LOS ANGELES, May 22, 2024 /PRNewswire/ -- On Friday, May 17th, the CFPB announced its first action after its Supreme Court ruling, targeting the nation's largest consumer-facing black-led and owned fintech, SoLo Funds. SoLo Funds has been wrongly accused of misconduct regarding its voluntary tipping fee structure and peer-to-peer community finance model, despite tips going 100% to community members, being self-selected, and being significantly more affordable in terms of cost to Americans.
WASHINGTON, D.C. – Under an interpretive rule issued by the Consumer Financial Protection Bureau today, lenders that offer buy now, pay later (BNPL) loans will be required to provide borrowers with certain protections, namely the right to dispute charges and to demand a refund after returning a product they purchased.
OAKLAND — California Attorney General Rob Bonta today led a multistate coalition of 19 attorneys general in filing an amicus brief in National Automobile Dealers Association et al. v. FTC, supporting the Federal Trade Commission’s defense of its new auto sales (CARS) Rule. The rule addresses several persistent unfair and deceptive practices in the auto sales industry. In the amicus brief, filed in the Fifth Circuit Court of Appeals, the coalition argues the new FTC rule is a necessary step to protect consumers as existing law has proven insufficient to stamp out widespread dealer misconduct.
Complaints to CFPB from servicemembers, veterans, and their families just crossed the 400,000 mark. Last year, the CFPB saw total complaints from the military community increase by 27% from 2022 and 98% compared to 2021—with complaints ranging from credit reporting errors to mortgage problems to financial fraud and scams.
BOSTON — Attorney General Andrea Joy Campbell has reached an assurance of discontinuance (AOD) with EasyPay, which made predatory loans to Massachusetts consumers by laundering loans through a bank not subject to Massachusetts’ protections.
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