The New Jersey Attorney General’s Office filed suit against two automobile dealerships and their owner in the Superior Court of New Jersey, alleging that the dealerships should be closed and their owner barred from the industry because they targeted financially vulnerable consumers with a variety of unconscionable and deceptive business practices.
According to the AG’s
A group of 21 states and the District of Columbia submitted a comment letter opposing the Consumer Financial Protection Bureau’s effort to revise and boost its Policy on No-Action Letters (“NAL Policy”) and the creation of a CFPB Product Sandbox. The NAL Policy and Product Sandbox will allow companies
Consistent with state data breach notification laws, the Neiman Marcus Group, LLC publicly announced in January 2014 that its customers’ payment card information had potentially been compromised at 77 Neiman Marcus retail locations between March 2013 and January 2014. In total, 370,000 credit cards were compromised as a result of the intrusion, and at least
A Connecticut-based automobile finance company settled a claim by the Massachusetts Attorney General’s Office that the finance company facilitated the sale of defective vehicles by a group of Massachusetts car dealerships. As part of the settlement, Sensible Auto Lending LLC has agreed to provide debt relief in the amount of $733,925.
According to the Massachusetts
On January 3, 49 state attorneys general announced a settlement with Career Education Corporation (“CEC”), a for-profit education company, to resolve claims that CEC engaged in unfair and deceptive practices. The settlement requires CEC to forgo any collection efforts against $493.7 million in outstanding loan debt held by nearly 180,000 former students. It also imposes
A Florida federal judge entered a judgment for over $23 million last week against Robert Guice, the alleged operator of a telemarketing scam offering debt relief services to consumers.
The lawsuit, brought by the Federal Trade Commission and the Florida Attorney General, alleged that Guice created Loyal Financial & Credit Services, LLC (“Loyal”), Life Management
Consumer financial services companies are hopeful that the Supreme Court’s pending decision in Timbs v. Indiana will provide a Constitutional basis for challenging fines and penalties levied by state attorneys general and regulators. The Supreme Court heard oral argument on November 28 on the issue of whether the Excessive Fines Clause has been (or should
Last month, Troutman Sanders reported on the proposed TRACED Act which would instruct the Federal Communications Commission to engage in rulemaking to protect consumers from receiving unwanted calls and text messages from unauthenticated phone numbers. FCC Chairman Ajit Pai tweeted his approval for the bill, but the FCC is not waiting on Congress to fight
The Minnesota Department of Commerce recently entered into a consent order with collection agency Range Credit Bureau, Inc. regarding its compliance practices.
The Commissioner found numerous regulatory and compliance infractions, including the company’s ongoing failure to file an Unclaimed Property report with the state for funds owed to a customer whom the company could not
In March 2018, the Predatory Lending Unit of the Virginia Attorney General Office’s Complaint against online lender Future Income Payments (“FIP”) began with the words of Sir Walter Scott: “what a tangled web we weave when we first practice to deceive.”[1] The lawsuit charged FIP with disguising unlawful loans – in excess of 183%