers, investment advisers, exchanges and transfer agents.
On March 15, 2023, the Consumer Financial Protection Bureau (CFPB) released a request for information (RFI) to investigate data brokers and businesses that gather, utilize, and sell consumer data.
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