CFPB Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking -
"Poorly deployed chatbots can impede customers from resolving problems."
Why this is important: The Consumer Financial Protection Bureau...more
7/11/2023
/ Artificial Intelligence ,
Automotive Loans ,
Banking Sector ,
Borrowers ,
Bots ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Credit Cards ,
Credit Reports ,
Customer Service Standard ,
Debt Collection ,
Delinquency Status ,
Fair Credit Billing Act (FCBA) ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Institutions ,
Financial Services Industry ,
Landlords ,
Tenants
CFPB -
Regulators Take Aim at AI to Protect Consumers and Workers -
“In the past year, the Consumer Finance Protection Bureau said it has fined banks over mismanaged automated systems that resulted in wrongful home...more
6/12/2023
/ Artificial Intelligence ,
Automotive Loans ,
Banking Sector ,
Bots ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
Economic Sanctions ,
Equal Employment Opportunity Commission (EEOC) ,
Fake Online Accounts ,
Federal Trade Commission (FTC) ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
Legislative Agendas ,
Russia ,
Student Loans
North Carolina Power Outage Points to Homeland Security Long-Documented Threats to US Power Grid -
“Moore County blackouts serve as reminder that nation’s electricity infrastructure could be vulnerable targets for domestic...more
12/16/2022
/ Advertising ,
Banking Sector ,
Chapter 11 ,
Class Action ,
Consumer Privacy Rights ,
Coronavirus/COVID-19 ,
Critical Infrastructure Sectors ,
Cuba ,
Cybersecurity ,
Data Collection ,
Debt Collection ,
Department of Homeland Security (DHS) ,
Electricity ,
FDIC ,
Federal Trade Commission (FTC) ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Healthcare ,
Infrastructure ,
Non-Bank Lenders ,
OCR ,
Phishing Scams ,
Power Grid ,
Privacy Laws ,
Ransomware ,
Regulatory Agenda ,
State and Local Government ,
Technology Sector ,
Terrorist Threats ,
Text Messages ,
Threat Management ,
Tracking Systems ,
Unsolicited Advertisements
Data Breaches
Pennsylvania Settlements with Experian and T-Mobile
Why this is important: Pennsylvania’s Attorney General, Josh Shapiro, announced on Monday, November 7, 2022, that Pennsylvania entered into settlements...more
CFPB Invokes Dormant Authority to Examine Nonbank Companies Posing Risks to Consumers and CFPB Claims Oversight Over More Entities Including Fintechs; Says It Will Publish Supervisory Determinations -
"The CFPB is also...more
Here are 5 Changes Student Loan Borrowers Could See in 2022 -
"Experts say that if student loan forgiveness is going to happen, it will likely be before the midterm elections."
Why this is important: During the last...more
Millions of Consumers have Cut Their Debts, So Why are Financial Experts Sounding Alarm -
"And with stimulus payments a thing of the past and other unusual financial stabilization programs unwinding, the alerts are going...more
11/17/2021
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Reports ,
Cryptocurrency ,
Financial Services Industry ,
Forbearance Agreements ,
Mortgages ,
Payment Systems ,
Stablecoins ,
Student Loans
Biden Administration Extends Student Loan Pause Until January 31, 2022 -
"The Department believes this additional time and a definitive end date will allow borrowers to plan for the resumption of payments and reduce the...more
9/21/2021
/ Banking Sector ,
Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Housing Market ,
Interest Rates ,
Military Service Members ,
Payday Loans ,
Securities and Exchange Commission (SEC) ,
Small Dollar Lenders ,
Student Loans
Mobile Payment App Complaints are Surging as More Americans Go Cashless -
"Top complaints include trouble with digital wallets, scams and customer service issues."
Why this is important: Roughly four in five Americans...more
Three Ways the Legislature Has Redefined Consumer Litigation in West Virginia -
The regular legislative session recently ended in West Virginia, and once again our Legislature has amended the West Virginia Consumer Credit...more
Consumer Complaints to the CFPB for 2020 Up 54 Percent Over Previous Year -
"The CFPB handled about 542,300 complaints last year – a nearly 54 percent increase over the 352,400 complaints handled in 2019."
Why this is...more
Biden Administration to Cancel $1 Billion in Student-Loan Debt Held by Scammed Borrowers -
“Borrowers who requested loan forgiveness but got only partial relief under former Secretary of Education Betsy DeVos will have...more
3/24/2021
/ Banking Sector ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Cryptocurrency ,
Financial Services Industry ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
PayPal ,
Relief Measures ,
Student Loans ,
TCPA
All is Not Lost: Mitigating the Risk of Loss of a Delinquent Collateral Asset in the Era of Autonomous Zones -
The birth of autonomous zones has led to uncertainty regarding the protection of a lienholder's collateral...more
1/21/2021
/ Banking Sector ,
Blockchain ,
CARES Act ,
Chapter 11 ,
Commercial Bankruptcy ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Mortgages ,
OCC ,
Public Service Loan Forgiveness program (PSLF program)
Welcome to the Last All Consuming Issue of 2020 -
Welcome to our last issue of All Consuming for 2020, a year of unprecedented obstacles. We all watched as the financial industry responded to those obstacles, with...more
12/16/2020
/ Automotive Loans ,
Banking Sector ,
Biden Administration ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Debt Collection ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinTech ,
Lenders ,
Mortgage Lenders ,
Student Loans
The world continues to come to grips with the daily changes brought by the COVID-19 pandemic. Schools contemplate opening. Some do, while others do not. Some professional and college sports teams play games to empty stadiums....more
During its 2019 regular session, the West Virginia Legislature once again reviewed the West Virginia Consumer Credit and Protection Act and determined additional changes were necessary. The Act, one of the primary statutes...more
To most people, the concept of digital currencies is synonymous with the name Bitcoin. However, hundreds of digital currencies exist. In fact, WorldCoinIndex.com tracks 445 currencies, and CoinMarketCap.com tracks 732....more
10/17/2016
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
Bitcoin ,
Blockchain ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Currency ,
Financial Services Industry ,
Popular ,
Risk Assessment ,
Security