On June 14, 2023, the Federal Trade Commission (FTC) announced that it will be providing over $3.3 million in payments to consumers who fell victim to the deceptive practices of Arete Financial Group (“Arete Financial”), a...more
Minnesota -
On May 24, 2023, the governor of Minnesota signed SF 2744, bringing amendments to various state statutes related to financial institutions. The amendments address the regulation and licensing of money...more
The CFPB is shifting its focus to FinTech and nonbank payment systems, circling back to past frontiers. This recent warning echoes the sentiment of former CFPB’s Director, Richard Cordray, focusing heavily on FinTechs and...more
On May 31, 2023, the Consumer Financial Protection Bureau (CFPB) took decisive action against installment lender OneMain Financial, demanding the payment of $20 million in penalties and redress. In the consent order, the...more
Just last week, Federal Trade Commission (FTC) sued XCast Labs, Inc., a Voice over Internet Protocol (VoIP) provider, for its alleged involvement in facilitating illegal robocalls. Despite receiving multiple warnings, the...more
On May 5, 2023, the New York Attorney General, Letitia James, proposed a “landmark” bill to increase regulations (again) on the cryptocurrency industry, thereby supposedly protecting investors, consumers, and the broader...more
5/11/2023
/ Audits ,
Conflicts of Interest ,
Consumers ,
Crypto Exchanges ,
Cryptocurrency ,
Financial Statements ,
Investment Adviser ,
Investor Protection ,
Investors ,
Proposed Legislation ,
Proposed Regulation ,
Regulatory Oversight ,
State Attorneys General ,
Transparency
“This is far from Plaintiff Na’eem Betz’s first rodeo. A frequent pro se filer, he brings this TCPA action against Synchrony Bank for allegedly calling him over 80 times using an autodialer and pre-recorded message,” stated...more
Last week, the Federal Trade Commission (FTC) obtained temporary restraining orders against two student debt relief companies in the U.S. District Court for the Central District of California. The FTC thereby temporarily...more
5/9/2023
/ CARES Act ,
COVID-19 Consumer Data Protection Act ,
Debt-Relief Industry ,
Deceptive Intent ,
Federal Trade Commission (FTC) ,
FTC Act ,
Gramm-Leach-Blilely Act ,
Injunctions ,
Loan Repayment Issues ,
Restraining Orders ,
Student Loans
On April 28, 2023, the Federal Trade Commission (FTC) obtains multiple orders banning operators of an alleged credit card debt relief scheme based in Tennessee, who agreed to the court orders which permanently ban them from...more
On April 26, 2023, the Consumer Financial Protection Bureau (CFPB) released an advisory opinion to clarify that it is against the law for a debt collector to sue or threaten to sue in order to collect a time-barred debt, as...more
4/26/2023
/ Advisory Opinions ,
Affirmative Defenses ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Foreclosure ,
Jurisdiction ,
Mortgages ,
Regulation F ,
Statute of Limitations ,
Time-Barred Debt
On April 24, 2023, in a bold move, Coinbase took legal action against the SEC to push for regulatory clarity in the cryptocurrency industry. The company filed a narrow action in federal court, asking the SEC to respond to its...more
On April 6, 2023, the US Department of the Treasury released a report analyzing the risks of decentralized finance (DeFi) and potential vulnerabilities in the United States' anti-money laundering (AML) and countering the...more
On March 24, 2023, the Federal Trade Commission (FTC) announced that it settled a case against three companies plus individuals charged with running a telemarketing extended auto warranty scheme that cheated people out of...more
On April 3, 2023, the Consumer Financial Protection Bureau (CFPB) issued a policy statement summarizing over a decade of precedent and explaining the legal prohibition on abusive conduct in consumer financial markets. The...more
On March 23, 2023, the Consumer Financial Protection Bureau (CFPB) has taken action against one of the largest debt collectors in the United States, Portfolio Recovery Associates (PRA), for various violations of law,...more
3/29/2023
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Disclosure Requirements ,
Documentation ,
Fair Credit Reporting Act (FCRA) ,
Federal Food Drug and Cosmetic Act (FFDCA) ,
Penalties ,
Refunds ,
Statute of Limitations ,
Unfair or Deceptive Trade Practices
The California Consumer Financial Protection Law (“CCFPL”), established in September of 2020 under Governor Newsom, augmented the Department of Financial Protection & Innovation’s (“DFPI”) authoritative ability by increasing...more
3/28/2023
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Check Cashing ,
Consumer Credit Reporting Agencies Act (CCRAA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Debt Collection ,
Debt Settlement Services ,
Department of Financial Protection and Innovation (DFPI) ,
Fees ,
Financing ,
Lead Generators ,
Licensing Rules ,
Proposed Regulation ,
Registration Requirement ,
Rent-to-Own Companies ,
Reporting Requirements ,
Retail Sales ,
Student Loans
On March 16, 2023, the Consumer Financial Protection Bureau (CFPB) issued a bulletin cautioning loan servicers about their responsibility to stop any illegal activity related to private student loans that have been discharged...more
3/23/2023
/ Bankruptcy Court ,
Bankruptcy Discharge Order ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt ,
Debt Collection ,
Financial Services Industry ,
Illegal Activity ,
Lenders ,
Loan Servicer ,
Loans ,
Student Loans
On March 15, 2023, the Consumer Financial Protection Bureau (CFPB) announced an inquiry into companies that gather and track information about people's personal lives. The apparent purpose of this inquiry is to gain a better...more
March 8, 2023, the Consumer Financial Protection Bureau (CFPB) released its special edition Supervisory Highlights report, which focuses on Junk Fees found in deposit accounts and multiple loan servicing markets, such as...more
3/14/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Deposit Accounts ,
Excessive Fees ,
Forbearance Agreements ,
Loan Servicer ,
Mortgages ,
Overdraft Fees ,
Payday Loans ,
Student Loans ,
Transparency ,
Truth in Lending Act (TILA)
Recent Consent Order Issued by the DFPI Against Student Loan Relief Company -
On February 28, 2023, the California Department of Financial Protection and Innovation (DFPI) announced that it has entered into a Consent Order...more
3/2/2023
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Department of Education ,
Department of Financial Protection and Innovation (DFPI) ,
Federal Trade Commission (FTC) ,
Fees ,
FTC Act ,
Loan Forgiveness ,
Student Loans ,
Telemarketing
Overview -
New Jersey is positioned to adopt seminal legislation that is sure to alter the regulatory dynamic for cryptocurrency-focused businesses that operate within the state. The Digital Asset and Blockchain...more
2/27/2023
/ Banks ,
Bitcoin ,
Blockchain ,
Broker-Dealer ,
Credit Unions ,
Cryptocurrency ,
Digital Assets ,
Disclosure Requirements ,
New Jersey ,
Noncompliance ,
Penalties ,
Proposed Legislation ,
Terms and Conditions ,
Trusts ,
Virtual Currency
On February 21, 2023, the Illinois Department of Financial and Professional Regulation (IDFPR) unveiled a Consumer Financial Protection and Innovation Package, consisting of two legislative initiatives that aim to protect...more
The Federal Trade Commission (FTC) is taking action against Stratics Networks, a company that allegedly provided the technology for telemarketers to make tens of millions of illegal robocalls. The company's services were used...more
On January 23, 2023, the Federal Communications Commission (FCC) announced an important change to its rules regarding calls to residential numbers that are currently exempt from the Telephone Consumer Protection Act (TCPA)....more
2/10/2023
/ Administrative Reconsideration ,
Amended Rules ,
Auto-Dialed Calls ,
Do Not Call List ,
Exemptions ,
FCC ,
Prior Express Consent ,
Robocalling ,
TCPA ,
Telecommunications ,
TRACED Act
As of February 9, 2023, the Securities and Exchange Commission (SEC) has accused Payward Ventures, Inc. and Payward Trading Ltd, better known as Kraken, of failing to register the sale of their cryptocurrency...more
2/10/2023
/ Blockchain ,
Civil Monetary Penalty ,
Cryptocurrency ,
Disgorgement ,
Final Judgment ,
Investors ,
Motion To Enjoin ,
Prejudgment Interest ,
Section 5 ,
Securities ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Settlement ,
Token Sales