Welcome to the “Overview: 2024 Lessons and 2025 Emerging Trends” chapter of our annual report, Consumer Financial Services: 2024 Year in Review. As Goodwin predicted in our previous year in review, the enforcement and...more
On August 5, the FTC announced proposed court orders that would require a defendant credit repair operation, its owners and associated companies (collectively, defendants) to pay more than $12 million to resolve allegations...more
The Federal Trade Commission (FTC) recently announced that it has filed proposed orders against the owners and operators of Financial Education Services (FES), a credit repair operation accused of running a pyramid scheme and...more
The FTC has shut down Michigan-based Financial Education Services, a credit repair company that the agency says actually was a large pyramid scheme...more
On August 7, the CFPB issued a report and a consumer advisory highlighting predatory practices in solar lending. On the same day, the FTC released a blog post emphasizing similar concerns....more
Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more
The CFPB announced this week that it has entered into a proposed settlement of a lawsuit it filed in 2019 in Utah federal district court against a group of defendants who constitute the largest credit repair organizations in...more
On June 7, the FTC announced that it submitted its 2022 Annual Financial Acts Enforcement Report to the CFPB. The report covers FTC enforcement activities regarding the Truth in Lending Act (TILA), the Consumer Leasing Act...more
On May 5, the CFPB announced that it has sent payments totaling more than $22 million to approximately 6,500 individuals who were harmed by a Maryland-based debt-relief and credit-repair company that marketed and sold...more
On February 13, the U.S. District Court for the Eastern District of Michigan denied a motion to dismiss filed by certain defendants in a credit repair scheme....more
Here are last week’s curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: Epic Games Pays $520 Million to FTC to Settle...more
The FTC settled a lawsuit with Michael and Valerie Rando and affiliated entities for allegedly violating the FTC Act, the Credit Repair Organizations Act, the FTC’s Telemarketing Sales Rule, the COVID-19 Consumer Protection...more
The FTC has obtained a temporary restraining order (TRO) against Financial Education Services, Inc., its owners, and five other affiliated entities (collectively the “Credit Repair Parties” or “CRPs”) for allegedly operating...more
On March 21, 2022, the Department of Justice (DOJ) announced that it obtained a permanent injunction against a credit repair company and its CEO, barring the company from making representations that it can improve consumers’...more
On March 18, the District Court for the Southern District of Texas entered an injunction against a credit repair organization, Turbo Solutions, Inc. d/b/a Alex Miller Credit Repair, and its owner Alex Miller for alleged...more
On March 18, the U.S. District Court for the Southern District of Texas issued an injunction against a Texas-based credit repair company that allegedly made false promises to remove negative information from credit reports...more
On January 29, 2021, the FTC announced that it filed a proposed settlement in the District of Nevada with two Nevada-based consulting companies, resolving claims that the companies violated the FTC Act, Telemarketing and...more
On May 25, 2017, the Federal Trade Commission (“FTC”) announced that it filed a complaint? in federal court in the United States District Court for the Southern District of Florida against a student loan debt relief and...more