The Consumer Financial Protection Bureau’s (the “CFPB” or the “Bureau”) latest move in its crusade against “junk fees” may hit closer to home for companies charging common fees that are considered, to date, to be lawful and valid. On February 1, the Bureau issued a Notice of Proposed Rulemaking1 (the “Proposed Rule”) targeting credit card… View ArticleOriginal Article
BOSTON – Massachusetts Attorney General Andrea Joy Campbell today, February 9, announced that her office has reached a $6.5 million settlement, including $4.7 million in debt relief, with a Connecticut-based home security services company and its CEO to resolve allegations that they violated state consumer protection laws by deceptively trapping Massachusetts consumers in long-term auto… View ArticleOriginal Article
IRVINE, Calif., Feb. 9, 2023 /PRNewswire/ — ATTOM, a leading curator of land, property, and real estate data, today released its January 2023 U.S. Foreclosure Market Report, which shows there were a total of 31,557 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – up 36 percent from a year ago, and up… View ArticleOriginal Article
A federal appeals court this week tossed out two lawsuits, backed by NYC landlords, that sought to challenge New York’s rent reform and rent stabilization law, passed by the state legislature in 2019. Landlord groups who were plaintiffs in one of the lawsuits immediately said after the ruling was handed down that they would appeal… View ArticleOriginal Article
The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) released two new proposals that aim to expand the Bureau’s authority over nonbank financial institutions: A “repeat offender” registry of consent orders or settlements with an array of state and federal regulators relating to compliance with consumer protection laws (“Repeat Offender Proposal”); and A public registry of… View ArticleOriginal Article
Man, what a day for Mike Greenwald. As I reported earlier today, a TCPA class settlement involving Medicredit netted his firm $600k in fees. Well, literally the same day the Medicredit settlement received approval, another TCPA wrong number class action brought by Greenwald’s firm (Greenwald Davidson Radbil PLLC) was also approved by the court–resulting in an aware of another $1.66MM… View ArticleOriginal Article
On March 23, 2021, the Illinois Community Reinvestment Act (“IL CRA”) was signed into law. The stated purpose of the IL CRA is to ensure that covered financial institutions are equitably providing financial services across the state, including to low- and moderate-income neighborhoods, and areas where there is a lack of access to safe and… View ArticleOriginal Article
Amid high inflation and rising interest rates, credit card balances increased to $931 billion in the final quarter of 2022, according to the latest Credit Industry Insights report by TransUnion. Additionally, credit card originations hit a new record. The number of new credit cards opened spiked by 21.6 million in the third quarter, representing a… View ArticleOriginal Article
Infidelity is a red flag in any relationship. But what if your partner is hiding a secret financial account, rather than an affair? Today, nearly a quarter (23 percent) of Americans in relationships are keeping a money-related secret from their significant other. Among American adults with partners (married or living with a partner), 39 percent… View ArticleOriginal Article
PayPal Holdings, Inc. (NASDAQ: PYPL) today announced that President and CEO Dan Schulman has informed the Board of Directors of his intention to retire from PayPal on December 31, 2023 and that he will work with the Board on a smooth leadership transition. Schulman will continue to serve on the Board of Directors. The Board… View ArticleOriginal Article