On October 17, 2024, the CFPB filed a lawsuit against the Companies claiming violations of the CFPA, TILA, and Regulation Z. The CFPB alleged that the Companies engaged in deceptive acts and practices by representing that it...more
12/10/2024
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
Marketing ,
Regulation Z ,
Stipulated Judgment ,
Student Loans ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
The Consumer Financial Protection Bureau (CFPB) has turned its attention to in-game currencies and purchases (commonly referred to as "microtransactions or "downloadable content"). On August 28, 2024, the CFPB followed up its...more
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
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
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
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