On July 10, 2025, the Massachusetts Attorney General (AGO) entered into an Assurance of Discontinuance (AOD) with a private student loan lender (the Company), resolving allegations that the Company's underwriting practices...more
7/22/2025
/ Algorithms ,
Artificial Intelligence ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
Fair Lending ,
Financial Services Industry ,
FinTech ,
Lending ,
Private Lenders ,
Regulatory Requirements ,
State Attorneys General ,
Student Loans ,
Underwriting ,
Unfair or Deceptive Trade Practices
On May 31, 2025, Texas enacted HB 149, the Texas Responsible Artificial Intelligence Governance Act, creating one of the most comprehensive state-level frameworks to date for regulating artificial intelligence....more
On January 30, 2025, the CFPB entered into a consent order with the Company, alleging violations of the Consumer Financial Protection Act ("CFPA") and Electronic Fund Transfer Act ("EFTA")....more
On May 7, 2024, the CFPB imposed a total of $4.6 million in redress and fines on the Company for allegedly withholding account-closure refunds to its consumers for an unreasonable amount of time....more
On October 17, 2023, the CFPB took action against a nonbank fintech Company providing international money transfer services for alleged EFTA, Regulation E, and CFPA violations. The fintech Company operates throughout the...more