SaverLife is a national non-profit sponsored by some of the nation’s leading financial institutions that uses financial technology to improve the financial health of low- to-moderate income consumers by incentivizing savings through prizes, rewards, expert resources,  and gameplay.  We first discuss SaverLife’s objectives and how its online platform operates.  We then discuss a range of

The eyes of the consumer finance world are now on the U.S. Supreme Court as it decides whether to grant the CFPB’s certiorari petition in Community Financial Services Association of America Ltd. v. CFPB (CFSA Decision).  In the CFSA Decision, a Fifth Circuit panel held the CFPB’s funding mechanism violates the Appropriations Clause of the

The CFPB  announced last week that it has entered into a proposed settlement of the lawsuit it filed in July 2020 against My Loan Doctor, LLC (“Loan Doctor”) and its founder, Edgar Radjabli, for allegedly making false, misleading, and inaccurate representations in connection with advertising Loan Doctor’s Healthcare Finance Savings CD Accounts.  The settlement requires

The CFPB recently denied the petition of Nexo Financial LLC to modify the CFPB’s Civil Investigative Demand (CID) issued to Nexo, rejecting Nexo’s claim that the CFPB does not have jurisdiction to investigate crypto-lending products offered by Nexo such as its “Earn Interest Product.”  This is the first publicly-known action taken by the CFPB against

The U.S. Chamber of Commerce has filed a motion for summary judgment in its lawsuit filed in September 2022 against the CFPB challenging the CFPB’s recent update to the Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) section of its examination manual to include discrimination.  The other plaintiffs in the lawsuit, which was filed in

Last week, the U.S. Supreme Court granted the unopposed request of the Community Financial Services Association for a 30-day extension until January 13, 2023 to file its brief in opposition to the CFPB’s certiorari petition seeking review of the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB.  In

The CFPB recently released two reports concerning tenant background checks.  One report, “Consumer Snapshot: Tenant Background Checks,” discusses consumer complaints received by the CFPB that relate to tenant screening by landlords.  The other report, “Tenant Background Checks Market,” looks at the practices of the tenant screening industry.

Consumer Snapshot.  The

Having stood up and promoted the whistleblower program at the CFPB, it appears that Richard Cordray may now be taking similar steps at Federal Student Aid (“FSA”).  On November 10, the Department of Education (“ED”) and FSA issued a bulletin inviting whistleblowers to provide information about potential violations of the Higher Education Act (“HEA”)