The CFPB is calling on state governments to increase their focus on consumer financial protection laws.
“Enforcing consumer protection law has long been a state-federal partnership in which the states have often taken the lead,” the CFPB said, in a report that includes legislative and regulatory language that states may use. “Over the last century, in response to evolving markets, states have refreshed the core standards of fair dealing that form the bedrock of consumer protection law. States should once again refresh their UDAP statutes to address the challenges of the modern economy.”
The California Department of Financial Protection and Innovation (DFPI) and 47 state financial regulatory agencies have taken coordinated action against Block, Inc., for violations of Bank Secrecy Act (BSA) and anti-money laundering (AML) laws that safeguard the financial system from illicit use. More than 50 million consumers in the United States use Cash App, Block’s mobile payment service, to spend, send, store, and invest money.
The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises. The OCC also announced updates to its enforcement action search tool.
The Federal Trade Commission issued a statement regarding its referral to the Department of Justice of a complaint against Snap Inc., which operates the Snapchat application. During a closed meeting, the Commission voted 3-0-2 to authorize the issuance of the statement. Commissioners Melissa Holyoak and Andrew Ferguson were recorded as absent. Commissioner Ferguson issued a statement on the matter.
Today, the Consumer Financial Protection Bureau (CFPB) took action against Equifax, the nationwide consumer reporting agency, for its failure to conduct proper investigations of consumer disputes. The CFPB found Equifax ignored consumer documents and evidence submitted with disputes, allowed previously deleted inaccuracies to be reinserted into credit reports, provided confusing and conflicting letters to consumers about the results of its investigations, and used flawed software code which led to inaccurate consumer credit scores. The order requires Equifax to comply with federal law, and Equifax must pay a $15 million civil money penalty, which will be deposited into the CFPB’s victims relief fund.
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