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.
FDCPA and TCPA cases fell, while FCRA and CFPB complaints increased in February, according to the latest report from WebRecon.
SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) announced today it has entered into a consent order with Higher Education Loan Authority of the State of Missouri (MOHELA) for failing to timely provide contact information for Californians with older student loans, whose last chance to qualify for debt relief ends on April 30. As part of the settlement, MOHELA agreed to pay administrative penalties of $27,500.
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