On December 17, 2014, the customer Financial Protection Bureau (“CFPB”) announced it had filed a suit against a telecommunications carrier, alleging the carrier was allowing third-party retailers to put unauthorized charges on customers’ phone bills. This isn’t the very first time a federal regulator has had action against similar practices neither is it the very first manifestation of CFPB curiosity about the practice. However, this suit represents a significant rise in the mobile payments field since it is the very first time the CFPB has tried to use its authority to stop unfair, deceitful or abusive functions or practices (“UDAAP”) to pursue a business according to allegations regarding these practices.
As alleged within the CFPB complaint, that was filed within the U.S. District Court for that Southern District of recent You are able to, the carrier, like a payment processor for third-party retailers, violated the Dodd-Frank Wall Street Reform and Consumer Protection Act’s prohibition on unfair practices. Particularly, the CFPB alleged the next as unfair practices…
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