BOSTON — Attorney General Andrea Joy Campbell today announced that her office has reached a $6.5 million settlement, including $4.7 million in debt relief, with a Connecticut-based home security services company and its CEO to resolve allegations that they violated state consumer protection laws by deceptively trapping Massachusetts consumers in long-term auto renewal contracts and engaging in illegal debt collection practices. The settlement builds on AG Campbell’s commitment to build economic stability for residents by holding accountable those who engage in predatory business practices.
On March 23, 2021, the Illinois Community Reinvestment Act (“IL CRA”) was signed into law. The stated purpose of the IL CRA is to ensure that covered financial institutions are equitably providing financial services across the state, including to low- and moderate-income neighborhoods, and areas where there is a lack of access to safe and affordable banking and lending services.
The court approved a non-bank mortgage lender’s motion to dismiss a CFPB complaint on the grounds the bureau’s interpretation of how the statute applies in credit decisions; another example of legal pushback against the bureau’s actions.
Consumer credit card debt continued its growth streak in December, even as inflation continued to cool down. The pace of growth slowed down though, which may partially be due to increased holiday shopping and spending earlier in November.
The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) an annual summary of its activities enforcing the Equal Credit Opportunity Act (ECOA).
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