On January 14, 2025, the CFPB filed a lawsuit against the Bank, alleging violations of the CFPA, TISA, and its implementing Regulation DD. The lawsuit alleges that the Bank deceived customers who were enrolled in the Bank's...more
1/22/2025
/ Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Enforcement Actions ,
Financial Services Industry ,
Interest Rates ,
Regulation DD ,
Savings Accounts ,
Truth in Savings Act ,
Unfair or Deceptive Trade Practices
On October 10, 2024, the CFPB announced that it issued a stipulation and consent order against the Company to resolve allegations that the Company violated the CFPA....more
In 2021, the U.S. Supreme Court held unanimously in AMG Capital Management, LLC v. Federal Trade Commission that the Federal Trade Commission is not entitled to consumer redress in cases brought under Section 13(b) of the FTC...more
The Federal Trade Commission added teeth to its prior marketing guidance with the release August 14 of its final trade regulation Rule for Consumer Reviews and Testimonials ("Rule," 16 CFR Part 465). ...more
8/16/2024
/ Advertising ,
Artificial Intelligence ,
Celebrities ,
Celebrity Endorsements ,
Consumer Product Companies ,
Endorsements ,
Fake Reviews ,
Federal Trade Commission (FTC) ,
Final Rules ,
Marketing ,
Online Endorsements ,
Online Reviews ,
Social Media ,
Testimonial Statements ,
Unfair or Deceptive Trade Practices
On May 7, 2024, the CFPB imposed a total of $4.6 million in redress and fines on the Company for allegedly withholding account-closure refunds to its consumers for an unreasonable amount of time....more
On January 25, 2022, the Federal Trade Commission released a proposed settlement in an advertising enforcement action and related business education materials that should be required reading for any company that operates a...more