The New York City Department of Consumer and Worker Protection (DCWP) has introduced significant amendments to its debt collection rules, following updates from the Consumer Financial Protection Bureau (CFPB). These changes, effective December 1, 2024, are designed to enhance the protection of consumers, particularly in terms of record retention, reporting requirements, and transparency in debt collection practices.
The FTC has shut down Michigan-based Financial Education Services, a credit repair company that the agency says actually was a large pyramid scheme, If approved by a federal judge in the Eastern District of Michigan, the settlement also will return $12 million to consumers harmed by the company, the FTC said. The company, which operated as early as 2015, was temporarily shut down when the FTC first filed suit against it in 2022.
New York Attorney General Letitia James today sued Acima Digital, Acima Holdings, and Acima Solutions (Acima) for deceiving more than 100,000 New York consumers. The Office of the Attorney General's (OAG) lawsuit alleges that Acima violated New York’s rent-to-own law by “leasing” goods that could not be returned, charging more than the allowable amount on goods, and misleading consumers about the cost of financing provided by Acima.
The Office of the Comptroller of the Currency (OCC) today released an update to the Bank Accounting Advisory Series (BAAS). The BAAS contains staff responses to frequently asked questions from the banking industry and bank examiners on a variety of accounting topics and promotes consistent application of accounting standards and regulatory reporting among banks.1
The Federal Trade Commission today announced a final rule that will combat fake reviews and testimonials by prohibiting their sale or purchase and allow the agency to seek civil penalties against knowing violators.
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