Washington, D.C. – This week, Congressman Andy Barr (KY-06) introduced legislation to amend the Consumer Financial Protection Act of 2010 to clarify standards for UDAAP enforcement actions brough by the Bureau of Consumer Financial Protection (CFPB). This legislation reforms the unfair, deceptive, acts and practices (UDAAP) authority granted to the CFPB by the Dodd-Frank Act to provide certainty for lenders and credit providers.
While retail sales are strong, typically an indication of a healthy consumer, an industry economist is deeply concerned about how consumers will pay it all off when the bill comes.
On December 1, the State of Illinois’s Department of Financial and Professional Regulation promulgated final regulations implementing provisions of the Illinois Collection Agency Act.
The Justice Department announced today a collection of cases against fraud networks that steal money from consumers and use deceptive tactics to conceal illicit activity from financial institutions, thereby allowing that illicit activity to continue. The cases include two civil actions unsealed in the past week seeking temporary restraining orders and the appointment of receivers to stop defendants from dissipating assets.
The percentage of consumers who have experienced fraud via fake notifications about shipments, fraudulent online ads or other scams has increased over the last year, when 76% of AARP survey respondents indicated they had been targeted.
.jpg)
.jpg)