The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down an agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal.
The Federal Trade Commission is sending more than $2.6 million in refunds to small businesses harmed by payment processor First American Payment Systems. The FTC filed a lawsuit in July 2022 against First American, charging the company with trapping small businesses with hidden terms, surprise exit fees, and zombie charges. The FTC alleged the company made false claims about fees and cost savings to lure merchants.
Today’s podcast show features a discussion with Julie Andersen Hill about her law review article titled “Regulating Bank Reputation Risk”, 54 GA. L. Rev. 523 (2023). Professor Hill is the Dean and Wyoming Excellence Chair of the University of Wyoming College of Law.
The New York City Department of Consumer and Worker Protection (DCWP) has once again responded to industry feedback by pushing back the effective date for its new rules affecting debt collectors. This delay follows ongoing requests from the accounts receivable management industry and aims to give everyone more time to adjust to the changes.
New proposals introduced last week in both the House and Senate are aiming to cut off the Consumer Financial Protection Bureau’s (CFPB) funding from the Federal Reserve, while reinstating congressional oversight of the agency. In the Senate, U.S. Sen. Ted Cruz, R-Texas, introduced the Defund the CFPB Act, which would eliminate the transfer of funds from the Federal Reserve to the CFPB. This bill seeks to stop the CFPB from receiving its funding outside of the traditional congressional appropriations process.
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