Career Step LLC, an online career training company has been ordered to pay $43.5 million in cash and debt cancellation to resolve FTC charges that the company “lured consumers, specifically servicemembers and their families,...more
8/14/2024
/ Cancellation of Debt (COD) ,
Consumer Financial Products ,
Debt ,
Debt Collection ,
False Advertising ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Military Service Members ,
Online Advertisements ,
Online Education ,
Redress Payments ,
Students
A proposed class action lawsuit filed in the U.S. District Court for the Northern District of Georgia on February 21, 2024 against TitleMax of Georgia, Inc. and TMX Finance LLC (together, “TitleMax”) accuses the Georgia-based...more
2/27/2024
/ Automotive Loans ,
Class Action ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Department of Defense (DOD) ,
Financial Services Industry ,
Interest Rates ,
Loans ,
Military Lending Act ,
Military Service Members ,
Statutory Violations ,
Title Loans
The FTC recently sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (ECOA) and Regulation B. The new letter reports on the FTC’s activities in 2022. The Bureau...more
2/15/2023
/ Annual Reports ,
Artificial Intelligence ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
HUD ,
Military Service Members ,
Regulation B
The Department of Justice recently entered into a settlement with BayPort Credit Union to resolve allegations that it violated the Servicemembers Civil Relief Act (SCRA) by charging unlawful interest to servicemembers and...more
The Department of Justice announced earlier this week that it has entered into a consent order with the New Jersey Higher Education Student Assistance Authority (HESAA) to settle the DOJ’s claim that HESAA violated the...more
On July 1, Virginia Governor Northam signed Senate Bill 1410 which amended several Virginia anti-discrimination statutes to prohibit discrimination based on “military status.” For purposes of the various amendments, the term...more
The Department of Defense (DoD) has issued a report to the House Committee on Armed Services regarding the impact of a Military Annual Percentage Rate (MAPR) cap lower than 30% on military readiness and servicemember...more
FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. ...more
2/25/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
ECOA ,
Enforcement Authority ,
Fair Lending ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Military Service Members ,
Regulation B ,
Small Business ,
Small Business Loans
The Department of Defense announced in its Fall 2019 rulemaking agenda that it is engaged in proposed rulemaking to amend its Military Lending Act (MLA) regulations, apparently in order to allow non-bank creditors to provide...more
12/5/2019
/ Amended Regulation ,
Automotive Industry ,
Automotive Loans ,
Borrowers ,
Consumer Lenders ,
Creditors ,
Department of Defense (DOD) ,
Fair Access to Credit ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financing ,
Lenders ,
Military Lending Act ,
Military Service Members ,
Motor Vehicles ,
Non-Bank Lenders ,
Regulatory Agenda ,
Regulatory Burden ,
Rulemaking Process
The FTC has issued a final rule to implement a 2018 amendment to the FCRA made by the Economic Growth, Regulatory Relief, and Consumer Protection Act that requires nationwide consumer reporting agencies (CRAs) to provide...more
Early last year, several trade groups, including the National Automotive Dealers Association (NADA), sent letters petitioning the Department of Defense (DoD) to rescind or withdraw Question and Answer #2 (Q&A 2) from its 2016...more
3/6/2019
/ Automotive Loans ,
Consumer Insurance Products ,
Department of Defense (DOD) ,
Exemptions ,
Financial Transactions ,
Interpretive Rule ,
Lease Financing ,
Military Lending Act ,
Military Service Members ,
Motor Vehicles ,
Rulemaking Process
The CFPB has issued a report, “Mortgages to First-time Homebuying Servicemembers,” that focuses on mortgage loans made from 2006 to 2016 to first-time homebuyers who are serving in the military or are veterans....more
The FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. ...more
2/27/2019
/ Administrative Authority ,
Algorithms ,
Annual Reports ,
Artificial Intelligence ,
Automotive Industry ,
Car Dealerships ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
ECOA ,
Federal Trade Commission (FTC) ,
Military Service Members ,
Predictive Analytics ,
Regulation B
The CFPB’s Office of Servicemember Affairs has released its annual report on complaints submitted to the Bureau by servicemembers....more
The CFPB announced yesterday that it has transmitted a proposal to Congress that would give it clear authority to conduct supervisory examinations for compliance with the Military Lending Act (MLA)....more
Twenty-three Democratic members of the House Financial Services Committee have sent a letter to Kathy Kraninger, the CFPB’s new Director, urging the Bureau to resume examining its supervised entities for compliance with the...more
12/17/2018
/ Banking Examinations ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Failure to Comply ,
Financial Services Industry ,
Military Lending Act ,
Military Service Members ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Standards
The Department of Justice recently entered into a settlement with Hudson Valley Federal Credit Union to resolve allegations that it violated the Servicemembers Civil Relief Act (SCRA) by repossessing vehicles owned by...more
The New York Attorney General has filed a lawsuit against a group of commonly owned and managed companies headquartered in New York that include companies operating retail jewelry stores in numerous states under the name...more
11/1/2018
/ Charitable Sales Promotion ,
Consumer Fraud ,
Credit Financing ,
Enforcement Actions ,
False Advertising ,
Interest Rates ,
Markups ,
Military Service Members ,
Regulatory Standards ,
Retailers ,
State Attorneys General ,
Unfair or Deceptive Trade Practices ,
Usury
Thirty state attorneys general, joined by the AGs of the District of Columbia, Puerto Rico, and the Virgin Islands, have sent a letter to CFPB Acting Director Mulvaney “to express our concern about recent reports that the...more
The Washington state Senate and House of Representatives have passed a bill (House Bill 1056) that would expand the coverage of the Washington Service Members’ Civil Relief Act (WSCRA) and provide additional protections to...more
The Department of Justice recently announced it had entered into an agreement with the City and County of Honolulu, Hawaii (Honolulu) and its general contractor for towing services to settle a lawsuit filed by the DOJ...more
2/23/2018
/ Auction ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
General Contractors ,
Liens ,
Military Service Members ,
Motor Vehicles ,
Regulatory Violations ,
SCRA ,
Settlement Agreements ,
State and Local Government
Four trade groups have sent letters to the Department of Defense (DoD) asking the DoD to rescind or withdraw Question and Answer #2 (Q&A 2) from its 2016 interpretative rule for the Military Lending Act final rule (MLA Rule)...more
The FTC has entered a proposed consent order with Victory Media, Inc. (VMI) to settle the FTC’s charges that VMI violated Section 5 of the FTC Act by engaging in deceptive acts or practices in connection with its promotion of...more
10/27/2017
/ Consent Order ,
Consumer Financial Products ,
Continuing Education ,
Educational Institutions ,
False Advertising ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
Marketing ,
Military Service Members ,
Misrepresentation ,
Promotional Items ,
Section 5 ,
Social Media ,
Unfair or Deceptive Trade Practices ,
Veterans
The CFPB has released the sixth annual report of the CFPB Student Loan Ombudsman containing an analysis of approximately 12,900 federal student loan complaints, 7,700 private student loan complaints, and 2,300 debt collection...more
10/20/2017
/ Annual Reports ,
Banking Sector ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Federal Student Loans ,
Military Service Members ,
Ombudsman ,
SCRA ,
Student Loans
The Department of Defense (DoD) is reported to have rejected the request of the National Association of Federally-Insured Credit Unions (NAFCU) to extend the October 3, 2017 date for credit card compliance with the Military...more