Regulatory and Enforcement

As the federal regulator with supervisory authority over (non-Federal Reserve member) state banks and savings associations, the FDIC continues to play an important role in the consumer protection arena.  On June 30, 2020, at 3:00 p.m. ET, PLI will offer a one-hour briefing, “Consumer Protection: What’s Happening at the FDIC.”  Leonard Chanin, Deputy to the

The CFPB has issued a statement regarding its supervisory and enforcement practices in connection with the electronic provision of certain credit card disclosures during the pandemic that are required by Regulation Z to be provided in writing.

The Bureau discusses the use of E-Sign consent to provide disclosures electronically that pursuant to underlying law, such

The CFPB announced that it has entered into a consent order with Main Street Personal Finance, Inc. and two subsidiaries (Main Street), each a small-dollar lender, to settle the CFPB’s allegations that Main Street (1) violated the Truth in Lending Act and the CFPA’s UDAAP prohibition by underdisclosing the finance charge on auto-title loans entered

We explore a wide range of topics with AG Weiser including: who are his key staff members and their backgrounds; his office’s actions in response to COVID-19; recent changes to the CO Consumer Protection Act; and his office’s activities concerning student loans, robocalls, payday lending, and data privacy and security and its approach to consumer

The CFPB and the Massachusetts Attorney General’s Office have filed a lawsuit against a credit repair company and the company’s individual owner in federal district court in Massachusetts.  The complaint alleges that the defendants engaged in deceptive acts or practices in violation of Consumer Financial Protection Act (CFPA) and the Massachusetts Consumer Protection Law, deceptive

This Friday, June 5, from 12:00 p.m. to 1:00 p.m. ET, Ballard Spahr will hold a webinar, “State Attorney General Priorities: Coronavirus and Beyond.”  Our special guest speakers will be three representatives from state Attorney Generals’ offices: Bernard Eskandari from California, Tom James from Illinois, and Max Weinstein from Massachusetts.  Our guests will discuss their

South Carolina-based consumer lender World Acceptance Corporation announced recently that it had earmarked $21.7 million to resolve a Securities and Exchange Commission (SEC) probe into its compliance with the Foreign Corrupt Practices Act (FCPA).  World Acceptance, however, was clear that its discussions with the SEC to resolve the matter remain ongoing.  Therefore, as the company

California Governor Newsom submitted his updated 2020-2021 budget proposal to the state legislature on May 14, 2020.  The proposed budget amendments include substantial cuts to compensate for the anticipated impact to state revenue due to job losses and business closures caused by the COVID-19 pandemic.  The funding allocated to the revamping of the Department of

The CFPB has filed its first status report with the California federal district court as required by the Stipulated Settlement Agreement in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay in adopting regulations to implement Section 1071 of the Dodd-Frank Act.

Section 1071 amended the ECOA to require financial institutions to