On October 19, the CFPB announced a proposed rule that it said would accelerate a shift toward open banking, would give consumers more control over their financial data, and would offer new protections against companies misusing consumer data.
The Federal Trade Commission and State of Wisconsin are taking action against Wisconsin auto dealer group Rhinelander Auto Center, its current and former owners, and general manager Daniel Towne for deceiving consumers by tacking hundreds or even thousands of dollars in illegal junk fees onto car prices and for discriminating against American Indian customers by charging them higher financing costs and fees.
One of the biggest challenges that banks face today is recruiting and retaining qualified employees. The Federal Deposit Insurance Act prohibits banks from employing people convicted of certain criminal offenses.1 Today, the FDIC is proposing rules that implement recently enacted legislation to revise this prohibition by excluding certain offenses, like drug possession.2
JPMorgan Chase CEO Jamie Dimon on Tuesday warned about the dangers of locking in an outlook about the economy, particularly considering the poor recent track record of central banks like the Federal Reserve.
The Utah court of appeals has recently affirmed the dismissal of a plaintiff’s suit against a debt buyer based on its alleged failure to register as a collection agency prior to filing collection lawsuits. The court’s decision in Meneses v. Salander Enterprises LLC, not only holds that a violation of the Utah Collection Agency Act (UCAA) is not a deceptive or unconscionable act under state law, but also calls into question whether the UCAA ever even applied to debt buyers.
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