The Federal Trade Commission is taking action against bill payment company Doxo and two of its co-founders, charging that the company uses misleading search ads to impersonate consumers’ billers and deceptive design practices to mislead consumers about millions of dollars in junk fees they tacked on to consumers’ bills.
Virginia’s legislative session resumed this week, representing an important moment for collection agencies as they navigate amendments proposed by Governor Glenn Youngkin. One of the significant changes under scrutiny is the reevaluation of HB 34 concerning the statute of limitations for medical debt.
On February 20, 2024, California Attorney General Rob Bonta issued a letter warning California-chartered banks and credit unions with assets under $10 billion that charging surprise overdraft fees and returned deposited item fees is likely an unfair business practice that violates California’s Unfair Competition Law (UCL), Bus. & Prof. Code, § 17200 et seq., and the federal Consumer Financial Protection Act (CFPA), 15 U.S.C., § 5536.
Thank you, Mr. Chairman, for holding this meeting today. It is particularly timely. This is our first board meeting since Sam Bankman-Fried was sentenced to twenty-five years in prison. Bankman-Fried was convicted on seven counts of fraud and conspiracy in a multibillion-dollar scheme involving FTX and an investment fund known as Alameda Research. During the sentencing process, the court heard compelling stories from victims who suffered enormous losses. It’s critical we make sure we truly understand the implications for the FDIC from this massive fraud and take appropriate action.
Recently, the Consumer Financial Protection Bureau (CFPB or Bureau) submitted letters to senators in Connecticut and California supporting their proposals to prohibit medical debt reporting.
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