Five New Federal Agencies Join Justice Department in Pledge to Enforce Civil Rights Laws in Artificial Intelligence

The Justice Department announced today that five new cabinet-level federal agencies have joined a pledge to uphold America’s commitment to core principles of fairness, equality and justice as new technologies like artificial intelligence (AI) become more common in daily life.

CFPB Finds Americans are Paying Upfront Fees Seeking to Lower Interest Rates on Mortgages

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a new report today finding that more borrowers paid “discount points” upfront as overall interest rates rose. 

OCC Asks FIs to Offer Customers ‘High-Quality Financial Literacy Education’

This week, the Office of the Comptroller of the Currency (OCC) asked U.S. financial institutions (FIs) for their help in “improving the financial capability and financial health of their customers.”

Enhancing Customer Experience – Collaborative Strategies Between Creditors And Collection Agency Collectors

In today’s dynamic business environment, collection agencies are embracing advanced tools like speech analytics and quality assurance (QA) departments to monitor collector calls, ensuring compliance with legal regulations. While adherence to these regulations is crucial, it’s equally important to embrace a broader perspective, echoing the sentiments of Starbucks’ Founder, Howard Schultz, who famously stated, “We are not in the coffee business serving people, we are in the people business serving coffee.”

New State Health Privacy Laws—Moving Beyond HIPAA and Recasting Consumer Health Data Rights?

New, first-of-their-kind consumer health data privacy laws in Washington and Nevada are designed to provide state-level protections for personal health data not covered by the Health Insurance Portability and Accountability Act ("HIPAA") and set the stage for potential increased litigation and enforcement.

FinCEN’s Look at Banks’ Customer ID Efforts Points the Way to Increased Digitization

The fraudsters are wilier than ever. The dark web offers all manner of details up for sale, from email addresses to Social Security numbers. And for banks, the key point of interaction — the initial onboarding of clients — requires a re-examination of the data used to identify and verify individuals and enterprise clients.

St. Elizabeth Credit Union Merges With First Commonwealth Federal Credit Union

ALLENTOWN, PA, UNITED STATES, April 4, 2024 /EINPresswire.com/ -- St. Elizabeth Credit Union has announced the approval of its merger with First Commonwealth Federal Credit Union, marking a significant milestone in the credit union landscape. The combined entity will operate under the banner of First Commonwealth Federal Credit Union.

Bank deposits are back above pre-SVB levels. Regional lenders still have problems.

Banks have now regained all deposits they lost following the collapse of Silicon Valley Bank. But that doesn't solve many of the problems still faced by regional lenders.

Attorney General Josh Stein Sues Predatory Lender

(RALEIGH) Attorney General Josh Stein sued Mariner Finance for widespread violations of multiple consumer protection laws, including allegedly charging North Carolinians for hidden add-on products that they either didn’t know about or didn’t agree to buy. In 2019 alone, Mariner charged consumers $121.7 million nationwide in premiums and fees for add-on products, not including all of the additional interest Mariner earned on the add-on premiums and fees.

Chase Will Let Advertisers Offer Customers Targeted Offerings

Chase is reportedly getting deeper into the world of retail media. The banking giant’s new Chase Media Solutions unit will let advertisers target Chase customers with discounts and deals related to their spending history, The Wall Street Journal (WSJ) reported Wednesday (April 3).

AG Nessel Re-Issues Data Breach Alert Following AT&T Data Breach

LANSING – Michigan Attorney General Dana Nessel is alerting Michigan consumers to a massive data breach affecting millions of current AT&T customers and tens of millions more former account holders nationwide. Nessel wants those whose information may have been compromised in the recent AT&T data breach to know what steps they can take to protect their data from scammers and identity thieves.  

Citi asks judge to toss NY AG’s ‘imaginative’ wire-fraud lawsuit

Citigroup is asking a federal judge to toss a consumer fraud lawsuit that the New York state attorney general filed, saying it's premised on an "imaginative theory" of banks' liabilities to wire fraud victims.

FTC Sends Nearly $62 Million in Refunds to Sellers Deceived by Online Real Estate Listing Service Opendoor Labs

The Federal Trade Commission is sending nearly $62 million in refunds to sellers deceived by advertising and marketing claims made by online real estate business Opendoor Labs, Inc.

Statement of CFPB Director Rohit Chopra on Risks to Consumers in Video Gaming Marketplaces

Today, the Consumer Financial Protection Bureau released a report on issues related to banking in video games and virtual worlds. The report examines some of the business practices involving gaming currencies and commerce on gaming platforms that seek to create walled-garden, virtual realities.

Banking in video games and virtual worlds

As video games and virtual worlds have become more and more popular, gaming assets have become increasingly valuable. Gaming assets are stored on a player’s accounts and used as a medium of exchange for all sorts of transactions within these worlds, including the purchase of goods and services and person-to-person (“P2P”) transfers.

CFPB Report Identifies Financial and Privacy Risks to Consumers in Video Gaming Marketplaces

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a report examining the growth of financial transactions in online video games and virtual worlds. These platforms increasingly resemble traditional banking and payment systems that facilitate the storage and exchange of billions of dollars in assets, including virtual currencies.

Influencers: Spot a job scam

Maybe you — or even your pet — are an influencer. But did you know that scammers might target you with phony job opportunities? You might get a message on social media, supposedly from a recruiter or “brand ambassador manager” of a national company.

Banking Groups’ Case Against CFPB Credit Card Fee Rule Moved to D.C. Circuit

A banking industry case challenging the Consumer Financial Protection Bureau’s credit card late fee rule will be heard in the D.C. Circuit Court following a request to move the case by the bureau.

Prepared Remarks of CFPB Director Rohit Chopra at the White House on Data Protection and National Security

The Consumer Financial Protection Bureau is the primary regulator charged with enforcing and updating rules under the Fair Credit Reporting Act, one of the only cross-sectoral data protection laws in the United States. This law protects the public when it comes to third party aggregations of personal data.

THIRD CIRCUIT HOLDS SECURITIZATION TRUSTS CAN BE SUBJECT TO CFPB ENFORCEMENT AUTHORITY

In a long-awaited decision, the Third Circuit handed the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) a victory in the National Collegiate Student Loan Trust litigation that could have wide-reaching implications for market participants in the consumer financial services industry. In its March 19, 2024 opinion, a three-judge panel held that: (1) the National Collegiate Student Loan Trust entities (“Trusts”) are “covered persons” subject to the CFPB’s enforcement authority under the Dodd-Frank Act because they “engage” in consumer financial products or services—i.e., student loan servicing and debt collection; and (2) the CFPB did not need to ratify the underlying action before the statute of limitations had run despite the constitutional deficiency within the Bureau when the action was initiated.¹

Resolving the Customer’s Financial Situation?

After building a solid rapport with your customer over the phone (see the Building a Relationship Over the Phone? blog if you missed it), it is essential to delve into the matter at hand and offer assistance in tackling their financial hurdles. Understanding the customer’s current situation is paramount. Once you have gained clarity on their circumstances, the next step is to Match their needs with the array of resources and programs at your disposal, designed to aid customers with their accounts.

Missouri and Washington Introduce True Lender Bills

Missouri and Washington introduced new true lender bills intended to regulate companies, largely FinTechs, that operate under bank partnership models with federally insured depository institutions.

AG Henry Announces Six New States Have Joined Lawsuit Against Predatory Lender That Bilked Hundreds Of Millions From Consumers In Hidden Add-On Fees

HARRISBURG — Attorney General Michelle Henry announced that six new states have joined Pennsylvania in its federal lawsuit against Mariner Finance regarding widespread violations of multiple consumer protection laws that cost consumers hundreds of millions of dollars.

FTC Sends Nearly $62 Million in Refunds to Sellers Deceived by Online Real Estate Listing Service Opendoor Labs

The Federal Trade Commission is sending nearly $62 million in refunds to sellers deceived by advertising and marketing claims made by online real estate business Opendoor Labs, Inc.

WEBRECON FEB 2024 STATS: MIXED FEB, BUT YTD COMPLAINTS STILL HIGH

In other news, putative class actions represented 4.9% of FDCPA, 66.9%(!) of TCPA and 9.5%(!) of FCRA lawsuits filed last month. TCPA and FCRA class actions are extraordinarily high, historically speaking. About 37% of all plaintiffs who filed suit last month had filed at least once before. And finally, Encino attorney Melkon R. Melkonian gets his first crack at the top spot for representing the most consumers (127) in February and YTD (though it’s by bundling a bunch of plaintiffs into a couple of suits).

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