The Department of Financial Protection and Innovation (DFPI) of California entered a settlement agreement with Chime Financial, Inc. (Chime), a neobank company that is not licensed to operate as a bank or otherwise exempt from licensure, but works with banking partners to issue consumer banking products. The DFPI found that Chime potentially violated California Financial
Date: May 10 – 13, 2021
We are pleased to announce that Troutman Pepper attorneys, David Anthony, Angelo Stio III, and Troy Jenkins, will present the panel, “Racial Equity and Fair Lending Standards: What You Need to Know” on May 11 at the virtual OLA’s 2021 Compliance University. The panel will answer the
The Federal Trade Commission (FTC) is acting swiftly to restore its authority to obtain consumer redress under Section 13(b) of the FTC Act after the Supreme Court’s recent decision in AMG Capital Management, LLC v. FTC, discussed in our blog post here, rejecting the agency’s longstanding position that Section 13(b) authorizes monetary remedies.
Additional authors: Robin P. Sumner and Samuel D. Harrison
On April 22 the Supreme Court held in AMG Capital Management, LLC v. FTC[1] that the Federal Trade Commission (FTC) does not have authority under the Federal Trade Commission Act Section 13(b) to seek, nor a court to award, equitable monetary relief, such as restitution
Beam Financial, Inc. (Beam), a mobile banking app, will be banned from offering any service that may be used to deposit, store, or withdraw funds, and must give a full refund to users as part of a settlement with the Federal Trade Commission (FTC). It also is prohibited from misrepresenting the interest rates, restrictions, and
On March 25, the Federal Trade Commission (FTC or Commission) released an article reflecting on its work in 2020. The following are some of the most notable actions of the FTC in 2020:
On March 22, President Joe Biden announced his intent to nominate Lina Khan to be a commissioner of the Federal Trade Commission (FTC). Khan is an outspoken critic of big tech and a former legal advisor to FTC Commissioner Rohit Chopra, Biden’s nominee to lead the Consumer Financial Protection Bureau (CFPB). Khan’s anticipated nomination again
On March 3, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the Northern District of Illinois against a third-party payment processor, BrightSpeed Solutions, Inc., and its founder and former CEO Kevin Howard. The CFPB’s complaint alleges that the defendants violated the Consumer Financial Protection Act (CFPA) and the Telemarketing and Consumer Fraud and
On March 18, Opportunity Financial, Inc. (OppFi) — a Chicago-based platform lender — announced that the Consumer Financial Protection Bureau (CFPB) is investigating its compliance with the Military Lending Act. The announcement — coupled with several others like it in recent months — confirms that the CFPB is closely monitoring fintechs.
OppFi is a consumer
On March 11, the Consumer Financial Protection Bureau (CFPB) announced that it is rescinding a January 2020 policy statement that limited the “abusive acts and practices” standard created by the 2010 Dodd-Frank Act. By rescinding the policy statement, the CFPB — under the direction of Acting Director Dave Uejio — signals a return to the