Mayer Brown is pleased to provide the latest edition of its UDAAP Round-Up. This newsletter is designed to provide readers with a periodic resource to stay abreast of federal activities regarding the prohibition on unfair, deceptive, or abusive acts or practices in the consumer financial services space. In this edition, we cover notable policy
US FTC Succeeds in First Expanded Use of Gramm-Leach-Bliley Penalty Authority
By Christopher B. Leach on
Just into the new year, the FTC notched its first success in a creative theory to extend its monetary penalty authorities, which the Supreme Court trimmed back last year. In FTC v. RCG Advances, the FTC settled allegations that a small-business financing firm and its principals violated Section 521(a) of the Gramm-Leach-Bliley Act. Originally…