The Federal Trade Commission staff has provided its 2020 Annual Financial Acts Enforcement Report to the Consumer Financial Protection Bureau on its enforcement and related activities regarding the Truth in Lending Act, Consumer Leasing Act, and Electronic Fund Transfer Act. The report highlights the FTC’s enforcement actions related to automobile purchases and financing, payday lending, […]
Author Archives: Allison Zieve
The Washington Post reports: The Biden administration continues to defend lawsuits against the Education Department over Trump-era policies on student loans and career training regulation. Biden’s Education Secretary Miguel Cardona has begun dismantling his predecessor’s policies. The department this week lifted a ban on colleges providing emergency grants to undocumented and international students. It has […]
The Federal Trade Commission was busy yesterday. Operators of Student Loan Debt Relief Scheme Banned From Providing Debt Relief Services as Part of Settlement with FTC (May 17, 2021) FTC Announces Latest Enforcement Action Halting Deceptive CBD Product Marketing (May 17, 2021) FTC Data Shows Huge Spike in Cryptocurrency Investment Scams (May 17, 2021)
The U.S. Department of Education announced today that Richard Cordray will be its Chief Operating Officer of Federal Student Aid. Cordray is the former Director of the Consumer Financial Protection Bureau and the former Attorney General of Ohio. Federal Student Aid is responsible for managing the student financial assistance programs authorized under Title IV of […]
In October 2020, the Office of the Comptroller of the Currency, one of the federal agencies that regulates banks, issued a rule that determines what national bank or federal savings association is considered the “true lender” in circumstances where a bank and a third party have a role in the loan. Many consumer advocates expressed […]
The Consumer Financial Protection Bureau today issued an interim final rule in support of the Centers for Disease Control and Prevention’s eviction moratorium. The CFPB’s rule requires debt collectors to provide written notice to tenants of their rights under the eviction moratorium and prohibits debt collectors from misrepresenting tenants’ eligibility for protection from eviction under […]
Cartoonist Matt Wuerker enlists consumer advocate Ralph Nader to help explain tort law in this 3-minute video from Politico.
The Consumer Financial Protection Bureau today proposed extending the effective date of two debt-collection rules that were finalized in 2020 and currently go into effect in November 2021. The CFPB proposes the delay to give affected parties more time to comply due to the ongoing COVID-19 pandemic. The proposal is here. One of the two […]
Mike Saunders, director of military and consumer policy at Veterans Education Success, warns in Millitary.com today that service members and veterans need to be wary of new forms of credit-like products that have popped up in recent years, especially "paycheck advance" products and Income Share Agreements. He explains that current legal protections may not cover […]
The Consumer Financial Protection Bureau released the 2020 annual report to Congress on administration of the Fair Debt Collection Practices Act. According to the CFPB press release, "the report highlights efforts by the CFPB and the Federal Trade Commission to protect consumers, particularly those who have suffered profound financial impacts due to the COVID-19 pandemic." […]