The Federal Trade Commission announced a settlement with bankrupt crypto company Voyager that will permanently ban it from handling consumers’ assets and is filing suit against its former CEO, Stephen Ehrlich, for falsely claiming that customers’ accounts were insured by the Federal Deposit Insurance Corporation (FDIC) and were “safe,” even as the company was approaching an eventual bankruptcy. The complaint also names Stephen Ehrlich’s wife, Francine Ehrlich, as a relief defendant.
OAKLAND — California Attorney General Rob Bonta issued a statement in response to Assembly Bill 1366 (AB 1366), a bill that he sponsored, being signed into law by Governor Gavin Newsom. Authored by Assemblymember Brian Maienschein (D-San Diego), the legislation will establish a new Victims of Consumer Fraud Restitution Fund in the state Treasury that will be funded through payments made by businesses that violate consumer protection laws.
The U.S. Supreme Court is slated to consider a case on government agency interpretation of statutes, known as the Chevron doctrine, to enact regulations.
The Federal Trade Commission and the Consumer Financial Protection Bureau (CFPB) obtained a settlement that will require credit reporting agency Trans Union LLC and a subsidiary to pay a total of $15 million to settle charges they failed to ensure the accuracy of tenant screening reports by including inaccurate and incomplete eviction records about consumers, hampering their ability to obtain housing.
LANSING – Michigan Attorney General Dana Nessel has joined a coalition of 23 attorneys general in filing an amicus brief with the U.S. Court of Appeals for the Fifth Circuit in the case Career Colleges and Schools of Texas v. U.S. Department of Education, et al. The amicus brief urges the court to uphold the Department of Education’s “Borrower Defense Rule,” which ensures protections for student loan borrowers who experience fraud and abuse by educational institutions and safeguards defrauded borrowers from being burdened with student loan debt.
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