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Financial Services Industry Financial Fraud Consumer Financial Products

Ballard Spahr LLP

Federal banking agencies seek information on actions to address payments fraud

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On June 20, 2025, the Office of the Comptroller of the Currency (OCC), Treasury, the Board of Governors of the Federal Reserve System (FRB), and the Federal Deposit Insurance Corporation (FDIC) announced they are seeking...more

Ballard Spahr LLP

Citing CFPB cutbacks, Pennsylvania Governor is beefing up consumer protection efforts

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Citing cutbacks at the federal level, Pennsylvania Governor Josh Shapiro has launched a new centralized consumer protection hotline, website and email address to make it easier for state residents to report allegations of...more

Troutman Pepper Locke

New York AG Sues Yellowstone Capital Over Alleged “Fraudulent Loans” Targeting Small Businesses

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New York Attorney General (AG) Letitia James filed a lawsuit on March 5 against Yellowstone Capital, its founder David Glass, and a network of 30 other affiliated companies and individuals. James alleges that Yellowstone...more

Ballard Spahr LLP

Democratic Senators urge CFPB to look at risks created by voice cloning

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A group of four Democratic members of the Senate Banking Committee, including Chairman Sherrod Brown, recently sent a letter to CFPB Director Chopra to express their concerns regarding the emergence of voice cloning...more

Troutman Pepper Locke

CFPB’s Office of Servicemember Affairs Issues Annual Report Highlighting Complaints Related to Payment App Fraud

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On June 20, the Consumer Financial Protection Bureau’s (CFPB or Bureau) Office of Servicemember Affairs published its Annual Report analyzing complaints submitted by servicemembers, veterans, and their families in 2022. The...more

Orrick, Herrington & Sutcliffe LLP

FTC says fraud cost consumers $8.8 billion in 2022

On February 23, the FTC released data showing 2.4 million consumers reported losing a total of nearly $8.8 billion to fraud in 2022—a more than 30 percent increase from the prior year. Investment scam losses totaled more than...more

Orrick, Herrington & Sutcliffe LLP

NYDFS adds enhancements for detecting virtual currency fraud

On February 21, NYDFS Superintendent Adrienne A. Harris announced enhancements to the Department’s ability to detect fraud in the virtual currency industry. The new enhancements will improve NYDFS’s ability to combat...more

Shipkevich PLLC

CFPB Releases Complaint Bulletin Analyzing Crypto-Asset Consumer Complaints; Tips for Consumers to Protect Themselves from...

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On November 10, 2022 the Consumer Financial Protection Bureau (CFPB) released a complaint bulletin (“bulletin”) that provides an analysis of consumer complaints the CFPB has received from October 2018 to September 2022...more

Robins Kaplan LLP

Financial Daily Dose 11.20.2019 | Top Story: Utility PG&E Struggles with Fires and Path Out of Bankruptcy

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PG&E’s woes continue. Not only is the company still in the midst of a dangerous fire season, but it’s struggling to find a path out of bankruptcy while fending off a growing chorus of cities and state officials “threatening...more

Ballard Spahr LLP

Imposter Scams Top FTC’s List of 2018 Consumer Complaints

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The FTC has issued its 2018 Consumer Sentinel Network Data Book. The report summarizes consumer complaints stored in the Consumer Sentinel Network, a secure online database....more

Ballard Spahr LLP

Second Circuit upholds personal liability of individual owner for payday debt collection companies’ FTCA and FDCPA violations

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The Second Circuit recently upheld a decision finding two individual co-owners personally liable for nearly $11 million for their companies’ violations of the Federal Trade Commission Act (FTCA) and Fair Debt Collection...more

Ballard Spahr LLP

Mulvaney to reorganize CFPB Office of Students and Young Consumers and take other actions

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According to media reports, CFPB Acting Director Mick Mulvaney has sent an email to Bureau staff indicating that he plans to fold the Office of Students and Young Consumers into the Office of Financial Education.  Both...more

Ballard Spahr LLP

FTC Releases Agenda And Panelists For Upcoming Military Consumer Financial Workshop

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On July 19, the Federal Trade Commission will hold a workshop in San Antonio titled the “2017 Military Consumer Financial Workshop: Protecting Those Who Protect Our Nation.” The FTC has uploaded an agenda and list of...more

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