News & Analysis as of

Financial Services Industry Settlement

Ballard Spahr LLP

Federal Judge rejects request to release ESSA Bank from redlining settlement

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A federal judge has rejected the Trump Administration’s request to release from court supervision a bank that had been accused of discriminatory lending....more

Sheppard Mullin Richter & Hampton LLP

Massachusetts AG Settles with Student Loan Lender on AI-Based Fair Lending Violations

On July 10, Massachusetts Attorney General Andrea Joy Campbell announced a $2.5 million settlement with a student loan company to resolve allegations that its underwriting practices violated the Massachusetts Consumer...more

Ballard Spahr LLP

CFPB reaches settlement with FirstCash in connection with alleged MLA Violations

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The CFPB has reached a settlement in its lawsuit against FirstCash, Inc. and its 19 subsidiaries alleging violations of the Military Lending Act (MLA). The parties have jointly filed a stipulated final judgment and proposed...more

Ballard Spahr LLP

Massachusetts AG reaches settlement with student loan company, Earnest Operations LLC

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Massachusetts Attorney General Andrea Joy Campbell has reached a $2.5 million settlement with Earnest Operations LLC, a Delaware-based student loan company....more

Troutman Amin LLP

TREND: American Express DESTROYED by Discovery Order in TCPA Class Action As ANOTHER #BIGLAW Firm Fails

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Repeat after me: Hire Big Law. Expect a Big Loss. At least in TCPAWorld. Here is ANOTHER example. In Duke v. American Express, 2025 WL 1918643 (D. Az. July 12, 2025) American Express was just needlessly required to produce...more

Sheppard Mullin Richter & Hampton LLP

CFPB Orders Pawn Lender to Pay $9 Million for Alleged Military Lending Act Violations

On July 11, 2025, the Consumer Financial Protection Bureau (CFPB) announced a proposed $9 million settlement resolving its November 2021 lawsuit against a national pawn lender and its subsidiaries. The company and its...more

JUSTICENTER

How Long Is an Insurance Check Good For?

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If you’ve received a settlement check from an insurance company after a car accident, property damage claim, or injury settlement, you might be wondering: how long is an insurance check good for? While holding onto it for a...more

Paul Hastings LLP

Disparate Impact Lives: Massachusetts Attacks AI in Lending

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On July 10, the Massachusetts attorney general announced a $2.5 million settlement with a Delaware-based student loan company to resolve allegations that the company’s lending practices, including the use of artificial...more

A&O Shearman

ESMA publishes technical advice on scope of CSDR settlement discipline regime

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The European Securities and Markets Authority (ESMA) has published a final report and press release, providing technical advice to the European Commission (EC) on narrowing the scope of the Central Securities Depositories...more

Orrick, Herrington & Sutcliffe LLP

CFPB cancels consent order with a federal credit union

On July 1, the CFPB terminated a consent order with a federal credit union by issuing an order terminating the consent order. The original consent order was issued on November 7, 2024, concerning alleged violations of...more

Thomas Fox - Compliance Evangelist

Daily Compliance News: July 7, 2025 the Disaster on the River Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the Daily Compliance News....more

Orrick, Herrington & Sutcliffe LLP

FTC requires company to pay $10M for alleged UDAP violations related to money transmission

On June 20, the U.S. District Court for the Northern District of Illinois entered a stipulated order for injunction and monetary judgment, requiring a retail corporation, which provides financial services, to pay $10 million...more

Alston & Bird

Class Action & MDL Roundup | 2025 Q1 – Our Terms Define Class

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Welcome back to the Class Action & MDL Roundup! This edition covers notable class actions from the first quarter of 2025. In this edition, two UK actions fail to clear a low bar, a movie isn’t a video, and spam isn’t...more

Ballard Spahr LLP

FTC seeks to ban Blackstone Legal from debt collection business

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A debt collector company, Blackstone Legal, its associated companies and its owners, Ryan and Mitchell Evans, are facing a permanent ban from the debt collection business as a result of an FTC lawsuit charging that they...more

Clark Hill PLC

Right To Know - June 2025, Vol. 30

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Cyber, Privacy, and Technology Report - Welcome to your monthly rundown of all things cyber, privacy, and technology, where we highlight all the happenings you may have missed. State Action: North Dakota Passes Law...more

Sheppard Mullin Richter & Hampton LLP

New York AG Secures $250,000 Settlement With Money Transmitter Over Remittance Rule Violations

On June 13, Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York entered a stipulated final judgement resolving claims brought by the New York Attorney General against a global money...more

Troutman Pepper Locke

Townstone Case Twist: Federal District Court Stands Firm on Redlining Settlement Amid CFPB Controversy

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On June 12, the U.S. District Court for the Northern District of Illinois denied the joint motion by the Consumer Financial Protection Bureau (CFPB or Bureau) and Townstone Financial, Inc. to vacate the Stipulated Final...more

Ballard Spahr LLP

DOJ Seeks Early Termination of Lakeland Bank Redlining Consent Order

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The U.S. Department of Justice (DOJ) has filed a motion with a federal district court to terminate early the September 2022 consent order with Lakeland Bank (Lakeland) that settled allegations of redlining under the Fair...more

Orrick, Herrington & Sutcliffe LLP

CFPB reopens case against student loan debt-relief company

On June 9, the CFPB filed a motion to vacate a stay of proceedings and reopen a case that had been administratively closed since February. In response to the CFPB’s request, the court scheduled a hearing on July 11. The...more

Ballard Spahr LLP

FTC takes action against student loan debt relief companies

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The FTC has recently taken action against two student loan debt relief companies and their owners....more

A&O Shearman

FCA supports move towards faster settlement cycle for fund trades

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The UK Financial Conduct Authority (FCA) has published a press release welcoming a joint statement from asset management trade associations supporting the transition to faster settlement of trades in funds. Effective from 11...more

Ropes & Gray LLP

The FCA Has Revamped its Enforcement Guide – Here’s What You Should Know

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On Tuesday the UK’s Financial Conduct Authority (FCA) issued an updated version of its Enforcement Guide, which will now be referred to as ‘ENFG’ in the FCA Handbook, to distinguish it from the previous version. The ENFG is...more

Jones Day

CFTC Divisions Interpret "U.S. Person" Definition and U.S. Location Versus Foreign Location

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A 2024 CFTC enforcement action settlement that may have introduced a new test for when the Commodity Exchange Act and the agency's regulations apply on a cross-border basis concerned then-CFTC Commissioner and now Acting CFTC...more

Ballard Spahr LLP

FTC enters into stipulated order to permanently ban Global Circulation, and its owner, from debt collection industry

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Alleging that Global Circulation, Inc. (GCI) threatened consumers with jail time, lawsuits, and wage garnishments to pressure them into paying debts they did not owe, the FTC entered into a stipulated order with GCI and its...more

Ballard Spahr LLP

Trustmark Redlining Consent Order Terminated

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A federal district court recently granted the unopposed motion of the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) to terminate their October 2021 consent order with Trustmark National Bank...more

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