News & Analysis as of

State Attorneys General Consumer Financial Protection Bureau (CFPB)

Cozen O'Connor

CFPB Warns Banks Against Use of Phantom Opt-In Agreements

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The CFPB issued guidance, titled Improper Overdraft Opt-In Practices, addressing whether a financial institution violates the law if it levies overdraft fees for ATM and one-time debit card transactions based on phantom...more

Cozen O'Connor

CFPB Settles With Navient Over Allegedly Deceptive Student Loans

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The CFPB settled with student loan servicer Navient Corporation and related entities (collectively, “Navient”) to resolve allegations that its unfair and deceptive service of student loans violated the Consumer Financial...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2024 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Cozen O'Connor

The State AG Report – 8.29.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •Missouri AG Investigates Hack of National Public Data - ...more

Cozen O'Connor

CFPB Report Examines Cash-Back Fees

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The CFPB issued a report detailing certain retailers’ practice of charging consumers cash-back fees to access their own money when using a debit or prepaid card. The report’s key findings include that cash-back fees are...more

Cozen O'Connor

CFPB Settles With Mortgage Servicer About Allegedly Misleading Foreclosure Options

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The CFPB reached a settlement with mortgage servicer Fay Servicing, LLC, to resolve allegations that the company took prohibited foreclosure actions against borrowers and prevented borrowers from taking advantage of loss...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Cozen O'Connor

Illegal Advance Fees a Dark Cloud Over Credit Repair Company

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The CFPB has entered into a proposed stipulated final judgment and order with Daniel A. Rosen Inc., d/b/a Credit Repair Cloud and its owner (collectively, “CRC”) to resolve allegations that CRC violated the Telemarketing...more

Cozen O'Connor

The State AG Report – 8.8.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •Pennsylvania and Oklahoma AGs Launch Air Travel Complaint...more

Troutman Pepper

Regulators Promote “All-of-Government” Solar Energy Market Initiative

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On August 7, the U.S. Department of Treasury hosted a virtual briefing to discuss the steps that the Biden-Harris administration is taking to address perceived unfair and deceptive practices in the consumer solar energy...more

Cozen O'Connor

CFPB Issues Proposed Financial Data Transparency Standards

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The CFPB, along with other federal financial regulators, issued proposed Financial Data Transparency Act Joint Data Standards (“proposed rule”) to establish data standards for certain collections of information submitted to...more

Cozen O'Connor

The State AG Report – 8.1.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •District of Columbia AG Secures Record $3.75 Million...more

Cozen O'Connor

CFPB Alleges Deceptive Practices by Lease-to-Own Finance Company

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The CFPB sued point-of-sale financing company Acima Holdings, LLC, its former CEO, and other affiliate entities (collectively, “Acima”) for allegedly using false marketing and deceptive dark patterns to lure consumers into...more

Hudson Cook, LLP

Technical Violations of State Collection Practices Laws Can Lead to Class Action Liability

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If you are reading this article, you are likely aware that a creditor collecting its own debts in its own name is not a "debt collector" under the federal Fair Debt Collection Practices Act ("FDCPA") or its implementing rule,...more

Cozen O'Connor

The State AG Report – 7.11.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •Republican AGs to DOE: Appliance Efficiency Rule is a...more

Holland & Knight LLP

The CFPB and State AGs Act Jointly Against Online Educational Company

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In this episode of his "Clearly Conspicuous" podcast series, "The CFPB and State AGs Act Jointly Against Online Educational Company," consumer protection attorney Anthony DiResta discusses a joint enforcement action taken by...more

Troutman Pepper

California AG Leads Multistate Effort to Support CFPB’s Registry for Corporate Offenders

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California Attorney General (AG) Rob Bonta, along with a coalition of AGs, has submitted a letter to the Consumer Financial Protection Bureau (CFPB) regarding a proposed final rule. This rule aims to establish a registry of...more

Cozen O'Connor

The State AG Report – 6.20.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •GOP AGs Seek to Black Out FERC’s Electrical Transmission &...more

Cozen O'Connor

Democratic AGs Sign Up in Support of CFPB Registry Tracking Repeat Scammers

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A group of 10 Democratic AGs sent a letter to the CFPB supporting its final rule establishing a registry of nonbank financial firms that are subject to enforcement orders for violating consumer protection laws....more

Cozen O'Connor

The State AG Report – 6.13.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •44 AGs Rally for AI Safeguards, Endorsing New Commission...more

Cozen O'Connor

CFPB Finalizes Rule for Recognizing Open Banking Standard Setters

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The CFPB finalized a rule establishing a process for recognizing open banking standards and outlined qualifications for entities to become recognized standard-setting bodies (Final Rule). Under the Final Rule,...more

Cozen O'Connor

The State AG Report – 6.6.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: • Proposed Settlement Between AGs, DOJ, and NCAA Would...more

Cozen O'Connor

CFPB Launches Inquiry into Fees Imposed as Part of Mortgage Transactions

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The CFPB has launched an inquiry into so-called “junk fees” charged by mortgage providers and related settlement services, to better understand why closing costs continue to rise and the impact of such fees on borrowers and...more

Cozen O'Connor

CFPB Registry to Track Nonbank Financial Offenders

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The CFPB has finalized a rule establishing a registry of nonbank financial firms that are subject to enforcement orders for violating consumer protection laws. The agency expects the registry to be a valuable resource for...more

Cozen O'Connor

The State AG Report – 5.23.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •New York AG Secures Record $2 Billion Settlement in Crypto...more

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