WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered online lender Enova International Inc. to pay a $15 million penalty for widespread illegal conduct including withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions.
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).”
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