On December 30, the Department of Justice (DOJ), at the Federal Trade Commission’s (FTC) referral, filed an amended complaint against an online cash advance provider. The complaint now names the company’s CEO as a defendant,...more
1/6/2025
/ Amended Complaints ,
Consumer Financial Protection Bureau (CFPB) ,
Consumers ,
Department of Justice (DOJ) ,
Enforcement Actions ,
False Marking ,
Federal Trade Commission (FTC) ,
Fees ,
FinTech ,
FTC Act ,
Merchant Cash Advance (MCA) ,
Popular
On December 19, the U.S. Department of Treasury released a report summarizing key findings from its 2024 Request for Information (RFI) on the uses, opportunities, and risks of Artificial Intelligence (AI) in financial...more
The U.S. Securities and Exchange Commission (SEC) has taken a significant step in its regulatory scrutiny of blockchain gaming projects by issuing a Wells notice to CyberKongz, a prominent NFT gaming platform. This...more
On December 18, 2024, the Consumer Financial Protection Bureau (the “CFPB”) issued a circular to other law enforcement agencies warning that some credit card companies operating rewards programs may be breaking the law, and...more
On December 16, the CFPB released a special edition of its Supervisory Highlights, which detailed findings from the Bureau’s recent examinations of student loan markets. The report identifies a range of violations related to...more
12/24/2024
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Federal Student Loans ,
Financial Institutions ,
Financial Services Industry ,
Lenders ,
Loans ,
New Guidance ,
Regulation E ,
Rulemaking Process ,
Student Loan Servicers Regulation ,
Student Loans
On December 9, the CFPB announced its release of an advance notice of proposed rulemaking to gather information in preparation for the release of a proposed rule to address concerns related to information furnished to credit...more
On December 6, the CFPB issued an order establishing supervisory authority over a major tech company. While the company is already subject to CFPB’s enforcement authority, the Bureau has determined that the company meets the...more
On December 9, the CFPB entered into a consent order with a debt collection agency for alleged unlawful student loan debt collection practices against defaulted borrowers. The debt collection agency’s allegedly improper...more
On December 3, the CFPB announced a proposed rule to enhance oversight of data brokers that handle consumers’ sensitive personal and financial information. The proposed rule would amend Regulation V, which implements the Fair...more
On November 15, the U.S. District Court for the Southern District of Texas overseeing the ongoing legal challenge to the CFPB’s Section 1071 small business lending rule, issued an order denying the plaintiff trade groups’...more
11/25/2024
/ Commercial Loans ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Deadlines ,
Disclosure Requirements ,
Lending ,
Oral Argument ,
Rulemaking Process ,
Small Business ,
Trump Administration ,
Truth in Lending Act (TILA)
On November 21, the CFPB announced the arrival of its finalized larger participant rule (the “Rule”) regulating nonbank companies offering digital funds transfer and payment wallet applications to consumers....more
On November 12, the CFPB released a report analyzing federal and state-level privacy protections for consumer financial data.
The current federal framework for financial data privacy relies on the Gramm-Leach-Bliley Act...more
On November 14, the CFPB entered into a consent order with a telecommunications company and its subsidiaries (collectively, the “company”) for allegedly withdrawing millions of dollars from over half a million consumer...more
On November 1, a debt collection trade group filed a complaint in federal court challenging an October 1 CFPB advisory opinion that warned debt collectors against seeking payment on unverified or potentially inflated medical...more
On October 31, the CFPB entered into a consent order with a Florida-chartered credit union for harming consumers in connection with the botched launch of a new online banking system, in violation of the Consumer Financial...more
On October 22, the CFPB announced the finalization of its Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act. The rule aims to bring the U.S. closer to an “open banking” framework by making it easier...more
10/28/2024
/ Administrative Procedure Act ,
Consumer Financial Protection Bureau (CFPB) ,
Data Controller ,
Debt Collection ,
Debt Collectors ,
EFTA ,
Final Rules ,
Financial Institutions ,
Personal Data ,
Proposed Rules ,
Truth in Lending Act (TILA)
On October 24, the CFPB issued Circular 2024-06, which warns companies using third-party consumer reports, particularly surveillance-based “black box” or AI algorithmic scores, that they must follow the Fair Credit Reporting...more
10/28/2024
/ Artificial Intelligence ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Consumer Reports ,
Employer Liability Issues ,
Fair Credit Reporting Act (FCRA) ,
Personal Data ,
Popular ,
Privacy Laws ,
Regulatory Requirements ,
Surveillance
On October 15, the CFPB and the DOJ announced a settlement against a large mortgage lender for its alleged discriminatory redlining practices against residents of majority-Black neighborhoods in the greater Birmingham,...more
On October 7, the CFPB announced the release of a special edition of its Supervisory Highlights, focused on the agency’s most recent findings in auto financing. The CFPB’s Supervisory Highlights cover select examinations...more
On September 30, a credit repair service provider and its owner were ordered to pay $31 million in consumer redress, and a $19 million civil money penalty, when a Massachusetts federal court granted summary judgment for the...more
On September 30, a credit repair service provider and its owner were ordered to pay $31 million in consumer redress, and a $19 million civil money penalty, when a Massachusetts federal court granted summary judgment for the...more
On October 1, the CFPB issued an advisory opinion highlighting that debt collectors engaging in certain practices with respect to the collection of medical debts are strictly liable under the FDCPA and Regulation F....more
On September 20, the CFPB announced a proposed rule which would make a minor yet noteworthy amendment to the guidelines for the disclosures that remittance providers are required to provide to consumers in connection with...more
On September 24, the CFPB announced the release of its annual report on the most pressing financial concerns facing servicemembers. This edition highlights that servicemembers are encountering student debt-related...more
On September 24, California enacted a series of consumer protection laws, including three bills aimed specifically at restricting certain debt collection practices in connection with medical debt reporting, civil actions for...more