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Consumer Financial Protection Bureau (CFPB) State Attorneys General

Cozen O'Connor

Oops! Navy FCU to Pay $95 Million for Allegedly Unlawful Overdraft Fees

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The CFPB issued a consent order to Navy Federal Credit Union to resolve allegations that it charged consumers illegal overdraft fees in violation of the Consumer Financial Protection Act of 2010. According to the CFPB, Navy...more

Cozen O'Connor

The State AG Report – 11.07.2024

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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: •FTC Accuses Cash-Advance App of Misleading Consumers - ...more

Cozen O'Connor

Credit Union’s Botched Rollout of Online Platform Draws CFPB’s Interest

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The CFPB has reached a settlement with VyStar Credit Union to resolve allegations that its defective new online banking platform violated the Consumer Financial Protection Act of 2010. According to the consent order, VyStar’s...more

Cozen O'Connor

The State AG Report – 10.31.2024

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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 Takes Another Big Hit Against Unlicensed...more

Cozen O'Connor

CFPB Warns Employers That Use of Third-Party Consumer Reports Must Be Fair

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The CFPB issued guidance regarding “Background Dossiers and Algorithmic Scores for Hiring, Promotion, and Other Employment Decisions.” In the guidance, the CFPB warns that, like credit reports used by lenders to make lending...more

Cozen O'Connor

The State AG Report – 10.24.2024

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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: •AG Task Force Issues Warning over Illegal Robocalls - ...more

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CFPB Finalizes Personal Financial Data Rights Rule

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The CFPB has finalized a rule promoting a shift toward open and decentralized banking by requiring depository and nondepository entities to make certain data relating to consumers’ transactions and accounts available to...more

Cozen O'Connor

The State AG Report – 10.10.2024

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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 Urge Congress to Tune In and Support AM Radio in...more

Cozen O'Connor

The State AG Report – 10.03.2024

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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 California Law Gives Teeth to Flavored Tobacco Ban - ...more

Cozen O'Connor

CFPB Warns Medical Debt Collectors to Stick to the Law

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The CFPB issued guidance reminding debt collectors of their obligation to comply with the Fair Debt Collection Practices Act (the “FDCPA”) and Regulation F’s prohibitions on false, deceptive, or misleading representations and...more

Cozen O'Connor

New California Law Keeps Medical Debt Off Consumer Credit Reports

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A bill co-sponsored by California AG Rob Bonta which prohibits consumers’ medical debt from being reported on credit reports was signed into law and will go into effect on January 1, 2025. ...more

Cozen O'Connor

The State AG Report – 09.19.2024

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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 Urge EPA to Block CA’s Clean Fleets...more

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

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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

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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

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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

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