Quick analysis: Everything Down in April, Most Things Up YTD
This was another one of those fun paradoxical months where consumer complaints and litigation in April were all down from March, but most of them (except FDCPA complaints) were still up YTD. Interestingly, the March stats showed everything up for the month, so it’s a complete flip from last month.
Alleging that Global Circulation, Inc. (GCI) threatened consumers with jail time, lawsuits, and wage garnishments to pressure them into paying debts they did not owe, the FTC entered into a stipulated order with GCI and its owner, Kenneth Redon III, to permanently ban them from the debt collection industry.
New York has included a “Buy-Now-Pay-Later Act” as part of its broader budget legislation for the 2025-2026 fiscal year. Encapsulated in Article 14-B, the Act aims to regulate the burgeoning market of buy-now-pay-later (BNPL) lenders but has raised concerns by its overreach and seemingly unequal treatment of national and state banks.
In a move that could have ramifications for lawsuits filed by former FTC and NCUA board members, by a vote of 6-3 the Supreme Court has issued a stay that prohibits the Democratic members of the National Labor Relations Board and the Merit Systems Protection Board who were fired by President Trump from continuing to serve while challenging the legality of their removal.
The U.S. Senate’s proposal to regulate stablecoins, known as the GENIUS Act, has successfully cleared a significant procedural hurdle, moving closer to a full floor debate. On May 19, lawmakers voted to invoke cloture on the bill, marking a pivotal moment in its legislative journey. This vote followed an earlier setback on May 8, when Democrats withdrew their support to engage in further negotiations.
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