|
|
|
|
|
|
OIG report finds CFPB can enhance certain aspects of its enforcement investigations process
The Office of Inspector General (OIG) for the Federal Reserve Board and CFPB has issued a report on its evaluation of the CFPB’s process for conducting enforcement investigations. OIG concluded that the CFPB can enhance certain aspects of that process as described below.
Read More |
FTC Launches Inquiry into Generative AI Investments and Partnerships
The Federal Trade Commission announced today that it issued orders to five companies requiring them to provide information regarding recent investments and partnerships involving generative AI companies and major cloud service providers.
Read More |
Study estimates over 400K SC residents caught in a cycle of debt
COLUMBIA — On Tuesday, January 9, 2024, Senator Tom Davis (District 46) of Beaufort introduced Bill S. 910 to curb predatory lending practices in South Carolina. According to Senator Davis, “In South Carolina, there are lenders that offer payday, installment, and auto-title loans that mine and use personal data to identify, target and then trap vulnerable South Carolinians in a cycle of debt.
Read More |
FTC and DOJ Update Guidance That Reinforces Parties’ Preservation Obligations for Collaboration Tools and Ephemeral Messaging
The Federal Trade Commission and Justice Department today announced that both agencies are updating language in their standard preservation letters and specifications for all second requests, voluntary access letters, and compulsory legal process, including grand jury subpoenas, to address the increased use of collaboration tools and ephemeral messaging platforms in the modern workplace. These updates reinforce longstanding obligations requiring companies to preserve materials during the pendency of government investigations and litigation.
Read More |
AG Nessel’s New Consumer Alert Informs Businesses About New Transparency Requirements, Warns of Scammers
LANSING – Michigan Attorney General Dana Nessel has issued a new consumer alert to notify small business owners about the new federal Corporate Transparency Act (CTA), which will impact millions of small businesses. Knowing what the legislation requires will help businesses comply with the law and avoid scammers who may try to steal personal or corporate information under the guise of offering assistance.
Read More |
Does New York’s Failed Noncompete Bill Forecast a Similar Fate for the FTC’s Proposed Noncompete Rule?
After proposing in 2023 to ban nearly all employee noncompete agreements nationwide, the Federal Trade Commission (FTC) has remained largely silent on whether it will pare back some of the proposal’s more controversial provisions.
Read More |
State attorneys general ask FCC to clarify TCPA requirements for AI calls
The Federal Communications Commissions (FCC) published a Notice of Inquiry (NOI) last fall about the implications of emerging artificial intelligence technologies on the Telephone Consumer Protection Act (TCPA) and related FCC rules.
Read More |
Pair of Maine bills aimed at limiting medical debt
More than 40% of Mainers have medical debt, according to a recent survey by Consumers for Affordable Health Care. Two bills before state lawmakers aim to reduce some of that burden.
Read More |
Identity Theft Awareness Week 2024 starts January 29
You’ve probably heard about identity theft, but have you heard about Identity Theft Awareness week? That’s when the FTC and its partners host free podcasts, webinars, Facebook Live interviews, and other events to talk about how to spot, avoid, report, and recover from identity theft. Mark your calendars. Identity Theft Awareness Week starts Monday, January 29!
Read More |
State Attorneys General Back FCC’s Exam of AI in Robocalls
A coalition of 26 state attorneys general is urging the Federal Communications Commission to restrict use of artificial intelligence (AI) in marketing phone calls in response to a Notice of Inquiry (PDF) from the FCC to better understand the impact of AI technologies.
Read More |
HEARING NOTICE: Subcommittee on Financial Institutions and Monetary Policy
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced the following hearing:
Read More |
New Jersey Becomes Most Recent State to Sign a Comprehensive Consumer Privacy Law
On January 16, 2024, New Jersey Governor Phil Murphy signed into law Senate Bill No. 332, “An Act concerning online services, consumers, and personal data” (“SB 332”). New Jersey is the fourteenth state to pass a comprehensive consumer privacy bill, and the obligations and rights created by SB 332 follow the format used in a growing number of states that have passed comprehensive consumer privacy laws.
Read More |
State-by-state analysis: Comparing personal loan debt across America
In quarter three of 2023, America’s personal loan finances totaled $241 billion, compared to $210 billion a year prior, making it a 14.8% change, TransUnion statistics showed.
Read More |
Newsweek names Veridian among America’s Best Regional Banks and Credit Unions.
Newsweek recently released a list of America's Best Regional Banks and Credit Unions for 2024, recognizing Veridian Credit Union with five stars on a five-star scale. The list is based on an analysis of 9,440 financial institutions across the U.S. to identify the best 250 regional banks and 250 credit unions
Read More |
2024 Brings New Cyber-Related Legal Obligations for Banks and Fintech Firms
Fintech companies and their partners are on alert as a flurry of new state and federal cybersecurity requirements take effect.
Read More |
Fraud Concerns Leave Consumers Skeptical of Payment Data Aggregation Apps
Payment fraud incidents have been on the rise, increasing 88% since December 2021, PYMNTS Intelligence research reveals. For instance, 11% of consumers who paid for groceries experienced payment fraud in March 2023, compared to 5.7% in December 2021.
Read More |
FloatMe claimed to rescue consumers struggling to keep their heads above water, but left many without a lifeline
For consumers already underwater financially and desperate for just $50, cash advance company FloatMe’s services turned out to be more sink than swim. According to the FTC, the subscription-based business violated the FTC Act, the Restore Online Shoppers’ Confidence Act (ROSCA), and the Equal Credit Opportunity Act (ECOA) by using deceptive and unfair tactics against its customers, including people on Social Security and veterans receiving military pensions.
Read More |
CFPB Proposes Rule to Stop New Junk Fees on Bank Accounts
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) proposed today to block banks and other financial institutions from one potential source of new junk fee revenue – fees on transactions declined right at the swipe, tap, or click.
Read More |
Nonsufficient Funds (NSF) Fees for Instantaneously Declined Transactions
When a consumer’s attempted withdrawal, debit, payment, or transfer transaction amount exceeds the available funds in their account, currently, a financial institution might decline the transaction and charge the consumer a fee, often called a nonsufficient funds (NSF) fee.
Read More |
Court Denies Dismissal of State AGs’ Consumer Financial Protection Act Case
A case from multiple state attorneys general against a private equity-owned lender will proceed after the U.S. District Court for the Eastern District of Pennsylvania denied the defendant’s motion to dismiss on finding that states do not have authority to sue under the federal Consumer Financial Protection Act (CFPA).
Read More |
New Jersey Enacts Comprehensive Privacy Law
On January 8, 2024, the New Jersey Assembly and Senate passed Senate Bill 332 (S. 332, or the “Act”), and it was signed into law by Governor Phil Murphy on January 16. This makes New Jersey the first state to enact a comprehensive privacy law in 2024 (as we have previously written, the New Hampshire House passed a comprehensive privacy bill on January 4 that is currently awaiting Senate concurrence) and the 13th state overall with a comprehensive privacy law on the books.
Read More |
LoanDepot Confirms Data Breach Affecting 16.6 Million Consumers in SEC Filing
On January 22, 2024, LoanDepot filed a notice of data breach with the Securities and Exchange Commission after discovering that a cyberattack enabled hackers to access the company’s IT network.
Read More |
Attorney General Jackley Requests FCC To Restrict Use of A.I. In Marketing Phone Calls
PIERRE, S.D. – South Dakota Attorney General Marty Jackley and 25 other Attorneys General are asking the Federal Communications Commission (FCC) to restrict the use of artificial intelligence by telemarketers.
Read More |
Class action accuses debt collector Sequium of violating federal law in communicating with collection targets
Debt collector Sequium Asset Solutions is facing a class action lawsuit accusing the company of allegedly violating federal and state law in the way that it communicates with debtors targeted in collection actions.
Read More |
Attorney General Bonta to Supreme Court: Healthy, Solvent Corporations Should Not Exploit Bankruptcy to Avoid Liability
OAKLAND — Attorney General Rob Bonta today joined a multistate amicus brief urging the U.S. Supreme Court to review a bankruptcy court’s decision permitting a Texas company to exploit an elaborate, unfair bankruptcy loophole enabling otherwise healthy corporations to avoid financial liability without ever declaring bankruptcy themselves.
Read More |
A closer look at the FTC’s ruling that Intuit’s “free” claims deceived consumers
Decades ago, the FTC described the advertising claim “free” as “a lure,” “the bait,” and “a powerful magnet,” and its appeal continues to attract consumers. Need proof? Just look at how Intuit made “free” the centerpiece of its ad campaign for TurboTax, blanketing TV, radio, print media, and the internet with claims that consumers could use the company’s TurboTax service to file their taxes not just for “free,” but for “Free. Free. Free. Free.”
Read More |
Colorado AG and Collection Agency Settle Over Collections on Debts Owed to Native American Tribes
Colorado Attorney General Phil Weiser and TrueAccord reached a settlement agreement (PDF) related to reported violations of the Colorado Fair Debt Collection Practices Act for collection on high-interest debt.
Read More |
FTC to Host Virtual Summit on Artificial Intelligence
The Federal Trade Commission’s Office of Technology is hosting a virtual tech summit on January 25, 2024 that will bring together a diverse group of stakeholders to discuss key developments in the rapidly evolving field of artificial intelligence (AI), looking across the layers of technology related to AI.
Read More |
OR legislation aims to protect against debt collection practices
Oregon lawmakers could add greater safeguards for consumers from debt collectors this session. The Family Financial Protection Act of Oregon includes a suite of provisions to shield consumers, including ensuring people can keep more of their wages from being garnished to pay back debts.
Read More |
Utah is ranked in the top 5 U.S. states with high credit card delinquency rates
In 2023, the United States saw a surge in credit card debt. “Aggregate household debt balances increased by $16 billion in the second quarter of 2023, a 0.1% rise from 2023 Q1.
Read More |
Vroom, the once-mighty Carvana competitor, will wind down its used-car business
Vroom Inc., once valued at a heady $2.5 billion, said Monday it is winding down its online used-car sales business in order to preserve liquidity, as its market cap has dwindled to less than $100 million.
Read More |
Mayor Adams to Relieve Over $2 Billion in Medical Debt for Hundreds of Thousands of Working-Class New Yorkers
So today, the administration is helping deliver relief to working class New Yorkers with our life changing medical debt relief program. And just really good stuff when you look at the investment that we are making. We're investing $18 million over three years to forgive over $2 billion in medical debt for hundreds of thousands of New Yorkers.
Read More |
States endorse the CFPB’s rule to regulate fintechs
Recently, 19 state attorneys general submitted a comment letter supporting the CFPB’s proposed rule that would expand the CFPB’s supervisory authority to regulate nonbank fintech firms that offer digital payment services.
Read More |
CFPB Sues Strategic Financial Solutions Over Alleged Fee Collection
The Consumer Financial Protection Bureau (CFPB) announced Friday (Jan. 19) that it has launched a lawsuit against Strategic Financial Solutions (SFS), charging it with running an illegal debt-relief business.
Read More |
NCUA’s 2024 Supervisory Priorities
This letter outlines the NCUA’s supervisory priorities and other updates to the agency’s 2024 examination program. We focus on the areas posing the highest risk to credit union members, the credit union industry, and the National Credit Union Share Insurance Fund (Share Insurance Fund).
Read More |
The IRS doesn’t send tax refunds by email or text
Got an email or text message about a tax refund? It’s a scam
Read More |
Supreme Court Considers Reversing Federal Agency Power to Interpret Statutes
The U.S. Supreme Court heard oral arguments in two cases on Jan. 17 that could overturn a decision centered on federal agency use of statutes.
Read More |
These Americans are struggling to pay their bills on time: ‘Financial stress appears to have risen,’ New York Fed says
Low-income borrowers are increasingly missing payments on their car loans and credit cards and may have missed the boat on ultralow mortgage rates, according to a new report from the Federal Reserve Bank of New York.
Read More |
Average Car Payment and Auto Loan Statistics 2024
The average car payment for new vehicles was $726 in the third quarter of 2023, a 3.6% increase from the third quarter of 2022. The average car payment for leased vehicles increased at a comparable 4.6%. However, the average car payment for used vehicles increased by just 0.8%.
Read More |
Most Americans Who Failed to Pay Student Loans Say They Can’t Afford to Keep Up
(Bloomberg) -- More than half of Americans who’ve failed to pay student-loan bills since the October restart said the main reason was that payments were unaffordable, according to new research by the Federal Reserve Bank of Philadelphia.
Read More |
CFPB and Seven State Attorneys General Sue Debt-Relief Enterprise, Strategic Financial Solutions, for Illegally Swindling More Than $100 Million from Financially Struggling Families
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and seven state attorneys general sued Strategic Financial Solutions (SFS) and its web of shell companies for running an illegal debt-relief enterprise. The CFPB and state attorneys general also sued the chief architects of the illegal enterprise, Ryan Sasson and Jason Blust. The CFPB and attorneys general allege the enterprise has collected hundreds of millions of dollars in exorbitant, illegal fees from vulnerable consumers.
Read More |
Maryland is Latest State to Introduce Legislation Targeting Bank Partnership Programs
On January 10, HB 254, entitled the True Lender Act, was introduced before the Maryland House of Delegates. The Act would amend the Maryland Commercial Law to add an article containing both predominant economic interest and totality of the circumstance tests to determine the “true lender” of a loan.
Read More |
CFPB Files Amicus Brief in FDCPA Appeal
This month, the Consumer Financial Protection Bureau (CFPB) started the new year by filing an amicus brief in an ongoing appeal in the First Circuit focusing on an interpretation of the Fair Debt Collection Practices Act (FDCPA), specifically 1692e.
Read More |
Utah Court of Appeals Reverses Dismissal of Consumer Claims Based on Failure to Register Under Collection Agency Act
In a change of course, the Utah court of appeals has reversed the dismissal of a plaintiffs’ suit against a debt collector based on its alleged failure to register as a collection agency prior to filing collection suits.
Read More |
|
|
Receivables Management Association International
Aria Resort & Casino
Las Vegas , Nevada
February 05 - 08 , 2024
https://rmaintl.org/events/2024-annual-conference/
|
|
|
|
|
