CFPB, Federal Agencies, State Agencies, and Attorneys General
The Federal Trade Commission has released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions.
The majority of the rulemakings listed in the agenda are being conducted as part of the FTC’s systematic review of all of its regulations and guidelines on a rotating basis. … Continue Reading
On March 7, New Jersey Attorney General Gurbir S. Grewal and the Division of Consumer Affairs announced the filing of a lawsuit against two “Buy Here-Pay Here” auto dealerships and their owner for allegedly unconscionable and deceptive lending practices.
The complaint alleges that defendants sold high-mileage, used autos at grossly inflated prices with excessive down payments; financed the sales through in-house loans with high interest rates and “draconian” terms that created a high risk of default; and then repossessed and resold the vehicles over and over again to different consumers in a practice they refer to as “churning.”… Continue Reading
It’s clear from the recent testimony to Congress of Holly Petraeus, Assistant Director of the CFPB’s Office of Servicemembers Affairs, that the CFPB is looking closely at various kinds of loans made to military personnel and their family members. One category of loans on the CFPB’s hit list are private student loans to finance tuition at for-profit schools.… Continue Reading
Later this year, the rules for which rulemaking authority was transferred to the CFPB by the Dodd-Frank Act will be getting new numbers. The CFPB announced in July that it plans to house those rules in chapter X of CFR title 12, meaning that the 200 series will become the 1000 series.… Continue Reading
