The Federal Reserve issued a press release announcing its plans for a July debut of FedNow, its service “to facilitate nationwide reach of instant payment services by financial institutions.” As previously discussed here, the FedNow service will provide individuals and businesses the ability to send and receive instant payments through the Federal Reserve’s
Indiana Attorney General Todd Rokita and the Indiana Department of Financial Institutions announced a settlement in excess of $250,000 with Integrity Acceptance Corp., affiliated companies, and their owners to resolve allegations that they originated personal loans without the required license, contracted for charges in excess of the maximum allowable rate, misrepresented finance charges, and failed to disclose prepaid finance charges in violation of the Indiana Uniform Consumer Credit Code and Indiana Deceptive Consumer Sales Act. As part of the settlement, the entities will forgive $223,685 in loans, pay $33,991 in restitution, and pay $33,000 in civil penalties and costs to the state. The entities and their owners are also enjoined from engaging in similar conduct in the future.
Yesterday, a three-judge panel of the Second Circuit Court of Appeals issued a unanimous opinion declining to follow the Fifth Circuit’s decision in Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau (CFPB or Bureau) finding no “support for the Fifth Circuit’s conclusion” that the CFPB’s funding structure is unconstitutional in Supreme
In an agency order issued on February 27, the Consumer Financial Protection Bureau (CFPB) permanently banned RMK Financial Corporation from the mortgage lending industry. In addition to imposing a penalty of $1,000,000, the order prohibits the lender from engaging in any mortgage lending activities or receiving remuneration from mortgage lending.
The CFPB based its decision
Today, the Federal Trade Commission (FTC) issued a Notice of Proposed Rulemaking with the stated intent to make it easier for consumers to cancel recurring subscriptions and memberships. This rulemaking is part of the FTC’s review of its Negative Option Rule. Amongst other things, the proposed rule would increase the coverage of the Negative Option
On March 29, the New Mexico Financial Institutions Division of the Regulation and Licensing Department’s (NM FID) new rule on the New Mexico-Annual Percentage Rate (NM-APR) becomes effective. We previously blogged about New Mexico’s 36% APR cap on loans of $10,000 or less under the Small Loan Act (SLA) and Bank Installment Loan Act (BILA)
A federal magistrate judge in Rhode Island has ruled that the Consumer Financial Protection Bureau (CFPB or Bureau) must produce three employees for depositions, denying the agency’s motion for a protective order.
The lawsuit brought by the Bureau in 2020 alleges that Citizens Bank (Citizens) failed to reasonably investigate consumers’ claims of unauthorized credit card
On March 16, the Federal Communications Commission (FCC) adopted its first set of regulations targeting what is perceived as the increasing problem of scam text messages sent to consumers. The first rule requires mobile service providers to block text messages that appear to come from phone numbers that are unlikely to transmit text messages. This
An Illinois federal district court recently denied a creditor-defendant’s motion for summary judgment in a Fair Credit Reporting Act (FCRA) case brought by a consumer who questioned why his debt was being reported twice — as both a tradeline with the original creditor and as a tradeline with a third-party collection agency. The court’s opinion
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: