On November 10, the Consumer Financial Protection Bureau (CFPB) released a new complaint bulletin, highlighting consumer complaints it has received related to crypto-assets. The bulletin suggests that fraud, theft, hacks, and scams pose a significant problem in crypto-asset markets. Also, according to the bulletin, consumers reported issues with executing transactions and transferring assets between
Do district courts have jurisdiction to hear constitutional challenges to federal agencies, or must plaintiffs first raise such challenges in administrative proceedings before the agency? On November 7, the U.S. Supreme Court heard arguments on this issue in two similar cases: Axon Enterprise v. Federal Trade Commission (FTC) and Securities and Exchange Commission (SEC) v.
As we previously discussed here, in March 2022, the D.C. Council of the District of Columbia Committee of the Whole met in a full hearing, in part to hear amendments introduced to B24-0357, known as the Protecting Consumers From Unjust Debt Collection Practices Amendment Act (Act). The Act contains a host of new and
Missouri recently modernized its money laundering statute to define cryptocurrency and to include cryptocurrency within its definition of “monetary instruments.” This is a significant step for Missouri as it eliminates what was once a safe harbor, by clarifying any underlying confusion and permitting state prosecutors to pursue previously elusive criminal activity.
Missouri amended its money
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:
The Federal Trade Commission (FTC) reached a $100 million settlement with Vonage over allegations that the internet phone service provider violated the FTC and Restore Online Shoppers’ Confidence Act (ROSCA) by adding “junk fees” and using “dark patterns” to make it difficult for consumers to cancel. In addition to the fine that will be used
In this episode of Unauthorized Access, Kamran and Sadia welcome their firm colleague, Privacy + Cyber Partner and Team Leader Ron Raether, in a discussion on consumer breach notices — specifically from Ron’s perspective as a litigator — and how plaintiff’s counsel can interpret these notices.
On October 31, a Texas federal court ordered a stay in a Consumer Financial Protection Bureau (CFPB) enforcement action, pending the issuance of the Fifth Circuit mandate in Community Financial Services Association of America Ltd. v. CFPB, which declared the CFPB funding mechanism unconstitutional. In the enforcement action CFPB v. Populus Financial Group, Inc.
Earlier this year, the Eleventh Circuit reversed the dismissal of a lawsuit when it held that monthly mortgage statements required by the Truth in Lending Act (TILA) and Regulation Z can constitute communications in connection with the collection of a debt under the Fair Debt Collections Practices Act (FDCPA). More recently, the court reaffirmed this
On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of student loan payment reinstatement. The CFPB found that student loan borrowers are increasingly likely to struggle once their monthly student loan payments are reinstated. However, the CFPB also found that student debt cancellation may substantially reduce