The CFPB announced yesterday that it is proposing to oversee larger non-bank auto finance companies, which would be a first at the federal level. At the same time, the CFPB released a report detailing auto-lending discrimination at banks. "The report highlights that the Bureau’s supervisory actions against banks will result in about $56 million in […]
Author Archives: Allison Zieve
The Department of Justice has announced a $16.65 billion settlement with Bank of America in connection with charges of financial fraud leading up to and during the financial crisis. According to the DOJ press statement, the settlement is "the largest civil settlement with a single entity in American history." The settlement will "resolve federal and […]
AP is reporting: "President Barack Obama is preparing to sign an executive order cracking down on labor violations by companies that contract with the federal government …. In a bid to allow potential victims to have their day in court, the president's order will also prohibit companies pursuing government contracts from requiring their workers to […]
In 2002 and again in 2008, Congress enacted legislation requiring country-of-origin labeling (COOL) on certain foods, including meats. The 2008 statute defines country of origin as meaning, at least, where the animal has been born, raised, and slaughtered—the three major production steps. After the U.S. Department of Agriculture (USDA) issued a regulation to implement the […]
From Food Safety News: Oregon, Washington and Vermont have filed lawsuits against the makers of the energy drink 5-Hour Energy for making “deceptive” marketing claims. More states are expected to follow. …. The suits take issue with claims about what 5-Hour Energy actually does, whether consumers experience a “crash,” whether it’s recommended by doctors and […]
Several years ago, an attorney named James Bormes paid a case filing fee via pay.gov, which the federal courts use to facilitate electronic payments. He received an email receipt that included both the last four digits of his credit card’s number and the card’s expiration date. Bormes sued seeking damages under the Fair Credit Reporting […]
The CFPB’s Consumer Complaint Database is a publicly accessible, online database of consumer financial complaints. It includes anonymous information about the complaints received, including the date of submission, the consumer’s zip code, the relevant company, the product type, the issue the consumer is complaining about, and the company’s response. Although when a consumer enters information […]
In March 2013, the Department of Justice revealed that it was working with banking regulators to prevent fraudsters from accessing consumer bank accounts by choking off their access to electronic payments. DOJ calls the program "Operation Choke Point." See prior blog posts here and here. The Operation has come under attack from Republicans in Congress […]
From the CFPB's news release: Today [July 10], the Consumer Financial Protection Bureau (CFPB) took enforcement action against ACE Cash Express, one of the largest payday lenders in the United States, for pushing payday borrowers into a cycle of debt. The CFPB found that ACE used illegal debt collection tactics – including harassment and false […]
From the FTC’s press release: Amazon.com, Inc. has billed parents and other account holders for millions of dollars in unauthorized in-app charges incurred by children, according to a Federal Trade Commission complaint filed today [July 10] in federal court. The FTC’s lawsuit seeks a court order requiring refunds to consumers for the unauthorized charges and […]