WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today testified before the U.S. House of Representatives’ Committee on Financial Services on the agency’s actions and responses to recent market stress and how the agency is ensuring that national banks and federal savings associations operate in a safe, sound, and fair manner.
The Federal Trade Commission is sending payments totaling more than $3.3 million to customers of Passport Auto, a Washington D.C.-area auto dealer. In October 2022, the FTC charged Passport with adding hundreds, or even thousands, of dollars in illegal junk fees to car prices and for discriminating against Black and Latino consumers by charging them higher fees and financing costs.
On May 8, the Maryland governor signed HB 686 to eliminate a requirement that collection agencies and certain non-depository financial institutions must maintain separate licenses for branch locations. The Act now allows such entities to conduct business at multiple licensed locations under a single license.
Nearly two years after the Supreme Court’s 2021 decision in Transunion v. Ramirez, courts and litigants continue to grapple with standing issues in Fair Debt Collection Practices Act (FDCPA) cases brought by plaintiffs alleging intangible harms to reputation and privacy interests. Prominent among these post-Ramirez FDCPA cases was Hunstein v. Preferred Collection & Management Services. (11th Cir. 2022),
OAKLAND — California Attorney General Rob Bonta today announced that the former president of a purported mortgage “investment” company, Robert Sedlar, has been convicted of 100 felony counts for operating a mortgage fraud scheme throughout California. The scheme resulted in a combined loss of over $7 million.
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