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CFPB Issues Orders to Collect Information from Big Tech Companies

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On October 21, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it has issued orders to collect information about the business plans and practices of multiple large technology companies operating payment systems in the United States.  Notably, these orders were issued pursuant to the CFPB’s rulemaking authority under Dodd-Frank Section 1022, rather than its…

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Mississippi Attorney General Reaches Settlement with Auto Lender to Resolve Claims of Deceptive Practices

​On July 21, 2021, the Mississippi Attorney General announced that it had reached a settlement with a national auto lender to resolve claims that the company placed borrowers into auto loans with a high probability of default.  The Attorney General also alleged that the auto lender engaged in aggressive collection practices in violation…

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CFPB Reaches Consent Agreement with Fintech Company Concerning Facilitation of Loans to Consumers Without Their Authorization

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On July 12, 2021 the Consumer Financial Protection Bureau (CFPB) announced that a consent order had been reached with an Atlanta-based non-bank lending company that would require the company to cancel up to $9 million in loans for consumers, resolving allegations that the fintech company violated the Consumer Financial Protection Act (CFPA) by originating and servicing unauthorized loans….

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California DFPI Files First Enforcement Action Against Student Debt Relief Company

On February 3, 2021, the California Department of Financial Protection and Innovation (DFPI) announced its first formal enforcement action against an Irvine-based student debt relief company.  The DFPI’s action alleges that the company’s student debt relief practices violated the California Consumer Financial Protection Law and Student Loan Servicing Act. According to the DFPI, for over three…

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FTC Reaches Settlement with Two Nevada Companies for Alleged Credit Card Scheme

On January 29, 2021, the FTC announced that it filed a proposed settlement in the District of Nevada with two Nevada-based consulting companies, resolving claims ​that the companies violated the FTC Act, Telemarketing and Consumer Fraud and Abuse Prevention Act, Telemarketing Sales Rule, Credit Repair Organizations Act, and Consumer Review Fairness Act. The FTC alleged that, since…

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CFPB Files Suit Against Online Lender for Alleged Violations of Military Lending Act

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​On December 4, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against an online lender that offers single-payment and installment loans to consumers for alleged violations of the Military Lending Act (MLA).  The MLA contains protections associated with extensions of consumer credit for active-duty servicemembers, including a maximum allowable annual…

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FTC Reaches Settlement With Debt Collection Company for “Debt Parking” Scheme

On November 30, 2020 the Federal Trade Commission (FTC) announced ​that it had reached a settlement with a debt collection company for its “debt parking scheme” (also known as “passive debt collection”)​​ in which the company allegedly placed bogus or questionable debts on consumers’ credit reports in an attempt to coerce them to pay the…

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