There was a time when art, while hopefully pleasurable to own, was a non-performing asset financially. No longer. As the worlds of art and finance increasingly converge, leveraging art collections to unlock liquidity has become a healthily growing sector, according to its participants.
This special edition of Supervisory Highlights focuses on the Consumer Financial Protection
Bureau’s (CFPB or Bureau) recent supervisory work related to violations of law in connection
with fees. 1 As part of its emphasis on fair competition the CFPB has launched an initiative,
consistent with its legal authority, to scrutinize exploitative fees charged by banks and financial
companies, commonly referred to as “junk fees.”
On February 13, the Second Circuit Court of Appeals affirmed the decision of an Eastern District of New York court and found that the defendant law firm, Mandarich Law Group, LLC (Mandarich), had conducted a meaningful attorney review of the plaintiff debtor’s account prior to mailing her a debt collection letter on the firm’s letterhead. The three-judge panel set forth the decision in a summary order, which does not have precedential effect.
To kick off National Consumer Protection Week (March 5-11), Attorney General Ellen Rosenblum today released the Oregon Department of Justice’s (DOJ) list of 2022’s top ten consumer complaints.
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending. These unlawful fees corrode family finances, force up families’ banking and borrowing costs, and are not easily avoided – even by financially savvy consumers. As described in the Supervisory Highlights, the CFPB continues rooting unlawful fees out of consumer financial markets.
.jpg)
.jpg)