Current Industry News
CFPB Investigates Crypto Lender
On December 1, 2022, the Consumer Financial Protection Bureau (Bureau) made public an administrative order denying Nexo Financial LLC’s (Nexo) petition to modify the Bureau’s civil investigative demand. The order represents the first publicly known Bureau investigation of a digital asset company, in this case, over Nexo’s “Earn Interest” crypto lending product.
FTC, State of Florida Act To Permanently Shut Down Grant Bae Business Grant Scam
The operators of an alleged grant scam called Grant Bae that targeted minority-owned businesses will face a permanent ban from grant-writing and business consulting services as a result of a lawsuit brought against them by the Federal Trade Commission and the State of Florida.
Paxton Encourages the Federal Trade Commission to Take Concrete Steps to Protect Americans’ Privacy
Attorney General Paxton has joined a Massachusetts-led multistate comment letter to the Federal Trade Commission (FTC) conveying the need for stronger privacy protections related to commercial surveillance and data security.
Arizona Debt Collection Law and Ballot Initiative Under Fire in the Courts
A group of plaintiffs led by the Arizona Creditors Bar Association and Protect Our Arizona, an Arizona political action committee, are challenging the constitutionality of the Arizona Predatory Debt Collection Act, which passed through a ballot initiative in the Nov. 8 midterm elections.