News & Analysis as of

Misrepresentation FinTech Enforcement Actions

Hudson Cook, LLP

CFPB Brings Lawsuit Against FinTech Company for its Alleged Deceptive Practices and for Allegedly Misrepresenting the Costs of its...

Hudson Cook, LLP on

On May 17, 2024, the CFPB filed a lawsuit in the U.S. District Court for the Central District of California against a financial technology company for violations of the CFPA and FCRA....more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - November 2023

...SEC Adopts Amendments to Fund Names Rule - On September 20, 2023, the U.S. Securities and Exchange Commission (SEC) adopted amendments to Rule 35d-1 under the Investment Company Act of 1940 (the Fund Names Rule) as well...more

Sheppard Mullin Richter & Hampton LLP

CFPB Targets FinTech for Faulty Automated Savings Algorithm

On August 10, the CFPB issued a consent order against a FinTech company for a faulty algorithm utilized in its personal finance management app that caused consumer accounts to overdraft and incur overdraft penalties....more

Sheppard Mullin Richter & Hampton LLP

CFPB Takes Action Against FinTech Company for Originating Unauthorized Loans

On July 12, the CFPB issued a consent order against a FinTech company for facilitating point of sale financing activities without authorization from consumers.  The consent order requires the company to pay up to...more

Goodwin

CFPB Steps Up Scrutiny of FinTech Companies

Goodwin on

On March 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will begin collecting complaints from consumers about online marketplace lenders, signaling its intention to increasingly regulate the...more

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