Maryland has joined the ranks of states considering legislation that would codify elements of “true lender” theory in an effort to impose federally preempted state licensing requirements and rate caps on loans to Maryland residents.
A federal district court has entered final orders against a telemarketing company and its owners, who made millions of illegal, unsolicited calls to people that were registered on the Do Not Call Registry. The court ordered the defendants to pay $28.7 million in civil penalties and permanently banned the defendants from participating in telemarketing or assisting and facilitating others engaged in telemarketing to consumers.
On January 17, 2024, the New York State Department of Financial Services (NYDFS) issued a proposed Circular Letter that provides guidance for authorized insurers using external consumer data and information sources (ECDIS) and artificial intelligence systems (AIS) in underwriting and pricing. NYDFS requests feedback on the draft by March 17, 2024.
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), Chairman of the Digital Assets, Financial Technology and Inclusion Subcommittee, Rep. French Hill (AR-02), and Rep. Mike Flood (NE-01) sent a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra regarding the Bureau’s proposed rule “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications.”
NEW YORK – New York Attorney General Letitia James today sued Citibank, N.A. (Citi) for failing to protect and refusing to reimburse victims of fraud. The lawsuit alleges that Citi does not implement strong online protections to stop unauthorized account takeovers, misleads account holders about their rights after their accounts are hacked and funds are stolen, and illegally denies reimbursement to victims of fraud.
.jpg)
.jpg)