On November 3, the U.S. District Court of Nevada granted a payday lender’s motion to stay a case brought by the CFPB, pending a SCOTUS’s decision in Community Financial Services Association of America v. Consumer Financial Protection Bureau (see InfoBytes here and here). The CFPB issued a civil investigative demand (CID) in late 2022 to the lender, as part of an investigation into its lending practices.
On October 27, 2023, the Federal Trade Commission (the “FTC”) adopted a final rule (“Final Rule”) to amend the Standards for Safeguarding Customer Information (the “Safeguards Rule”).
Generative artificial intelligence (AI) is a game changer for the financial services industry. Credit unions that haven’t started looking into yet should do so immediately. That’s according to four leaders who took part in technology sprint sessions Monday during the 2023 CUNA Lending Council Conference in Denver.
On November 3, the FTC filed suit against a FinTech firm within the U.S. Southern District Court of New York. The FTC alleged the FinTech mobile app misled customers, “violated Section 5 of the FTC Act[,] and made it hard to cancel services in violation of the Restore Online Shoppers’ Confidence Act (ROSCA).”
In September, the New York City Department of Consumer and Worker Protection (DCWP) requested comment on proposed amendments to its rules relating to debt collectors, which could significantly change the requirements and procedures concerning debt collection with New York City consumers. DCWP had previously proposed amendments in November 2022, which were not finalized.
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