President Trump recently signed an Executive Order entitled “Restoring Equality of Opportunity and Meritocracy“ to eliminate the use of disparate impact liability. The U.S. Department of Housing and Urban Development (HUD)...more
5/5/2025
/ Civil Rights Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Deregulation ,
Disparate Impact ,
ECOA ,
Enforcement Actions ,
Executive Orders ,
Fair Housing Act (FHA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
HUD ,
Mortgages ,
Regulatory Agencies ,
SCOTUS ,
Texas Dept of Housing v Inclusive Communities ,
Title VII ,
Trump Administration ,
Unfair or Deceptive Trade Practices
New York Attorney General Letitia James has sued payday lenders MoneyLion Inc. and DailyPay Inc. in New York state court, alleging that the two companies took advantage of tens of thousands of New Yorkers....more
4/29/2025
/ Consumer Lenders ,
Enforcement Actions ,
False Advertising ,
Financial Services Industry ,
FinTech ,
Interest Rates ,
Lenders ,
New York ,
Payday Loans ,
Regulatory Violations ,
State Attorneys General ,
Unfair or Deceptive Trade Practices ,
Usury ,
Wages
As the Trump Administration attempts to drastically cut CFPB funding and staffing, New York regulators and legislators are attempting to fill what could be a void in consumer protection efforts....more
3/18/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Enforcement Actions ,
Enforcement Priorities ,
Financial Regulatory Reform ,
New York ,
NYDFS ,
Popular ,
Proposed Legislation ,
Proposed Rules ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Reform ,
State Attorneys General ,
Unfair or Deceptive Trade Practices
The Fifth Circuit Court of Appeals has struck down the FTC’s controversial CARS Rule, saying that the commission violated its own procedural rules by failing to issue an Advance Notice of Proposed Rulemaking (“ANPRM”) before...more
2/5/2025
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Appeals ,
Automotive Industry ,
Car Dealerships ,
CARS Rule ,
Dodd-Frank ,
Federal Trade Commission (FTC) ,
Final Rules ,
FTC Act ,
Motor Vehicles ,
Rulemaking Process ,
Unfair or Deceptive Trade Practices
The CFPB and the National Collegiate Student Loan Trusts—a group of fifteen securitization trusts that acquire, pool, and securitize student loans—have entered into a proposed final consent judgment that, if approved, would...more
1/29/2025
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Services Industry ,
Lenders ,
Securitization Standards ,
Student Loans ,
Unfair or Deceptive Trade Practices
A federal judge has issued a temporary injunction against Superior Servicing and its operator Dennise Merdjanian, following FTC allegations that the company claimed to be affiliated with the Department of Education, collected...more
1/7/2025
/ Borrowers ,
Consumer Financial Products ,
Department of Education ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
Lenders ,
Loan Forgiveness ,
Statutory Violations ,
Student Loans ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
The Justice Department is asking a federal court to issue a permanent injunction against cash advance firm Dave Inc. and its CEO Jason Wilk, alleging that the company uses misleading marketing tactics to deceive consumers...more
1/7/2025
/ Department of Justice (DOJ) ,
Deposit Advances ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Hidden Fees ,
Marketing ,
Misleading Impressions ,
Mobile Apps ,
Permanent Injunctions ,
Unfair or Deceptive Trade Practices
Some credit card companies operating rewards programs may be violating the law by failing to provide promised rewards, the CFPB said, in a circular to law enforcement agencies....more
The CFPB has taken action to permanently ban Student Loan Pro and its owner, Judith Noh, from offering consumer financial products or services....more
12/12/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Debt-Relief Industry ,
Enforcement Actions ,
Federal Bans ,
Fees ,
Financial Services Industry ,
Statutory Violations ,
Student Loans ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
The FTC has filed a complaint against the online cash advance app, Dave, charging that the company used misleading marketing to deceive consumers about the amount of its cash advances and charged consumers undisclosed fees...more
A federal judge has ordered debt collector, Global Circulation Inc. (GCI) to temporarily halt operations, following an FTC complaint that alleged GCI tricked consumers into paying more than $7.6 million in bogus debt by...more
The CFPB has filed suit against student lender Climb Credit, Inc. and its largest shareholder 1/0 (one zero), alleging that the lender induced students to take out loans by misrepresenting the quality of the training programs...more
One of the country’s largest automotive retailers filed suit against the Federal Trade Commission (“FTC”) on October 4, arguing that the Supreme Court’s recent landmark decision in Securities and Exchange Commission v....more
10/25/2024
/ Add-ons ,
Administrative Authority ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Article III ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Jury Trial ,
Public Rights Doctrine ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Seventh Amendment ,
Standing ,
Unfair or Deceptive Trade Practices
On October 16, the FTC issued its final amendments to the Negative Option Rule, which now applies to all negative option programs and includes a “click to cancel” provision intended to make it easier for consumers to cancel...more
The CFPB has banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products, saying that the company had misled student borrowers about the company’s neutrality and initiated...more
10/17/2024
/ Arbitration ,
Arbitrators ,
Banks ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
Student Loans ,
UDAAP ,
Unfair or Deceptive Trade Practices
Invitation Homes, the nation’s largest landlord of single-family homes, has agreed to pay $48 million and to stop a significant number of its rental practices, including misleading renters about lease costs and charging...more
Saying it wants to protect consumers from unfair, deceptive or anticompetitive practices, the Transportation Department on Sept. 5 launched an investigation into the rewards programs operated by the nation’s four largest...more
On August 7, 2024, the CFPB published an Issue Spotlight on the solar lending industry. In conjunction with the CFPB’s Issue Spotlight, the CFPB, U.S. Department of Treasury, and the Federal Trade Commission also issued a...more
The CFPB and Credit Repair Cloud, have reached agreement over allegations that the firm helped other credit repair businesses charge illegal fees to consumers....more
8/22/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
Hidden Fees ,
Settlement ,
Telemarketing ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
On August 15, 2024, the Federal Trade Commission (“FTC”) and Arizona Attorney General announced a proposed settlement with an Arizona-based vehicle dealership to resolve allegations that the dealership misrepresented prices...more
8/21/2024
/ Anti-Discrimination Policies ,
Arizona ,
Borrowers ,
Car Dealerships ,
CARS Rule ,
Consent ,
Consumer Fraud ,
ECOA ,
Fair Lending ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
Motor Vehicles ,
Section 5 ,
UDAAP ,
Unfair or Deceptive Trade Practices
The Federal Trade Commission on August 14 announced a final trade regulation rule intended to fight fake reviews and testimonials by prohibiting their purchase or sale and by allowing the agency to seek civil penalties...more
8/21/2024
/ Celebrity Endorsements ,
Consumer Financial Products ,
Fake Reviews ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Services Industry ,
Marketing ,
Online Reviews ,
Proposed Rules ,
Regulatory Reform ,
Social Media ,
Testimonial Statements ,
Unfair or Deceptive Trade Practices
CarShield, a company that sells vehicle service contracts (VSCs), will pay $10 million to settle FTC allegations that its advertisements and telemarketing pitches deceived consumers, the agency announced on July 31....more
8/13/2024
/ Administrative Procedure Act ,
Advertising ,
Automotive Industry ,
CARS Rule ,
False Advertising ,
Federal Trade Commission (FTC) ,
FTC Act ,
Marketing ,
Motor Vehicles ,
Section 5 ,
Service Contracts ,
Telemarketing ,
Unfair or Deceptive Trade Practices
The Fifth Circuit Court of Appeals has set oral arguments for Oct. 7 in the challenge of the Federal Trade Commission’s Combating Auto Retail Scams Rule (“CARS Rule”). The petition, filed on January 5, 2024 by the National...more
7/23/2024
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Car Dealerships ,
CARS Rule ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Motor Vehicles ,
Oral Argument ,
Unfair or Deceptive Trade Practices
A Florida law that prohibits federal and state depository institutions conducting business in the state from denying services based on religion or political beliefs and activities went into effect on July 1....more
7/18/2024
/ Banks ,
Consumer Financial Products ,
Discriminatory Lending Practices ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
Financial Services Industry ,
Florida ,
New Legislation ,
Religious Beliefs ,
Religious Discrimination ,
Unfair or Deceptive Trade Practices
On June 4, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a Consumer Financial Protection Circular 2024-03 (“Circular”) warning that the use of unlawful or unenforceable terms and conditions in contracts for...more