On December 4, 2018, one of the nation’s largest debt buyers and its subsidiaries reached a settlement with 42 states and the District of Columbia (see, e.g., announcements here and here). The settlement closes the states’...more
On November 19, 2018, the Department of Commerce published an Advanced Notice of Proposed Rulemaking (ANPR) seeking public comment on how to identify certain “emerging technologies” that are essential to U.S. national...more
Editor's Note -
In This Issue. The Securities and Exchange Commission (SEC) granted no-action relief for fund boards; the Financial Stability Oversight Council (FSOC) announced the rescission of the “systemically important...more
10/18/2018
/ ATDS ,
Bank Secrecy Act ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Excessive Fees ,
Financial Services Industry ,
FinTech ,
FSOC ,
Investment ,
Joint Statements ,
No-Action Relief ,
Securities and Exchange Commission (SEC) ,
TCPA ,
Virtual Currency
On Wednesday, October 10, 2018, the Department of the Treasury exercised its authority under the recently passed Foreign Investment Risk Review Modernization Act (FIRRMA) to implement a Pilot Program that expands the...more
On September 13, 2018, the Consumer Financial Protection Bureau (“CFPB”) announced that it filed a complaint against a lender, its president, and related entities (“Defendants”) for allegedly making small-dollar loans in...more
New legislation addressing foreign investment in the United States is expected to become law in the next several weeks. The Foreign Investment Risk Review Modernization Act (FIRRMA) promises important changes to the powers...more
Editor's Note -
In This Issue. The Securities and Exchange Commission (SEC) issued a no-action letter that closes the gap in investor protection created by the SEC’s approval of FINRA Rule 2165; the SEC’s Investment...more
On June 7, 2018, the Consumer Financial Protection Bureau (CFPB) issued an order dismissing administrative proceedings against PHH Corp. The dismissal follows a January ?31, 2018 opinion by the U.S. Court of Appeals for the...more
On March 12, 2018, the California Department of Business Oversight (California DBO) announced that it reached a settlement with a payday lender over allegations that the lender improperly raised the principal value of its...more
On January 25, 2018, a Florida-based homebuilder filed its Form 10-K annual report with the Securities and Exchange Commission (SEC), disclosing that its “mortgage subsidiary has been subpoenaed by the United States...more
Editor's Note -
Breaking News. This morning, the U.S. Court of Appeals for the D.C. Circuit, sitting en banc, issued its long-awaited decision in PHH Corp. v. CFPB, holding that the provision of the Dodd-Frank Act...more
In August 2016, the U.S. District Court for the Central District of California granted partial summary judgment to the Consumer Financial Protection Bureau (CFPB) in a federal lawsuit against a California-based online payday...more
On October 12, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against two debt-relief companies and their owners, and a third company that processed payments for and provided other services...more
On June 22, 2017, the New Jersey Office of the Attorney General (“New Jersey AG”) and the New Jersey Division of Consumer Affairs (“New Jersey DCA”) announced a settlement with a Georgia financing company that facilitates...more
On June 21, 2017, a federal judge in the Western District of Wisconsin accepted a Stipulated Final Judgment and Order (“Stipulated Judgment?“) based on an agreement between the CFPB and the bankruptcy trustee of a now defunct...more
On June 16, 2017, the New Jersey Office of the Attorney General (“New Jersey AG”) and the New Jersey Division of Consumer Affairs announced a settlement with a for-profit student loan consolidation service that allegedly...more
On April 21, 2017, the United States Court of Appeals for the District of Columbia Circuit affirmed the lower court’s decision denying the Consumer Financial Protection Bureau’s (CFPB) petition to investigate a college...more
On April 26, 2017, the Consumer Finance Protection Bureau (CFPB) announced that it reached a consent order with an Ohio-based auto lender that allegedly violated a prior CFPB consent order by failing to properly return $1...more
On April 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced the filing of a suit against four online lenders alleging that the lenders illegally collected debts on invalid loans. The complaint alleged...more
On April 24, 2017, Federal Trade Commission (FTC) announced that a federal court ordered the president of a debt collection company to pay $2 million in civil penalties under the Federal Trade Commission Act (FTC Act) and the...more
On March 9, 2017, the North Carolina Attorney General (“AG”) announced that it had settled a lawsuit filed in the Wake County, North Carolina Superior Court against three debt relief companies and two individuals. As a...more
On March 7, the Federal Trade Commission (FTC) announced that the United States District Court for the Eastern District of Texas entered a stipulated order prohibiting a national debt relief provider from making misleading...more
On March 7, 2017, the United States Attorney’s Office for the Eastern District of New York announced the sentencing of an individual defendant to 15 years in prison and $2.5 million in forfeiture in connection with a loan...more