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President Biden Nominates Rohit Chopra as Next CFPB Director

President Joe Biden announced that he will nominate Rohit Chopra, one of two Democratic commissioners at the Federal Trade Commission (FTC), as the next Director of the Consumer Financial Protection Bureau (CFPB, or the...more

Five Federal Financial Agencies Propose Rule to Clarify Role of Supervisory Guidance

On November 5, 2020, the Federal Register published five federal financial regulatory agencies’ invitation for comment on a notice of proposed rulemaking (NPR) that would codify the agencies’ Interagency Statement Clarifying...more

White House Issues Memorandum Urging Federal Agencies to Adopt Protections for Subjects of Enforcement

On August 31, 2020, the Office of Information and Regulatory Affairs (OIRA), an arm of the Office of Management and Budget (OMB) within the Executive Branch, issued a memorandum (M-20-31 memorandum) directing the heads of...more

CFPB and 47 States Enter Settlement with Holder of Private Student Loans for Allegedly Providing Substantial Assistance in...

On September 15, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had filed a proposed stipulated judgment against a Delaware statutory trust after a settlement agreement was reached between the trust...more

New York Department of Financial Services Files Charges Against Debt Collector for Failing to Substantiate Debts

On September 16, 2020, the New York Department of Financial Services (“DFS”) announced it filed a statement of charges against a debt collector over the debt collector’s alleged failure to comply with New York State’s Debt...more

NY Attorney General Settles with Debt Collection Company Over Allegedly Unlawful Student Loan Debt Collection Practices

On September 14, 2020, New York Attorney General Letitia James announced that she secured protections for thousands of student borrowers who defaulted on student loans and who were allegedly subject to misleading and unlawful...more

CFPB Settles with Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans

On September 14, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had entered into a consent order with a mortgage broker and lender that advertises and offers mortgage loans guaranteed by the United...more

Third Circuit Court Allows Case Against Student Loan Giant to Move Forward

On July 27, 2020, Pennsylvania Attorney General Josh Shapiro announced that his office had obtained an important win in a decision from the United States Court of Appeals for the Third Circuit, as part of the Office of...more

FTC Announces Settlement with Company Who Allegedly Used Robocalls to Target Cash-Strapped Consumers

On July 24, 2020, the Federal Trade Commission (FTC) announced that it settled charges with the operators of a Florida-based company that allegedly defrauded financially-distressed and often older-adult consumers with...more

U.S. Cannabis Companies Texting & Calling Customers are Growing Targets of Telephone Consumer Protection Act Lawsuits

The cannabis industry is growing rapidly and so too are lawsuits against industry participants. One of the fast-emerging litigation threats is claims against cannabis companies for violation of the federal Telephone Consumer...more

North Dakota AG Secures Agreement from Loan Debt Relief Company to Provide Refunds to Consumers

On June 11, 2020, the North Dakota Office of the Attorney General (AG) announced that it had entered into an Assurance of Voluntary Compliance agreement with a California-based debt relief company, under which the company...more

California Department of Business Oversight Announces Settlement with Point-of-Sale Lender Over Allegedly Illegal Loans

On April 22, 2020, the California Department of Business Oversight (DBO) announced a settlement with a point-of-sale lender that offered consumers a “buy now, pay later” option for payment. ?The DBO alleged that these...more

Financial Services Weekly News: FDIC Issues Guidance on Applications for Deposit Insurance

In This Issue. The Federal Deposit Insurance Corporation (FDIC) released supplemental question and answer materials clarifying certain aspects of the application process for deposit insurance; the Consumer Financial...more

Financial Services Weekly News: Agencies Extend Volcker Safe Harbor For Foreign Funds

In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have extended for an additional...more

Financial Services Weekly News: Securities Regulators Issue New Guidance on Opportunity Zones, LIBOR transition

EDITOR'S NOTE - In This Issue. The Securities and Exchange Commission (SEC) and North American Securities Administrators Association (NASAA) explained how state and federal securities laws might apply to fundraising for...more

Financial Services Weekly News - January 2019 #3

Editor's Note - The Legacy of the Government Shutdown Lives On. The federal government shutdown is finally over, at least temporarily. However, its legacy lives on as federal financial regulators must now deal with the...more

New York DFS Fines Loan Servicer $100,000 for Violations of Vacant and Abandoned Property Law

On January 16, the New York Department of Financial Services (DFS) announced that it fined a New York state-registered mortgage loan servicer $100,000 for failing to maintain two properties in New York under New York’s...more

CFPB Announces $11 Million Settlement with National Jewelry Retailer

On January 16, the Consumer Financial Protection Bureau (CFPB) and the State of New York announced that they had filed a consent order in the U.S. District Court for the Southern District of New York.to settle allegations...more

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