The Federal Trade Commission and State of California are taking actionagainst home improvement financing provider Ygrene Energy Fund Inc. for deceiving consumers about the potential financial impact of its financing, and for unfairly recording liens on consumers’ homes without their consent.
Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) outlined options to strengthen consumers’ access to, and control over, their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the Dodd-Frank Act. Under the options the CFPB is considering, consumers would be able to more easily and safely walk away from companies offering bad products and poor service and move towards companies competing for their business with alternate or innovative products and services.
October 28, 2022 - An 11th U.S. Circuit Court of Appeals case has left the debt collection world on pins and needles for a year wondering if a ministerial part of their business practice was suddenly a violation of the Fair Debt Collection Practices Act (FDCPA). For years, it was common practice to share consumer debt information with third-party mail vendors to send collection letters, but one ruling threw that all into chaos.
Noting the rapidly changing banking landscape, the Office of the Comptroller of the Currency (OCC) has announced it will establish an Office of Financial Technology next year.
Today, the Advisory Committee will be discussing the results of the FDIC’s Survey of Unbanked and Underbanked Households, conducted in partnership with the U.S. Census Bureau. The survey highlights the roles of unexpected and high fees, privacy concerns, and other impediments that contribute to Americans staying away from banking with an insured bank or credit union.
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