On January 11, the Consumer Financial Protection Bureau (CFPB) announced it reached a settlement with law firm Forster & Garbus, LLP in its lawsuit over alleged illegal debt collection practices. Specifically, the CFPB alleged that, from 2014 through 2016, fewer than a dozen attorneys filed more than 99,000 debt collection lawsuits, while having the requisite
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
On January 3, The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (the Agencies) issued a joint statement to banking organizations highlighting a number of risks associated with crypto-assets.
While the Agencies expressly state that “banking organizations are neither prohibited nor
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
On December 14, Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) introduced the Digital Asset Anti-Money Laundering Act of 2022 (the Act) that would extend anti-money laundering and countering of the financing of terrorism requirements to cryptocurrency and digital assets. The bill follows warnings from the Treasury Department, Department of Justice, and national security and
As we previously discussed here, in 2020 the Consumer Financial Protection Bureau (CFPB) issued a final Home Mortgage Disclosure Act (HMDA) rule amending Regulation C to raise institutional and transactional coverage thresholds for closed-end mortgage loans and open-end lines of credit. The final rule raised the threshold to report closed-end mortgage loans from 25
The Consumer Financial Protection Bureau (CFPB) issued a decision denying Nexo Financial, LLC’s petition to modify a civil investigation demand (CID) originally served on the company on December 1, 2021. At that time, Nexo Financial and its affiliates advertised a range of products, including interest-accruing accounts and lines of credit. In its petition, Nexo Financial