On January 5, 2024, two trade groups representing auto dealers filed a petition for review challenging the Federal Trade Commission’s (“FTC”) new Combating Auto Retail Scams Rule (“CARS Rule”). In the petition, the National...more
The CFPB recently issued a policy statement in which it provided a framework for determining what constitutes abusive conduct under the CFPA. After reviewing the definition of abusive in the CFPA and the historical background...more
On January 12, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a report highlighting an increase in reported incidents of identity theft by servicemembers. The report, titled “Servicemember reports about...more
11/8/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Creditors ,
Data Security ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
Identity Theft ,
Military Lending Act ,
Military Service Members ,
Regulatory Standards ,
SCRA
The Federal Trade Commission and Wisconsin Attorney General have entered into settlements with a group of auto dealerships, their current and former corporate owners, and their general manager for allegedly engaging in...more
11/1/2023
/ Add-ons ,
Attorney General ,
Automotive Industry ,
Car Dealerships ,
Consumer Financial Products ,
Discriminatory Lending Practices ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FTC Act ,
Motor Vehicles ,
Settlement ,
Unfair or Deceptive Trade Practices
In a comment letter sent last week to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, a key financial industry trade group raised concerns that a recent edition of the CFPB’s Supervisory Highlights did not...more
The CFPB has filed a lawsuit in a Georgia federal district court against USASF Servicing (USASF) in which the CFPB alleges that USASF engaged in various unfair acts or practices in violation of the Consumer Financial...more
In dismissing a class action last month alleging violations of the Military Lending Act (“MLA”), a federal district court in Virginia held that the MLA’s two-year statute of limitations is triggered by discovery of the facts...more
On May 31, 2023, the Federal Trade Commission (“FTC”) requested public comment on a petition for rulemaking it received from six national consumer advocate groups regarding “yo-yo sales,” a term the groups use to refer to...more
6/15/2023
/ Automotive Loans ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Trade Commission (FTC) ,
Financial Contracts ,
Financial Services Industry ,
FTC Act ,
Public Comment ,
Regulatory Agenda ,
Regulatory Reform ,
Retail Installment Sales Contracts ,
Rulemaking Process ,
Section 5 ,
UDAP ,
Unfair or Deceptive Trade Practices
A fintech peer-to-peer lender has entered into separate consent orders with California, Washington D.C., and Connecticut relating to its practice of requesting tips and donations in connection with the loans offered through...more
5/24/2023
/ California ,
Consent Order ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Donations ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
Peer-to-Peer ,
Settlement ,
Tips ,
True Lender
In a highly anticipated decision regarding the treatment of Guaranteed Asset Protection (“GAP”) under the Military Lending Act (“MLA”), a federal appellate court has ruled that a hybrid loan that finances GAP coverage along...more
On February 23, 2023, the CFPB announced in a blog post that it had issued orders to nine large auto lenders requesting information about their auto lending portfolios. The orders, which the CFPB says were sent to a...more
In a September 28, 2022 blog post, the CFPB examined the potential impact of rising vehicle prices on consumers with deep subprime credit scores, concluding that they are particularly likely to be financially vulnerable....more
On September 29, 2002, the Consumer Financial Protection Bureau (“CFPB”) filed a complaint against online lender MoneyLion Technologies, Inc, and several dozen of its subsidiaries (collectively, “MoneyLion”), alleging...more
In a blog post on Monday, the CFPB advised that it is concerned about the impact of rising car prices on consumer’s financial health, particularly consumers with sub-prime or near prime credit scores. The most recent...more