The federal government's consumer watchdog is, for the first time in its young history, taking action against a company for abusive practices.

On Thursday, the Consumer Financial Protection Bureau (CFPB) filed a complaint against a Florida debt-relief company and its owner, alleging that the firm had charged illegal up-front fees and had misrepresented itself and its services to people across the country. The bureau also accused the company of violating a Federal Trade Commission law banning fraudulent telemarketing calls.

It is the first time the CFPB has taken an enforcement action against a company for taking advantage of consumers who misunderstood its terms and conditions.

A senior House Republican floated legislation Thursday to extend offshore drilling to Atlantic and Pacific coastal regions President Obama excluded from his five-year oil and gas leasing plan.

The bill from House Natural Resources Committee Chairman Doc Hastings (R-Wash.) is similar to the one that passed the House last year, largely with Republican votes.

“The Obama Administration has said ‘no’ to new energy and ‘no’ to new jobs, but House Republicans are once again saying ‘yes.’ This legislation is a pro-energy, pro-jobs plan that will strengthen our economy and increase our energy security by responsibly and safely harnessing our vast offshore energy resources,” Hastings said in a Thursday statement.

The oil and gas industry is pushing back against an expected Obama administration rule to tighten smog standards that public health groups say could save thousands of lives.

Cities and towns are still struggling to comply with a 2008 standard, the industry argues, and any new regulations could amount to the equivalent of "closed-for-business signs" across as much as 97 percent of the places Americans live.

The Environmental Protection Agency (EPA) first proposed new standards for ozone pollution in 2010, but the White House overrode the agency and delayed the standards, a decision met with scorn by environmental and public health groups.

American officials and beef producers are reveling in a new safety designation for U.S. cattle and see the change as particularly relevant to ongoing Transpacific trade negotiations.

On Wednesday, the Paris-based World Animal Health Organization (OIE) voted to designated the U.S. has having a “negligible risk” for bovine spongiform encephalopathy (BSE), also know as mad cow disease. This is an upgrade from “controlled risk” status. 

Former Federal Reserve Chairman Paul Volcker said the country "doesn't need six financial regulatory agencies."

More than a dozen new advisory panel meeting, teleconferences and webinars will be published in the Federal Register on Friday. Here's what's coming up:

National Marine Fisheries Service panels for fishing in Hawaii, American Samoa, Guam and the Northern Mariana Islands will meet on June 3, 5, 13 and 17. 

Read more...

A series of new regulations governing shipping, mail and more will be published in the Federal Register soon. Here they are:

Postal:
The Postal Service wants to issue new standards for mail sent via Collect on Delivery (COD), in which payment is collected when mail is delivered. 

Read more...

The Obama administration will announce plans Thursday to extend its Home Affordable Modification Program, which is due to expire at year’s end, according to The Wall Street Journal.

The proposed acquisition of Smithfield Foods by a Chinese firm now falls to regulators, who must approve the deal, Forbes writes. Rep. Rosa DeLauro (D-Conn.) is warning that the merger would make it more difficult for the U.S. government to protect food safety, RegWatch reports. 

The discovery of unapproved genetically modified wheat on an Oregon farm has prompted regulators to notify countries that import the crop from the United States, potentially harming trade, according to The New York Times. The discovery comes amid a national debate over genetically engineered food and crops, RegWatch writes. 

Federal regulators are urging the manufacturers of alcoholic drinks to label their products with calorie counts and other nutritional information.