The FTC rounded out May by providing its annual report to the Consumer Financial Protection Bureau, highlighting the Commission’s efforts related to the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA).
Tuesday, May 28, 2024
Bureau of Consumer Protection: Credit and Finance
- The FTC provided its annual report to the Consumer Financial Protection Bureau on its work related to the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA). The report covers the FTC’s enforcement and actions related to consumer credit, auto financing and leasing, payday lending, and electronic fund transfers. Among the report’s highlights is the Commission’s Combatting Auto Retail Scams (CARS) Rule aimed at protecting consumers from bait-and-switch tactics and hidden fees, with specific protections for military members. The rule is expected to save consumers over $3.4 billion and 72 million hours per year on car shopping. The Rule is pending judicial review before going into effect.
- The FTC’s report includes updates on its ongoing litigation against Traffic Jam Events and the 2023 consumer refunds won from the Napleton Auto case as well as the Triangle Media Corporation case. The report also comments on the Commission’s proposed rule to stop hidden junk fees and its proposal to include a “click to cancel” provision in the Negative Option rule. The FTC’s Military Task Force, credit and leasing, lending, and electronic fund transfers are also discussed in the report.