“It’s a daily deluge of calls that Americans experience. It’s a consumer protection crisis," one of the legislation's sponsors says.
With Republicans in charge of the government, regulatory constraints on financial services firms may begin to relax.
With a few notable exceptions, most US regulations apply to all banks and make no distinctions based on the riskiness of an institution’s activities.
While Bank of America might be able to absorb additional compliance costs, the additional rounds of paperwork and auditing could crush a community bank.
The Consumer Financial Protection Bureau says its proposal would "drastically overhaul the debt collection market."
The company will restructure its compensation system to settle FTC charges that it made false promises to distributors about their potential income.
“Companies like Warner Brothers need to be straight with consumers in their online ad campaigns," the Federal Trade Commission says.
The regulator alleged Oracle misled consumers into believing its updates addressed security issues that hackers could exploit.
Privacy advocates see the rules as a model for the rest of the world but tech firms fear harm to their businesses.
Companies could use big data for personalized pricing that is discriminatory, says the Council of Economic Advisers.
