On May 28, 2024, the FTC released its annual report to the Consumer Financial Protection Bureau (CFPB), detailing the agency’s enforcement actions and educational efforts throughout 2023. 🚗💳 The report details the latest enforcement actions and educational initiatives tackling deceptive practices in auto financing, electronic fund transfers, and hidden fees. Learn about the new CARS Rule aiming to save consumers billions, and the targeted efforts to protect vulnerable populations. 📘Read more in this Financial Services Observer blog written by Timothy Butler, Matthew White, Tessa Cierny and Zeba Pirani: https://buff.ly/3XLbtrT. #GTBlogs #FinancialServices #CFPB #ConsumerProtection #FTCReport #AutoFinancing #FinancialTransparency
Greenberg Traurig, LLP’s Post
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Today, the Consumer Financial Protection Bureau (CFPB) took action against Tempoe, LLC for tricking consumers into expensive leasing agreements by concealing the contract terms and costs, and failing to provide legally required disclosures. The CFPB is permanently banning Tempoe from offering consumer leases, requiring the company to close each of its outstanding consumer accounts, and ordering the company to let customers keep leased merchandise with no further payment, representing approximately $33.6 million in released payments. Tempoe is also paying a $2 million penalty, with $1 million deposited into CFPB's victims relief fund and $1 million paid to the states entered into the settlement. Learn more. https://lnkd.in/eMA-Ci6s
CFPB Orders Leasing Company Tempoe to Provide $36 Million in Penalties and Relief for Tricking Consumers and Hiding Contract Terms
consumerfinance.gov
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In spite of how many things are disclosed to a consumer, the average consumer does not have the financial background to understand all of the nuances in a leasing or sales agreement. Financial literacy is imperative to help all consumers. It’s time to resolve the disparity.
Today, the Consumer Financial Protection Bureau (CFPB) took action against Tempoe, LLC for tricking consumers into expensive leasing agreements by concealing the contract terms and costs, and failing to provide legally required disclosures. The CFPB is permanently banning Tempoe from offering consumer leases, requiring the company to close each of its outstanding consumer accounts, and ordering the company to let customers keep leased merchandise with no further payment, representing approximately $33.6 million in released payments. Tempoe is also paying a $2 million penalty, with $1 million deposited into CFPB's victims relief fund and $1 million paid to the states entered into the settlement. Learn more. https://lnkd.in/eMA-Ci6s
CFPB Orders Leasing Company Tempoe to Provide $36 Million in Penalties and Relief for Tricking Consumers and Hiding Contract Terms
consumerfinance.gov
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On March 7, the U.S. Chamber of Commerce and bank trade groups including the Fort Worth Chamber of Commerce, Longview Chamber of Commerce, American Bankers Association, Consumer Bankers Association, and Texas Association of Business (Plaintiffs) sued the Consumer Financial Protection Bureau (CFPB) in the United States District Court for the Northern District of Texas over its new rule to limit credit card late fees to $8 (the Final Rule). The Final Rule has not yet been published in the Federal Register but was released to the public on March 5, 2024. Read more in this #GTAlert written by Tonya M. Esposito and Shirin Afsous: https://buff.ly/49EJ2Pn. #CFPB #CreditCard #LateFee #FinancialServices #FinReg
CFPB Sued By Industry Over Credit Card Late Fee Rule | Insights | Greenberg Traurig LLP
gtlaw.com
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On Monday 31st July, we saw a new era in consumer protection with the Consumer Duty (overseen by the Financial Conduct Authority) coming into force, requiring firms delivering financial services to put their customers' needs first. The Consumer Duty focuses on four key outcomes: 🔸 Consumer understanding: Consumers are equipped to make good decisions about their financial products and services. 🔸 Price and value: Products and services are sold at a price that reflects their value. 🔸 Product and services: Products and services are fit for purpose and meet the needs of consumers. 🔸 Fair treatment: Consumers are treated fairly and without discrimination. Whilst the obligations apply to those in the financial services sector, at Case Pilots we are no strangers to these principals. In fact, enhancing claimant understanding and ensuring claimants are treated fairly is at the forefront of the delivery of our services on daily basis. As we offer a whole suite of claims administration services throughout the lifecycle of a claim, we consider it our duty to hold claimant protection in high regard in the class actions space! #CasePilots #consumerduty #consumeraction #litigationservices
What is the FCA's new consumer duty and what does it mean for you? | ITV News
itv.com
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VP, Digital Banking Strategy | Check fraud-fighting champion | Digital customer experience innovator
#ICYMI: Monday, July 15 was your last day to write a check to pay for merchandise at Target, as the retailer took a big step in curtailing #checkfraud. This article in Fast Company is a great #PSA, educating FastCo's broad audience about checks and how they are used to commit financial crimes. While I disagree with the utility of the (surprising and retro!) pro-cash views held by author Jay Zagorsky, associate professor of markets, public policy and law at Boston University, it's still an informative article. Read and share! https://lnkd.in/eukbimig
Why Target and many retailers have stopped accepting personal checks
fastcompany.com
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New York's protections for credit card rewards points earned by consumers has just gone into effect. Predictability is a good thing (and may encourage more consumer participation/engagement, at least if federal interchange fee caps are not enacted), but card issuers and anyone else administering these programs should make sure you are implementing these protections consistently and correctly for consumers to whom they apply. https://lnkd.in/ej_MqkRt
Governor Hochul Announces New Consumer Protection Law for Credit Card Customers Will Take Effect on December 10
governor.ny.gov
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Attention Auto Dealers! The recent Supreme Court decision upholding the funding structure for the consumer watchdog agency has significant implications for our industry. It's crucial to stay informed and understand how this ruling may impact your dealership. #consumerwatchdog #autodealers #buckeyereinsurance https://lnkd.in/gB2HkETe
Supreme Court upholds funding structure for consumer watchdog agency
npr.org
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📌 Navigating the FCA’s Consumer Duty: The HF Advantage 📌 The recent “consumer duty” regime by the Financial Conduct Authority as discussed in The Guardian has set a new bar for consumer protection in the financial sector. This change underscores the importance of value for money, fair pricing, and enhanced customer service. At HF we’re committed to helping our clients navigate these regulatory waters. While many firms offer standard solutions, we pride ourselves on going a step further. Enter mylegal-link. 🔹 Why mylegal-link? 🔹 ✅Added Clarity: Through concise videos, we aim to simplify complex legal and claims processes for policyholders. 🤝Supportive Communication: Mylegal-link ensures timely and clear information delivery, catering especially to vulnerable customers. 🚀Above & Beyond: This platform is a testament to our dedication to offering added value services, setting us apart from the norm. In a landscape where meeting regulatory standards is crucial, HF strives to not just meet but exceed expectations. Mylegal-link is one of the many ways we showcase our commitment to offering more than just legal services. For those keen on partnering with a firm that offers that extra edge, we’re here for you. 📞 Reach out to discover the HF difference and how we can assist you in this regulatory journey! https://lnkd.in/eyKQ44zj
UK retail financial services set for biggest overhaul in 20 years
theguardian.com
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🔎 In a significant move, NY Governor Kathy Hochul recently announced a sweeping consumer protection and affordability agenda for 2024. The focus of these measures? To curb unfair and abusive business practices and improve the regulation of the fast-growing Buy Now Pay Later (BNPL) industry. 💼 The Governor aims to enforce stronger regulations against predatory business practices that harm consumers and set up nation-leading standards for BNPL services. To that end, she plans to require BNPL providers to obtain a state license to operate while bolstering industry protections and putting checks on debt accumulation. 💬 With Governor Hochul's pledge to renew efforts in making the largest overhaul in NY consumer protection laws since 1980, consumers stand to be better protected against unscrupulous practices across industries. It's a commitment to keeping companies accountable and a step towards a more fair and transparent business environment. 🔄 A continuous watch on these legislations and potential effects will follow as they take shape - advantageous not only to our financial system but more importantly, beneficial to making consumer transactions safer and more transparent. #NYConsumerProtection #BusinessEthics #BNPL #GovernorHochul #ConsumerRights https://lnkd.in/gJMcW2rx
New York Governor’s 2024 consumer protection agenda targets “unfair and abusive” business practices and BNPL | Consumer Finance Monitor
https://www.consumerfinancemonitor.com
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I have been watching these lawsuits for the last few years. Interesting read.
Today, the Consumer Financial Protection Bureau (CFPB) entered into a proposed settlement with a ring of corporate entities operating some of the largest credit repair brands in the country, including Lexington Law and CreditRepair.com. If approved, the settlement would impose a $2.7 billion judgment against the companies. The order will also ban the companies from telemarketing credit repair services for 10 years.
CFPB Reaches Multibillion Dollar Settlement with Credit Repair Conglomerate | Consumer Financial Protection Bureau
consumerfinance.gov
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