Sarah T. Reise

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On July 26, 2018, the FTC testified before two subcommittees of the U.S. House Committee on Oversight and Government Reform regarding the FTC’s continued focus on payment processors. Andrew Smith, the Director of the FTC’s Bureau of Consumer Protection testified before the House Subcommittees on National Security and Government Operations about the FTC’s anti-fraud program and the 25 actions taken by the FTC against payment processors since 1996.… Continue Reading

The cities of Chicago and San Francisco and the Massachusetts Attorney General have filed the first enforcement actions against Equifax following the announcement of a data breach affecting an estimated 143 million consumers.  Equifax announced the data breach on September 7, 2017, after hackers allegedly exploited a vulnerability in open-source software used by Equifax to create its online consumer dispute portal.… Continue Reading

The CFPB filed suit against J.G. Wentworth, LLC on June 7, 2016 after the company challenged the Bureau’s expansive view of its jurisdiction.

The CFPB served a CID against J.G. Wentworth, LLC on September 11, 2015 to investigate alleged violations of consumer protection laws. J.G. Wentworth purchases structured settlements and annuities from consumers for lump sums.… Continue Reading

The CFPB has announced that it is amending the Interstate Land Sales Full Disclosure Act’s implementing regulations to allow electronic registration filings.

The Dodd-Frank Act transferred rulemaking authority over the ILSA from HUD to the CFPB. The ILSA requires certain developers to register their subdivisions plans and provide disclosures to consumers regarding the lots or condominiums being purchased.… Continue Reading

A meeting of the CFPB’s Credit Union Advisory Council has been scheduled for October 8, 2015 at the CFPB’s offices in Washington, DC.  The agenda indicates that the “Council will discuss consumer challenges in payments.”

On July 9 of this year, the CFPB released, and we blogged about, nine “Consumer Protection Principles” that are intended to express the CFPB’s “vision of consumer protection in new faster payments systems.”… Continue Reading

The CFPB has entered into a consent order with Westlake Services, LLC, an indirect auto finance company, and its wholly owned subsidiary, Wilshire Consumer Credit, LLC, for alleged deceptive debt collection practices. The consent order requires the companies to provide $44.1 million in redress and balance relief to borrowers and imposes a civil money penalty of $4.25 million.… Continue Reading

Consistent with its continued focus on student lending, the CFPB issued a new request for information regarding student loan servicing. The request for information seeks input from the public regarding all aspects of student loan servicing, including industry practices that may create repayment challenges or hurdles for distressed borrowers, and the economic incentives that may affect the quality of service.… Continue Reading

As we reported earlier this year, the CFPB was actively investigating a company called 3D Resorts-Bluegrass, LLC for possible violations of the Interstate Land Sales Full Disclosure Act (ILSA). While the CFPB did not publicly announce this investigation, which is the first involving potential ILSA violations, the investigation was disclosed in a proof of claim filed in the U.S.… Continue Reading