The U.S. Securities and Exchange Commission (SEC) has launched a ‘Crypto Task Force’ page on its website, outlining the agency’s crypto regulatory agenda under the agency’s new leadership. This initiative follows the exit of...more
2/7/2025
/ Blockchain ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
FDIC ,
FinTech ,
Regulatory Agenda ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Trump Administration
On January 30, 2025, the CFPB issued an order against a remittance company for misleading consumers about fees and failing to provide accurate disclosures, harming consumers who relied on the company’s representations when...more
On January 24, 2025, the Fifth Circuit Court of Appeals struck down an FTC rule aimed at curbing deceptive advertising and sales practices in the auto industry. The rule, which sought to prohibit certain “junk fees” and...more
2/3/2025
/ Administrative Procedure Act ,
Advertising ,
Automotive Industry ,
Compliance ,
Consumer Protection Laws ,
Enforcement Actions ,
False Advertising ,
Federal Trade Commission (FTC) ,
Fees ,
Final Rules ,
Rulemaking Process ,
Scams ,
Unfair or Deceptive Trade Practices
On January 17, 2025, the CFPB filed a complaint against an Illinois-based non-depository mortgage lender for allegedly engaging in discriminatory practices. The CFPB alleges the lender engaged in improper redlining by...more
1/27/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Discrimination ,
ECOA ,
Enforcement Actions ,
Legislative Agendas ,
Lenders ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining ,
Regulatory Agenda ,
Trump Administration
On January 13, 2025, the CFPB announced a proposed rule aimed at prohibiting companies from including in consumer agreements terms that operate to waive consumers’ legal rights, allow companies to unilaterally change key...more
On January 17, 2024, the Consumer Financial Protection Bureau (CFPB) issued a report, consumer advisory, and filed an amicus brief addressing the risks associated with home equity contracts (HECs)—financial products often...more
1/20/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Protection Laws ,
Disclosure Requirements ,
Enforcement Actions ,
Home Equity ,
Mortgages ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
During the week of January 6, the CFPB released a “second” Winter 2024 Supervisory Highlights, focused on the agency’s most recent findings in deposits, small dollar lending, buy now, pay later (BNPL), paycheck advance...more
On January 17, 2025, the CFPB issued a consent order against a large consumer reporting agency for failing to properly investigate consumer disputes concerning inaccurate information on consumers’ credit reports. The CFPB...more
On December 27, 2024, the Federal Deposit Insurance Corporation (FDIC) announced a notice of assessment of a civil money penalty against a Kansas-based bank. The action, originally brought in November, imposed a $20.4 million...more
On January 7, 2025, the CFPB filed a lawsuit against a nationwide consumer reporting agency for violations of the Fair Credit Reporting Act. The lawsuit claims the company’s investigation of consumer disputes was inadequate,...more
On January 6, 2025, the CFPB filed a lawsuit against a non-bank manufactured home financing company for violations of the Truth in Lending Act and Regulation Z. The lawsuit alleges that the mortgage lender engaged in...more
On December 30, the Department of Justice (DOJ), at the Federal Trade Commission’s (FTC) referral, filed an amended complaint against an online cash advance provider. The complaint now names the company’s CEO as a defendant,...more
1/6/2025
/ Amended Complaints ,
Consumer Financial Protection Bureau (CFPB) ,
Consumers ,
Department of Justice (DOJ) ,
Enforcement Actions ,
False Marking ,
Federal Trade Commission (FTC) ,
Fees ,
FinTech ,
FTC Act ,
Merchant Cash Advance (MCA) ,
Popular
Until fall 2023, there were few SEC enforcements or litigations involving securities issues with non-fungible tokens (“NFTs”). This has changed dramatically. In rapid succession last fall, the SEC undertook two enforcements...more
1/2/2025
/ Blockchain ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Regulatory Agenda ,
Regulatory Requirements ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations ,
Virtual Currency
This year, the SEC has ramped up its enforcement efforts against digital asset marketplaces for selling non-fungible tokens (“NFTs”) (and other digital assets) the agency alleges are securities. In response, some potential...more
1/2/2025
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Non-Fungible Tokens (NFTs) ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Securities Regulation ,
Securities Violations ,
Virtual Currency
On November 14, the CFPB entered into a consent order with a telecommunications company and its subsidiaries (collectively, the “company”) for allegedly withdrawing millions of dollars from over half a million consumer...more
On October 1, the CFPB issued an advisory opinion highlighting that debt collectors engaging in certain practices with respect to the collection of medical debts are strictly liable under the FDCPA and Regulation F....more
On August 8, the CFPB filed a proposed order to resolve its 2021 lawsuit (previously discussed here) against a California-based software company and its CEO for their role in helping credit repair businesses charge illegal...more
On July 29, the FTC filed a stipulated order settling claims against an online career-training company on the grounds that it engaged in deceptive advertising. In addition to injunctive relief barring the company from...more
An Oklahoma-based bank has been hit with a consent order from the FDIC after posting significant losses in its first year of operation. On June 28, the FDIC announced that it took an enforcement action against the bank...more
On May 31, the CFPB filed suit in federal court in the Middle District of Pennsylvania against a Pennsylvania-based student loan servicer accusing it of illegally pursuing student loan debts discharged in bankruptcy and...more
The Consumer Financial Protection Bureau (“CFPB”) published a report on Banking in Video Games and Virtual Worlds (“Report”) that warns of greater scrutiny of and enforcements against the financial services offered in games...more
On May 6, 2024, the CFPB resolved an enforcement action against a group of Delaware student loan trusts and a loan servicer (found here and here) for their failures to adequately respond to borrowers’ requests for relief,...more
On March 7, the FTC announced it had finalized substantial revisions to the Telemarketing Sales Rule (the proposed rule was discussed here). Since promulgated in 1995, the TSR has been amended four times, most recently in...more
3/18/2024
/ B2B Organizations ,
Do Not Call List ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Misleading Statements ,
Proposed Rules ,
Regulatory Agenda ,
Robocalling ,
Scams ,
Telemarketing ,
Telemarketing Sales Rule