News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Consumer Financial Protection Act (CFPA) Electronic Fund Transfer Act

Cozen O'Connor

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

Cozen O'Connor on

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

Davis Wright Tremaine LLP

Stay ADvised: 2024, Issue 9

NAD Endorses Compliance With FTC Guide Requirements for Experts - Endorsements: Love them or hate them (and social media does love them so), they are subject to ever-increasing regulatory scrutiny, and compliance isn't...more

Kaufman & Canoles

CFPB Proposes New Rule on Overdraft Practices

Kaufman & Canoles on

On January 18, 2024, the CFPB proposed an extensive (211-page) rule on overdraft practices applicable to Financial Institutions (FIs) of $10 billion or more in assets (so called “very large FIs”). The proposed rule would not...more

Hudson Cook, LLP

CFPB Orders Regional Bank to Pay $6.2 Million Related to Checking Account Overdraft Fees

Hudson Cook, LLP on

On December 7, 2023, the CFPB issued an order against a regional bank in Richmond, Virginia. The consent order alleges that the bank charged consumers overdraft fees without getting the proper consent and misled its customers...more

Katten Muchin Rosenman LLP

Is the CFPB Seeking to Expand the Definition of Credit and Its Regulatory Reach? The Bureau Sues Snap Finance and Asserts That...

On July 19, the Consumer Financial Protection Bureau (CFPB) filed a complaint against Snap Finance LLC and its affiliates (Snap RTO LLC, Snap Second Look LLC, Snap U.S. Holdings LLC, Snap Finance Holdings LLC) (referred to...more

Goodwin

Bureau Sues Snap Finance for Its Financing Options to Asset Limited Consumers

Goodwin on

On July 19, 2023, the Consumer Financial Protection Bureau (“CFPB”) sued Snap Finance LLC, Snap R TO LLC, Snap Second Look LLC, Snap U.S. Holdings LLC, and Snap Finance Holdings LLC (collectively, the Snap Defendants or...more

Hudson Cook, LLP

CFPB Orders Payment Processor to Implement Information Security Program and Pay $25 Million Penalty

Hudson Cook, LLP on

On June 27, 2023, the CFPB filed an administrative consent order against a payment processor headquartered in Elkhorn, Nebraska. The order alleges that on a single date in 2021, the processor erroneously initiated about 1.4...more

Goodwin

CFPB Enters Into $700,000 Consent Order With Remittance Company for Alleged EFTA and Reg E Violations

Goodwin on

​On December 22, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had reached a settlement with an international remittance company to resolve alleged violations of the Electronic Fund Transfer Act...more

Hudson Cook, LLP

CFPB Orders International Remittance Company to Pay $700,000 Penalty

Hudson Cook, LLP on

On December 22, 2022, the CFPB filed an administrative consent order against an International Remittance Company headquartered in Rochelle Park, New Jersey. The order alleges that from 2013 until 2021, the International...more

Shipkevich PLLC

CFPB Issues Order Asserting its Authority to Investigate Cryptocurrency Lender

Shipkevich PLLC on

On November 22, 2022, the Consumer Financial Protection Bureau (CFPB) denied a petition by Nexo Financial LLC (“Nexo Financial”) to modify a Civil Investigative Demand (CID) issued on December 1 2021. In rendering its...more

Hudson Cook, LLP

CFPB Fines Large National Bank $100 Million For Failing to Properly Disburse State Unemployment Benefits During the Height of...

Hudson Cook, LLP on

HIGHLIGHTS: The CFPB settled allegations that a large national bank unlawfully froze consumers' benefit accounts as a result of an inaccurate fraud detection program that made it difficult for people to unfreeze their...more

Sheppard Mullin Richter & Hampton LLP

CFPB and NY AG Sue Remittance Provider, citing “Repeat Offender”

On April 21, the CFPB and New York Attorney General’s Office filed a complaint against a remittance provider alleging that the provider (i) repeatedly gave senders inaccurate information about when their remittance transfers...more

Sheppard Mullin Richter & Hampton LLP

CFPB Issues FAQs on Electronic Fund Transfers

On June 4, the CFPB issued eight updated FAQs to the unauthorized transfer and error resolution provisions under the Electronic Fund Transfer Act (EFTA) and Regulation E. Highlights from the FAQs include the following: ...more

Hudson Cook, LLP

CFPB Bites of the Month - January Top 10

Hudson Cook, LLP on

Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month's article, we...more

Goodwin

CFPB Announces $2.175 Million Settlement with Company Offering Installment Loans

Goodwin on

On December 30, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a lender that provided installment loans to consumers affiliated with the military over the...more

Goodwin

CFPB Secures Consent Order Against Student Loan Servicer for Failure to Comply with 2015 Consent Order and Alleged Deceptive Acts...

Goodwin on

On December 22, 2020, the Consumer Financial Protection Bureau (CFPB) announced​ that it had secured a consent order ​against a national student loan servicer based on its failure to comply with a 2015 consent order issued by...more

Goodwin

CFPB Enters Consent Order with Lender Over Defective Disclosures

Goodwin on

On December 20, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a mid-Atlantic financing company over allegations that the company entered into revolving-credit...more

Ballard Spahr LLP

Receiver for payday lenders sued by CFPB files malpractice lawsuit

Ballard Spahr LLP on

The court-appointed receiver for a group of interrelated companies sued by the CFPB in September 2014 for engaging in allegedly unlawful online payday lending activities has filed a malpractice lawsuit against the law firm...more

Goodwin

CFPB Orders National Bank to Pay $10 Million for Overdraft Practices

Goodwin on

On July 14, 2016, the CFPB announced that it ordered a bank to pay $10 million in fines for its overdraft service practices. According to the CFPB, the bank’s telemarketing vendor used allegedly deceptive marketing and sales...more

19 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide