WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending. These unlawful fees corrode family finances, force up families’ banking and borrowing costs, and are not easily avoided – even by financially savvy consumers. As described in the Supervisory Highlights, the CFPB continues rooting unlawful fees out of consumer financial markets.
Supervisory Highlights Junk Fees Special Edition, Issue 29, Winter 2023
This special edition of Supervisory Highlights focuses on the Consumer Financial Protection
Bureau’s (CFPB or Bureau) recent supervisory work related to violations of law in connection
with fees. 1 As part of its emphasis on fair competition the CFPB has launched an initiative,
consistent with its legal authority, to scrutinize exploitative fees charged by banks and financial
companies, commonly referred to as “junk fees.”
DOJ’s Top Ten Consumer Complaints List of 2022
Attorney General Yost Silences Texas-based Robocallers
(COLUMBUS, Ohio) — Ohio Attorney General Dave Yost and seven other attorneys general announced two related judgments effectively shutting down a massive robocall operation that bombarded Americans with billions of illicit robocalls, including more than 69 million to Ohioans. “Stopping annoying robocalls is a lengthy process, but this judgment is a reminder that we can cut them off,” Yost said. “There are enough distractions in life – let’s not let spam callers interrupt our lives anymore.”
Second Circuit Affirms Judgment in Favor of Law Firm in Meaningful-Attorney-Involvement FDCPA Class Action
On February 13, the Second Circuit Court of Appeals affirmed the decision of an Eastern District of New York court and found that the defendant law firm, Mandarich Law Group, LLC (Mandarich), had conducted a meaningful attorney review of the plaintiff debtor’s account prior to mailing her a debt collection letter on the firm’s letterhead. The three-judge panel set forth the decision in a summary order, which does not have precedential effect.
Mortgage demand recovers slightly, despite rising interest rates
After dropping to a 28-year low the previous week, mortgage demand recovered slightly, even though interest rates marched higher. Total mortgage application volume rose 7.4% last week, according to the Mortgage Bankers Association’s seasonally adjusted index.
The rise of art-backed loans is spectacular—here’s how they work
There was a time when art, while hopefully pleasurable to own, was a non-performing asset financially. No longer. As the worlds of art and finance increasingly converge, leveraging art collections to unlock liquidity has become a healthily growing sector, according to its participants.
BREAKING DOWN THE FTC’S PROPOSED BAN ON NON-COMPETE AGREEMENT
We previously reported on the Federal Trade Commission’s (FTC) Proposed Rule that has sparked quite a stir. The Proposed Rule aims to ban companies from forcing employees to sign non-compete agreements. These agreements prohibit workers from taking jobs with competitors for a certain period of time after leaving their current employer. The new rule wouldn’t just ban standard non-competes, though. It would also prohibit other restrictive contracts like non-disclosure agreements that prevent employees from sharing trade secrets and employment contracts that require workers to pay back training costs if they leave too soon.
CFPB and NLRB Announce Information Sharing Agreement to Protect American Consumers and Workers from Illegal Practices
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the National Labor Relations Board (NLRB) today signed an information sharing agreement, creating a formal partnership between the two agencies to better protect American families and to address practices that harm workers in the “gig economy” and other labor markets.
PCI DSS Requirements: What Your Business Needs to Know
In a fast-evolving digital economy, there’s no time to waste when protecting data and ensuring robust information security. In fact, did you know that a cyber attack occurs somewhere on the web every 39 seconds? So let’s cut to the chase and get to the nitty-gritty.