The Federal Trade Commission settled its first-ever action against individual social media influencers for failing to disclose connections to brands the influencers endorsed. The action – against Trevor Martin (also known as “TmarTn”), Thomas Cassell (also known as “Syndicate”), and CSGOLotto, Inc. – alleged that Martin and Cassell endorsed CSGOLotto on their social media pages
CFPB’s Latest Supervisory Highlights Provides Valuable Statistics and Insight on Enforcement Efforts
The Consumer Financial Protection Bureau recently released its Summer 2017 Supervisory Highlights, which summarizes the agency’s supervisory activities during the first half of this year.
Looking to the numbers. From January through June, the CFPB’s nonpublic supervisory activities led to restitution payments that totaled approximately $14 million, and public enforcement actions that netted an
Federal District Court Sanctions CFPB for Failing to Provide Knowledgeable Deposition Witness
On August 25, 2017, the United States District Court for the Northern District of Georgia entered an order granting multiple Defendants’ consolidated motion for sanctions against the Consumer Financial Protection Bureau. Defendants’ Rule 37 motion alleged the CFPB failed to produce a knowledgeable deposition witness and also failed to follow the Court’s various orders to
Alleged Shoddy Recordkeeping Spells Trouble for One of Nation’s Largest Student Loan Owners
On July 19, the New York Attorney General’s Office initiated an investigation into the National Collegiate Student Loan Trusts, sending subpoenas to request information on every collection lawsuit filed by National Collegiate against residents of the state. National Collegiate, one of the largest owners of private student loan debt in the nation, has been aggressively
Operation Choke Point Terminated
The U.S. Department of Justice announced the end of Operation Choke Point in an August 16 letter to the Chairman of the House Judiciary Committee. Operation Choke Point, which began under the Obama Administration, sought to prohibit banks and other financial firms from giving so-called “bad actors” access to bank accounts and payment processing systems.
CFPB Issues Guidance on Pay-by-Phone Fees
The Consumer Financial Protection Bureau recently released a Compliance Bulletin regarding fees that companies may charge consumers when they pay by phone.
The Bulletin highlights certain practices related to phone payment fees that may violate the Dodd-Frank Act’s prohibition on committing unfair, deceptive, or abusive acts and practices (UDAAPs), including:
- Failing to disclose all available
Democratic State AGs Urge Senate Leaders to Uphold CFPB’s Arbitration Rule
Twenty-one Democratic state attorneys general wrote to Senate leaders Mitch McConnell and Charles Schumer to express their opposition to S.J. Res. 47, which would nullify the Arbitration Rule issued by the Consumer Financial Protection Bureau under the Congressional Review Act. The AGs requested that both senators oppose the Joint Resolution of Disapproval
Minnesota AG Cracks Down on Pension Advance Companies Allegedly Targeting Veterans and Senior Citizens
On August 16, Minnesota Attorney General Lori Swanson announced the filing of a lawsuit against two pension advance companies alleged to have preyed on veterans and senior citizens, convincing borrowers into signing over large portions of their monthly pensions in exchange for small loans to cover household emergencies and basic living expenses.
The suit, filed
CFPB Publishes Data on Consumer Complaints by State
The Consumer Financial Protection Bureau recently released a “special edition” of its standard monthly complaint report. The report gives statistics on the number and types of complaints received by the CFPB, both nationally and broken down by state. By providing data on all fifty states and the District of Columbia, the CFPB gives consumers and
Fifth Circuit Affirms FDCPA Violation Where Debt Collector Failed to Mark Account as Disputed
The Fifth Circuit Court of Appeals recently affirmed summary judgment on a Fair Debt Collection Practices Act claim in favor of a debtor, finding that the debt collector violated the FDCPA when it failed to mark the debtor’s account as “disputed” when the collector reported the account to the bureaus.
Plaintiff Robert Sayles sued Advanced