Regulators across the country are working to ensure that new technologies meaningfully help consumers in their financial lives. Large-scale technology companies often produce new technologies that want to reshape the consumer financial marketplace to benefit their growth and market share instead of to benefit consumers.
On March 9, the U.S. House Financial Institutions and Monetary Policy Subcommittee held a hearing entitled “Consumer Financial Protection Bureau [CFPB]: Ripe for Reform.” The memorandum released in advance stated the hearing would “examine the leadership structure, funding, budget, and operations of the CFPB and areas in which reforms are needed.”
The Litigation Practice Group, PC (LPG) has violated the federal Credit Repair Organizations Act (CROA) and the Georgia Debt Adjustment Act (GDAA) in the course of providing credit repair services, a proposed class action alleges.
The Federal Trade Commission has finalized an order requiring Epic Games, the maker of the Fortnite video game, to pay $245 million to consumers to settle charges that the company used dark patterns to trick players into making unwanted purchases and let children rack up unauthorized charges without any parental involvement.
Mortgage rates tumbled Monday in the wake of Silicon Valley Bank’s collapse that has rattled markets. The average 30-year mortgage rate dropped to 6.57% on Monday, according to the latest Mortgage News Daily quote.
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