This week, the Federal Reserve’s Federal Open Markets Committee (FOMC) decided that its target policy rate range would decrease by 50 basis points, resulting in a new target range for the Federal Funds Rate of 4.75 percent to 5…
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/ Finance & Banking
Innovation and technology are not the magic wands that will help low-income Americans climb out of debt; they often are tools used to prey on the neediest people, Seth Frotman, the CFPB’s general counsel told the Poverty Law…
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/ Consumer Protection, Finance & Banking, Science, Computers, & Technology
A federal District Judge for the Northern District of Georgia, Victoria Marie Calvert, awarded a default judgment to the CFPB against USASF, a car loan servicer of loans originated by U.S. Auto Sales Inc., a buy-here, pay-here…
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/ Civil Procedure, Civil Remedies, Consumer Protection, Finance & Banking
The CFPB has scheduled two sessions to provide a preview of its nonbank enforcement order registry. The virtual-only discussions are scheduled for September 30 and October 9. Both sessions will feature the same content…
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/ Administrative Law, Consumer Protection, Finance & Banking
Some dollar store chains and other retailers now are charging consumers for obtaining cash back on debt or prepaid card purchases—transactions that generally have been free in the past–the CFPB reported…
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/ Consumer Protection, Finance & Banking
The CFPB earlier this month filed suit against Horizon Card Services and its CEO and sole shareholder Robert Kane for allegedly tricking subprime consumers into signing up for a high-fee credit card that only allowed them to…
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/ Consumer Protection, Finance & Banking
On June 28, in Loper Bright v. Raimondo, et al., the Supreme Court overturned the Chevron deference doctrine, a long-standing tenet of administrative law established in 1984 in Chevron U.S.A., Inc. v. Natural Resources Defense…
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/ Administrative Law, Finance & Banking, Consumer Protection
The Securities and Exchange Commission (SEC) continues to investigate companies for including language in their employment and separation agreements or retail client settlement agreements that potentially discourages…
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/ Civil Rights, Labor & Employment Law, Securities Law
On August 26, 2024, Chief Judge Randy Crane in the E.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the CFPB’s 1071 Rule (small business loan data collection rule)…
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/ Administrative Law, Consumer Protection, Finance & Banking
The Utah Project on Antitrust and Consumer Protection is hosting a free conference open to the public on the future of consumer financial services law on October 11, 2024 from 8 am until 4 pm, MT…
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/ Administrative Law, Antitrust & Trade Regulation, Consumer Protection, Finance & Banking
The SEC has begun to bring enforcement actions against companies whose employment and client agreements could appear to infringe on the right to report cases in violation of Section 21f-17(a) of the Exchange Act. On September 9,…
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/ Civil Rights, Labor & Employment Law, Securities Law
On September 11, 2024, the United States Court of Appeals for the Fifth Circuit issued its opinion in Mayfield v. Department of Labor, upholding the authority of the Department of Labor (“DOL”) to establish a minimum salary…
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/ Administrative Law, Labor & Employment Law
Following up on its Notice of Proposed Rulemaking (“NPR”), which we discussed back in March, the Financial Crimes Enforcement Network (FinCEN) released on August 28th a final rule extending Anti-Money Laundering/Countering the…
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/ Consumer Protection, Finance & Banking, Securities Law
The most frequent consumer debt collection complaints filed with the CFPB in 2023 were attempts to collect debts that actually were not owed, the bureau said in its annual Fair Debt Collection Practices Act report…
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/ Administrative Law, Consumer Protection, Finance & Banking
On June 28, in Loper Bright v. Raimondo, et al., the Supreme Court overturned the Chevron deference doctrine, a long-standing tenet of administrative law established in 1984 in Chevron U.S.A., Inc. v. Natural Resources Defense…
more
/ Finance & Banking, Consumer Protection
