Federal Consumer Protection News: February 2022
Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB or Bureau) issued a series of bulletins in February providing guidance regarding the Bureau’s interpretation of legal requirements related to a range of financial services. Bulletins included guidance for student loan servicers handling of accounts of borrowers eligible for public service loan forgiveness, providers of…
Federal Consumer Protection News: January 2022
Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB or “Bureau”) announced an initiative to reduce so-called “junk fees” charged by banks and other financial institutions. Noting that credit card late fees and bank charges for overdraft and non-sufficient funds fees cost consumers nearly $30 billion in 2019, the Bureau published a request for…
Attorney General Consumer Protection News: January 2022
Multistate Actions Led by California Attorney General Rob Bonta, Illinois Attorney General Kwame Raoul, Massachusetts Attorney General Maura Healey, and Pennsylvania Attorney General Josh Shapiro, a bipartisan coalition of 39 attorneys general obtained a $1.85 billion settlement with student loan servicer Navient. Under the settlement, Navient will make a total of $95 million in restitution…
Attorney General Consumer Protection News: December 2021
Multistate Actions Led by Idaho Attorney General Lawrence Wasden and Oregon Attorney General Ellen Rosenblum, a bipartisan coalition of 33 attorneys general wrote the Consumer Financial Consumer Protection Bureau (CFPB), calling for stronger consumer safeguards for money sharing platforms and apps. The letter, written in response to the CFPB’s request for comments on its inquiry…
Federal Consumer Protection News: December 2021
Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) issued a supervisory highlights report identifying legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in the first half of 2021. CFPB examiners often find problems during…
Federal Consumer Protection News: November 2021
Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) sued pawn lenders FirstCash, Inc. and Cash America West, Inc. for allegedly violating the Military Lending Act (MLA) by charging higher than the allowable 36% annual percentage rate (APR) on pawn loans to active-duty servicemembers and their dependents. The loans allegedly had APRs that frequently…
Attorney General Consumer Protection News: November 2021
Multistate Actions A multistate investigation of Instagram led by a bipartisan group of 8 attorneys general from California, Florida, Kentucky, Massachusetts, Nebraska, New Jersey, Tennessee, and Vermont was announced. The attorneys general are investigating Meta Platforms, Inc., formerly known as Facebook, for providing and promoting Instagram to children and young adults despite allegedly knowing that…
Federal Consumer Protection News: October 2021
Consumer Financial Protection Bureau The U.S. Senate voted to confirm Rohit Chopra as the third Director of the Consumer Financial Protection Bureau (CFPB). Chopra was serving as FTC Commissioner, a post he had held since 2018. Chopra issued a statement after he was sworn in, emphasizing “the essential role” the agency plays “within the Federal…
Attorney General Consumer Protection News: October 2021
Multistate Actions Led by California Attorney General Bonta, Florida Attorney General Moody, Massachusetts Attorney General Mara Healey, Nebraska Attorney General Dog Peterson, Tennessee Attorney General. Slatery, and Vermont Attorney General Donovan, a bipartisan coalition of 52 attorneys general sent a letter to the Senate Subcommittee on Consumer Protection, Product Safety, and Data Security. The letter…
Consumer Chief of the Month: Chris Lewis, Kentucky Attorney General’s Office
They say timing is everything. Accepting the position of Consumer Protection Chief for the Commonwealth of Kentucky in December 2019, only months before the start of a global pandemic, was not the timing I had in mind, but I am thankful to have the opportunity to serve my fellow Kentuckians and support Attorney General Cameron…
