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Bank of America Hit with a Whopping $250 Million Fine: A Price Tag for Unscrupulous Behavior

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A recent barrage of regulatory actions targeted at Bank of America (BoA) has spotlighted the magnitude of unethical practices within some of the world’s largest banking institutions. BoA, a colossal banking entity serving a staggering 68 million individual and small business clients worldwide, is currently grappling with a $250 million fine imposed for junk fees, withholding credit card awards and opening accounts without customer consent. In response to this massive $250 million fine, the bank is now obliged to set aside a hefty $100 million to make it right with the customers who fell victim to its alleged unfair practices. In addition to this, BoA will have to pay up an additional $90 million as a penalty for their misconduct. Moreover, another separate chunk of $60 million will be forked over to the Office of the Comptroller of the Currency (OCC).

Navigating the Regulatory Waters: Merchant of Record Model under FTC’s Close Watch

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In the ever-evolving fintech ecosystem, novel payment models continually surface, offering unprecedented convenience and operational ease. One such model, the Merchant of Record (MoR) model, is currently making waves. However, it’s also being scrutinized for its potential to facilitate fraudulent transactions and other unlawful activities. The Federal Trade Commission (FTC) is ramping up efforts to ensure stringent compliance with legal and regulatory standards.

Global Legal’s Bill M. Petti Comments on amending FTC’s Negative Options Rule

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We are posting this article by Bill M. Petti, associate attorney at Global Legal Law Firm, online today because time is of the essence for those who want to comment on the FTC’s proposed amendment to the Negative Options Rule:
On April 24, 2023, the Federal Trade Commission published its Advance Notice of Proposed Rule-making in the federal register regarding proposed amendments to the FTC’s Negative Options Rule.

Developments Of Competition Law In A Digital Economy

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Competition law is a division of law intended to prevent market distortion caused by anti-competitive business practices. Theories of competition law are rooted in basic economic principles and can be traced back as far as Ancient Rome’s Lex Julia de Annona, which prescribed criminal penalties for the manipulation of grocery prices.

Understanding the FCC’s Upcoming Changes to Robocalls & Robotexts

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The communications industry is on the cusp of a sea change, with the Federal Communications Commission (FCC) looking to make sweeping modifications in the realm of robocalls and robotexts. The FCC recently unveiled a Notice of Proposed Rulemaking during a meeting held on June 8, 2023. This pivotal step signals the Commission’s aim to amplify consumer control over their telecommunication consent, and simultaneously strengthen the established guidelines under the Telephone Consumer Protection Act (TCPA) related to “prior express consent”.