News & Analysis as of

Debt Relief

FTC Launches ‘Game of Loans’ Initiative

Deceptive student loan debt relief scams are the target of a new coordinated federal-state law enforcement initiative led by the Federal Trade Commission (FTC)....more

Fed issues consent order for bank’s alleged deceptive practices involving balance transfer credit cards

by Ballard Spahr LLP on

The Federal Reserve Board announced that it had issued a Consent Order against Mid America Bank and Trust Company (Bank) for alleged deceptive marketing practices in violation of section 5 of the FTC Act related to balance...more

Financial Services Weekly News - October 2017 #2

by Goodwin on

Editor's Note - CFPB Outlines Principles for Consumer-Authorized Financial Data Sharing and Aggregation. How companies share consumer data, and how much they tell consumers about their information sharing practices, has...more

Financial Services Weekly News - September 2017

by Goodwin on

Editor's Note - The Roundup has been on hiatus since its August 23 edition. Since then, we have had the misfortune to witness the widespread devastation inflicted by Hurricanes Harvey and Irma. Our hearts go out to the...more

CFPB warns consumers about debt relief/settlement companies

by Ballard Spahr LLP on

Last week, the CFPB published a blog post with tips for consumers facing a cash flow emergency. We were glad to see that the blog post included a warning to consumers about debt relief or settlement companies. ...more

State AGs Again Target Abuses Against Student Borrowers, Military

Demonstrating the continuing enforcement activity by state attorneys general with respect to student lending and active servicemembers, the AGs in Massachusetts and New York recently obtained consent orders from,...more

Financial Services Weekly News - March 2017 #5

by Goodwin on

Editor's Note - In This Issue. The Securities and Exchange Commission (SEC) was active this week, moving to shorten the settlement cycle for broker-dealer transactions from T+3 to T+2 and issuing updated guidance...more

North Carolina Attorney General Secures $377,000 in Settlement with Private Student Lender

by Goodwin on

?On March 27, 2017, the North Carolina Attorney General (“AG”) announced that it had settled a lawsuit filed in the Wake County, North Carolina Superior Court against a student loan company. As a result of the settlement, the...more

Financial Services Weekly News - March 2017 #3

by Goodwin on

Editor's Note - The Return of Glass-Steagall? On March 13, Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig made a speech to the Institute of International Bankers Annual Washington Conference...more

Under the Dome: Inside the Maine State House

by Pierce Atwood LLP on

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Clean Election Funding for Gubernatorial Candidates Being Challenged - Maine’s Clean Election...more

Financial Services Weekly News - February 2017 #2

by Goodwin on

Editor's Note - No Short-Term Fixes. On February 3, President Trump signed an Executive Order and a Presidential Memorandum intended to provide a framework to “roll back” the Dodd-Frank Act (Dodd-Frank) and to review the...more

CFPB files complaint alleging defendants ran unlawful debt relief operation

by Ballard Spahr LLP on

The CFPB has filed a complaint in a California federal district court against three law firms and two individual attorneys alleging that they offered debt relief services to consumers in violation of the Telemarketing Sales...more

FTC and Florida AG Announce Settlements in Alleged Fraudulent Debt Relief Scheme

by Goodwin on

On November 30, 2016, the Federal Trade Commission (FTC) and the Florida Attorney General (AG) announced several settlements totaling approximately $27 million in an alleged fraudulent credit card debt reduction scheme. In a...more

Four California Residents Jailed and to Pay $7 Million in Restitution for Debt Relief Scheme

by Goodwin on

On November 14, 2016, the Department of Justice (DOJ) and U.S. Postal Inspection Service announced that four California individual defendants were sentenced for their participation in an allegedly fraudulent debt relief...more

Financial Services Weekly News - September 2016 #3

by Goodwin on

Editor's Note - Investment Company Institute Publishes FAQ on SEC No-Action Letter Regarding Auditor Independence. On September 23, the Investment Company Institute (ICI) published a memorandum (ICI Memo) responding to...more

Advertising Law - September 2016 #2

FTC Gives Academic Journals a Failing Grade - The Federal Trade Commission recently filed suit against the publisher of online academic journals that the agency accused of deceiving academics and researchers. OMICS...more

CFPB touts initiatives in “fact sheets”

by Ballard Spahr LLP on

To commemorate its fifth anniversary, the CFPB released a series of “fact sheets” touting its initiatives. The “fact sheets” consist of the following: CFPB: By the numbers. The CFPB lists various statistics, such as...more

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank...more

District Court: CFPB May Hold Law Firm Owners Individually Liable for Alleged Violations

by Holland & Knight LLP on

The U.S. District Court for the Western District of Wisconsin ruled on July 20, 2016, that the Consumer Financial Protection Bureau (CFPB) may hold the owners of two law firms offering debt relief services liable for alleged...more

U.S. Department of Education Outlines Loan Relief Pathway for Certain Students

by Carlton Fields on

On March 11, the U.S. Department of Education (DOE) released an advanced proposal of rulemaking that would establish a more "borrower-friendly process" for students seeking loan relief triggered by unscrupulous conduct by...more

New OHADA Uniform Act Streamlines Collective Insolvency Proceedings

by Morgan Lewis on

Innovations to the Act in late 2015 seek to modernize and simplify collective proceedings in OHADA member states. On 10 September 2015 in Grand-Bassam (Republic of Côte d’Ivoire), the Organization for the Harmonization...more

Court Grants Student Loan Debt Relief to a Graduate of a Non-Accredited Medical School

by Dorsey & Whitney LLP on

On April 4, 2016, the U.S. Bankruptcy Court for the Eastern District of New York issued a decision that may significantly change the landscape of student debt relief. In re Decena, No. 15-72903, 2016 WL 1371031 (Bankr....more

PLI’s “The CFPB Speaks” Panel Discussion

by Ballard Spahr LLP on

On April 4, at the Practicing Law Institute’s (“PLI”) 21st Annual Consumer Financial Services Institute in Manhattan, Alan Kaplinsky (a co-chair of the institute) moderated a panel entitled “The CFPB Speaks,” where CFPB...more

CFPB settles with another student loan debt relief company

by Ballard Spahr LLP on

The CFPB announced it has entered into a consent order with Student Aid Institute, Inc., a student debt relief company, and its chief executive officer. The order settles charges that the company and CEO violated the...more

You Can Lead a Horse to Water, But You Can’t Call it an Airplane: Supreme Court Oral Arguments Suggest Puerto Rico’s Recovery Act...

A few thoughts on Tuesday’s oral arguments before the U.S. Supreme Court in the litigation over whether Puerto Rico’s Public Corporations Debt Enforcement and Recovery Act, an insolvency statute for certain of its government...more

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