New York Attorney General Eric Schneiderman announced two settlements with motor vehicle dealer groups that provide for over $900,000 in restitution to approximately 6,400 New York State consumers. The settlements also require the dealers to pay $135,000 in penalties and costs to the state for the unlawful sale of credit repair and identity theft protection
FTC and State AGs Announce Crackdown on Student Loan Debt Relief Scam
The Federal Trade Commission, along with 11 states and the District of Columbia, just announced “Operation Game of Loans.” This is the first coordinated federal-state initiative targeting deceptive student loan debt relief scams. The nationwide crackdown encompasses 36 actions by the FTC and state attorneys general against bad actors that are alleged to
FTC and State AGs to Announce Major Coordinated Consumer Fraud Enforcement Initiative
The Federal Trade Commission (FTC) issued a press release earlier today alerting the media and other interested parties that it will announce a “major coordinated consumer fraud enforcement initiative” Friday, October 13 at 11:30 a.m. EST.
The Acting Director of the FTC’s Bureau of Consumer Protection, Thomas Pahl, and Illinois Attorney General Lisa Madigan will
House Financial Services Committee Chairman Urges National Data Breach and Data Security Standards
On October 5, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) called for national standards for data breach notification and data security. While voicing concerns about a “Washington-forced technology solution,” Hensarling said, “We do need a consistent national standard for both data security and breach notification in order to better protect our consumers, hold companies
Massachusetts AG Accuses Used Car Dealer of Deceptive Practices
On September 26, Massachusetts Attorney General Maura Healey’s office filed a complaint against used car dealer JD Byrider, accusing the dealership of using predatory practices in its sale of allegedly defective vehicles. The AG’s Office contends that JD Byrider sold allegedly defective vehicles with high cost loans to Massachusetts consumers in the “JD Byrider Program,”
DOJ Permits Banks to Create Real-Time Payment System
On September 21, the Department of Justice cleared the way for a group of the twenty-four largest U.S. banks to create a real-time payment system that will permit immediate transfer of funds between financial institutions. The system was proposed by The Clearing House Payments Co., LLC (“TCH”), a joint venture between the twenty-four banks that
Massachusetts AG Announces Data Breach Bill
Massachusetts Attorney General Maura Healey announced updated legislation that will remove fees for security freezes and consumer credit reports. The new legislation (SB 130/HB 134) includes several pro-consumer changes:
- Consent – Any company seeking to obtain or use a consumer’s credit report or credit score will need the written consent of the consumer and must
State Attorneys General of 41 States Subpoena Opioid Manufacturers and Distributors
In response to the nationwide opioid crisis, forty-one state attorneys general issued subpoenas to five opioid drug manufacturers and three drug distributors this week. New York Attorney General Eric Schneiderman made the first public announcement of the multistate investigation. The subpoena demands information and documentation from the manufacturers and distributors regarding prescription opioid drugs as
Alleged Shoddy Recordkeeping Spells Trouble for One of Nation’s Largest Student Loan Owners
On July 19, the New York Attorney General’s Office initiated an investigation into the National Collegiate Student Loan Trusts, sending subpoenas to request information on every collection lawsuit filed by National Collegiate against residents of the state. National Collegiate, one of the largest owners of private student loan debt in the nation, has been aggressively
Operation Choke Point Terminated
The U.S. Department of Justice announced the end of Operation Choke Point in an August 16 letter to the Chairman of the House Judiciary Committee. Operation Choke Point, which began under the Obama Administration, sought to prohibit banks and other financial firms from giving so-called “bad actors” access to bank accounts and payment processing systems.