News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Scams

Robinson+Cole Data Privacy + Security Insider

Privacy Tip #417 – Scammers Using Hurricane Relief Aid to Commit Fraud

Unfortunately, when natural disasters hit innocent victims and good-natured people want to help those in need, scammers swoop in to manipulate the bleak situation to commit fraud or price gouging. Following Hurricanes...more

GeoDataVision

Elder Abuse-Financial Exploitation and Fraud

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Len and Dean discuss the alarming issue of elder abuse in their 78th and 79th podcasts. Dean expresses concern, especially since he has elderly parents, and highlights recent statistics from FinCEN and the FBI on elder...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

Wiley Rein LLP

Wiley Consumer Protection Download (June 18, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Wiley Rein LLP

Wiley Consumer Protection Download (June 4, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Ballard Spahr LLP

CFPB report on banking in video games and virtual worlds

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On April 4, 2024, the CFPB issued a report examining the growth of financial transactions in online video games and virtual worlds. The report, titled “Banking in Video Games and Virtual Worlds,” highlights the growth and...more

Morrison & Foerster LLP

CFPB Issues Report on Risks Posed by Video Game Marketplaces

On April 4, 2024, the Consumer Financial Protection Bureau (CFPB) issued a report on “Banking in video games and virtual worlds” (Report). The Report focuses on the movement of money in virtual worlds and how gamer data is...more

Cozen O'Connor

CFPB Not Playing Games with Financial and Privacy Risks

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The CFPB issued a report regarding the increase in financial transactions taking place online in video games and virtual reality platforms and the alleged concurrent lack of protections against financial scams or theft on...more

Wiley Rein LLP

Wiley Consumer Protection Download (April 2, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Sheppard Mullin Richter & Hampton LLP

Congress Continues to Pressure Zelle and Other Payment Apps to Change Their Fraud Policies

On February 15, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its reimbursement policy for victims of imposter scams. Calling its protocol for...more

Ballard Spahr LLP

Democratic Senators continue to pressure Zelle and other payment apps to change fraud policies

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On February 15, 2024, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its reimbursement policy for victims of imposter scams and urging Zelle to...more

Orrick, Herrington & Sutcliffe LLP

CFPB secures $12 million after decade-old complaint against foreclosure relief scam company

On February 8, the CFPB announced the resolution of an enforcement action, begun in 2014, against a foreclosure relief operation that allegedly violated Regulation O. After a decade of court orders, opinions, and appeals, on...more

Cozen O'Connor

FTC is Riding Shotgun with Potential Car Buyers

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The FTC finalized a new rule intended to protect consumers buying a new car from unlawful and deceptive sales tactics pursuant to its authority under the Dodd-Frank Act to prescribe rules relating to unfair or deceptive...more

Ballard Spahr LLP

Zelle offers details on its solution to protect scammed customers

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Last year, we blogged that Zelle was considering possible solutions for P2P customers on the Zelle Network who were the victims of scams. In an August 30, 2023 press release, Zelle announced that it was initiating new safety...more

Wiley Rein LLP

Wiley Consumer Protection Download (October 17, 2023)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Wiley Rein LLP

Wiley Consumer Protection Download (July 24, 2023)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Ballard Spahr LLP

Democratic Senators urge CFPB to look at risks created by voice cloning

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A group of four Democratic members of the Senate Banking Committee, including Chairman Sherrod Brown, recently sent a letter to CFPB Director Chopra to express their concerns regarding the emergence of voice cloning...more

Ballard Spahr LLP

CFPB report highlights problems military families have experienced with digital payment apps

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On June 20, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued its Office of Servicemember Affairs Annual Report, which analyzes consumer complaints received from servicemembers, veterans, and their families for...more

Wiley Rein LLP

Wiley Consumer Protection Download (June 20, 2023)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Troutman Pepper

Report Shows Steep Rise in Consumer Complaints to CFPB: Consumer Reporting Leads the List While Debt Collection Declines

Troutman Pepper on

The U.S. PIRG Education Fund (PIRG) released a report analyzing consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) in 2021 and 2022. The report noted that consumer complaint totals set a new...more

Wiley Rein LLP

Wiley Consumer Protection Download (February 27, 2023)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Wiley Rein LLP

Wiley Consumer Protection Download (December 19, 2022)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Cadwalader, Wickersham & Taft LLP

CFPB Takes Down High-Yield Savings Account Scam, Defendants Also Charged By the SEC

The Consumer Financial Protection Bureau (“CFPB”) announced a proposed consent order on December 1 intended to address a scam engaged in by a company called Loan Doctor, as well as by the company’s founder, Edgar Radjabli....more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: Issue 12, December 2022

US Senators Ask SoFi About Its Banking Law Compliance = “Four U.S. senators have signed a letter to SoFi Technologies CEO Anthony Noto expressing concerns about the online personal finance company and online bank’s digital...more

Nutter McClennen & Fish LLP

Nutter Bank Report: November 2022

Headlines: CFPB Reminds Credit Bureaus and Furnishers of Their Obligations to Investigate Disputes The CFPB has issued guidance on the obligations of both credit bureaus and furnishers of consumer credit information,...more

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