WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions. Chatbots are intended to simulate human-like responses using computer programming and help institutions reduce the costs of customer service agents.
Federal Trade Commission law enforcement actions resulted in more than $392 million in refunds to consumers in 2022, the agency said in its annual report on refunds. More than 1.9 million consumers benefited from FTC refund payments.
SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) announced
today that it has issued enforcement actions against three entities for unlicensed debt collection
activity under the Debt Collection Licensing Act (DCLA) and unlawful, unfair, deceptive, or abusive acts
or practices in violation of the California Consumer Financial Protection Law (CCFPL).
Credit repair services provider Progrexion filed for bankruptcy after losing a court decision to dodge $2.7 billion in payments requested by the Consumer Financial Protection Bureau.
Over the course of the past few weeks, both the Federal Deposit Insurance Corporation (FDIC) and the Consumer Financial Protection Bureau (CFPB or Bureau) have released guidance for banks that is worth mentioning.
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