Ever since the Fifth Circuit Court of Appeals held last year in Community Financial Services Association (CFSA) v. CFPB that the Consumer Financial Protection Bureau’s funding structure violates the Constitution’s Appropriations Clause and the Supreme Court agreed to review the decision, the CFPB’s ability to complete its work has been stalled. In just the last […]
Author Archives: Christine Hines
The Federal Reserve today launched FedNow, a new payment system that participating banks and credit unions can use to facilitate faster payments for their customers. So far, according to the Fed, 35 “early-adopting” financial institutions can receive payments instantly through FedNow. Does this new system, which facilitates sending and receiving payments at any day and […]
“You don’t need much agricultural expertise to know that every weed is supported by an extensive underground root structure.” What an A+ quote from the Federal Trade Commission’s business blog (Lesley Fair), which gives a visual description of the government’s latest effort to combat pervasive robocalls, this time tackling robocalls’ root structure: third-party lead generators. […]
The U.S. Congress is considering FY24 funding for the entire government, and normally it should involve just that, funding. Yet the U.S. House Appropriations Committee recently dropped its Financial Services and General Government (FSGG) bill, which includes proposals that would impact consumer protection policy. These riders take aim at the substantive work of a number […]
The Student Borrower Protection Center (SBPC) today sued the federal government and issued a report on the student loan experience for incarcerated borrowers. In its first lawsuit against the U.S. Department of Education, SBPC is seeking to compel the production of documents under the Freedom of Information Act (FOIA). The request concerns the federal government […]
The Federal Trade Commission reported this week on the refunds returned to harmed consumers in 2022 from its cases against bad actors that cheated, deceived, defrauded people out of their money. The agency’s press release also contained a sober message: refunds to consumers are dropping due to AMG Capital Management, LLC v. FTC, a 2021 […]
In an amicus brief filed this week, the Federal Trade Commission once again stood up for children’s privacy protections under state law that are consistent with federal law and its regulations. The case, Jones v. Google, involved a group of children who, through their guardians ad litem, sued online video platform YouTube and its owner […]
“Tipping” and “donating” have taken on a new meaning in high-interest online lending. Earlier this month, California, Connecticut, and the District of Columbia snagged SoLo Funds, Inc., an online lending platform, for deceiving consumers about the true cost of the loans it facilitated. According to the states and DC, the fintech required borrowers to pay […]
As automated systems spread throughout the economy, federal agencies announce that they will use existing authorities to ensure compliance with the law. “We take seriously our responsibility to ensure that these rapidly evolving automated systems are developed and used in a manner consistent with federal laws,” said the heads of the Consumer Financial Protection Bureau, […]
The public comment period closed yesterday on the Consumer Financial Protection Bureau’s proposed rule to create a public registry for terms and conditions in non-negotiable nonbank contracts that limit consumer rights and protections. The proposal recognized a certain powerlessness of consumers who are forced to surrender critical rights when seeking out essential financial products. Part […]