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
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
Five Democratic Senators — Elizabeth Warren (MA), Dianne Feinstein (CA), Brian Schatz (HI), Jack Reed (RI), and Alex Padilla (CA) — recently petitioned the Consumer Financial Protection Bureau (CFPB) to “take action to eliminate hidden fees associated with international remittance payments.”
The Remittance Transfer Rule requires transfer providers to provide prepayment disclosures to consumers prior
More than two years ago, the Eleventh Circuit Court of Appeals ruled in Johnson v. NPAS Solutions, LLC, 975 F.3d 1244 (11th Cir. 2020) that incentive payments for lead plaintiffs in class-action lawsuits are improper. After being denied rehearing en banc, the plaintiff has filed a petition for writ of certiorari for the
In an October 27 letter, the American Bankers Association (ABA) expressed concern regarding a proposal currently being considered by the Consumer Financial Protection Bureau (CFPB) that would shift liability from consumers to banks for scams involving peer-to-peer (P2P) payments. This would include requiring banks to reimburse consumers for P2P payments made but later identified
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: