On October 25, 2024, trade associations initiated a lawsuit against the Consumer Financial Protection Bureau (CFPB) on the same day the agency issued its final Open Banking Rule under Section 1033 of the Dodd-Frank Act. This legal action follows the CFPB's recent regulatory developments aimed at enhancing consumer financial protections. Additionally, the Federal Trade Commission (FTC) is seeking to revive its non-compete ban, which was finalized in April but blocked by a Texas judge's order on September 4. The FTC has appealed this ruling. Meanwhile, three industry groups have also filed a lawsuit to challenge the FTC's 'Click to Cancel' rule, describing it as 'arbitrary' and 'capricious'. These developments indicate a growing tension between regulatory bodies and industry stakeholders regarding consumer protection and employment practices.
Trade Group Challenges CFPB’s Buy Now Pay Later Rule https://t.co/CbKbbtoX2J #Money #ConsumerProtection #Government @FinancialReview @bourreelam https://t.co/NzrEWEkclY
#Legal Showdown Continues: #FTC Appeals Court Ruling Against Non-Compete Ban #work https://t.co/RClwnUMF5r @noamscheiber https://t.co/5IDIl3R6ad
Three industry groups sue to block FTC’s ‘arbitrary, capricious’ ‘Click to Cancel’ rule https://t.co/ismhlRsxMn