After more than seven years of litigation, on September 12, 2024, the CFPB filed the Stipulated Order reflecting its settlement with the Company over alleged violations of the CFPA, FCRA, and FDCPA....more
9/13/2024
/ Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Federal Student Loans ,
Financial Services Industry ,
Loan Servicer ,
Settlement ,
Student Loans
Join Hudson Cook partners Julia Whitelock and Rob Tilley for a quarterly consumer and government enforcement litigation webinar. The webinars will feature a discussion of recent, notable cases involving the consumer financial...more
The Consumer Financial Protection Bureau's (CFPB) eyes are on the gaming industry and the potential harm consumers may suffer from data security and privacy concerns....more
7/11/2024
/ Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
COPPA ,
Data Privacy ,
Data Protection ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Gaming ,
Online Gaming ,
Regulatory Requirements ,
Security and Privacy Controls ,
State Privacy Laws ,
Video Games
On July 2, 2024, the FTC filed a joint motion for entry of the FTC and the Company's stipulated order for permanent injunction, monetary judgment, and other relief to resolve allegations of misleading consumers who purchased...more
The gaming industry has seen exponential growth over the past twenty years, transforming from a niche hobby into a mainstream cultural and economic juggernaut....more
The CFPB entered into consent orders with a Home Equity Conversion Mortgage ("HECM," also known as a "reverse mortgage") servicing contractor, its subcontractor, and two of its subcontractor's subsidiaries. The U.S....more
6/24/2024
/ Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
HECM ,
HUD ,
Mortgage Servicers ,
Mortgages ,
RESPA ,
Restitution ,
Reverse Mortgages
You've been sued by a consumer. Now what?
First things first: What are your business's priorities regarding how and where the dispute is resolved?...more
On May 9, 2024, we published our first article in a series of articles on the CFPB's interest in gaming. Back on April 4, 2024, the Consumer Financial Protection Bureau ("CFPB") issued a report identifying various risks to...more
The line between virtual and reality is getting thinner. Gamers pay gaming companies real currency for virtual in-game currency to buy skins, create the world they want to live in (virtually), or purchase loot that aid in...more
5/9/2024
/ Banking Sector ,
Banks ,
Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
COPPA ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
FTC Act ,
Gaming ,
Information Reports ,
Money Transmitter ,
Online Gaming ,
Payment Processors ,
Regulatory Authority ,
Risk Assessment ,
State Attorneys General ,
Virtual Currency
The CFPB entered into a consent order with a for-profit vocational school that offered coding programs using income-share agreements ("ISAs") as tuition financing options. Unlike conventional student loans, ISAs are products...more
On December 15, 2023, the CFPB announced a settlement with a medical debt collector to resolve allegations that it violated the Fair Credit Reporting Act ("FCRA"), its implementing Regulation V, the Fair Debt Collection...more
On November 15, 2023, the Consumer Financial Protection Bureau announced that a nonbank installment lender agreed to settle allegations that it was violating a 2019 consent order. The Company is a publicly traded online...more
11/16/2023
/ Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
Payday Loans ,
Unfair or Deceptive Trade Practices
'Tis the season for returning to school and learning something new. When I was growing up, we learned the long multiplication algorithm by which you multiply numbers right to left, insert zeros along the way, write some...more
Finding a good dance partner can be difficult. If all goes well, your and your partner's steps and turns are in sync, and you both are happy with the resulting dance. But occasionally, your dance partner may make a misstep...more