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CFPB Orders Regions Bank to Pay for Surprise Overdraft Fees

The CFPB has reached a settlement with Regions Bank to resolve allegations that Regions charged its customers overdraft fees on certain ATM withdrawals and debit card purchases even after telling consumers they had sufficient funds—known as “authorized-positive overdraft fees”—in violation of the Consumer Financial Protection Act of 2010. According to the CFPB, many consumers did…

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AG James Sues Crypto Companies Over Alleged Failure to Register and Misrepresentations

New York AG Letitia James sued Cayman Islands-based cryptocurrency companies Nexo Inc. and Nexo Capital, Inc. (collectively, “Nexo”), alleging that Nexo violated New York’s Martin Act and Executive Law by failing to register with the state as securities and commodities brokers or dealers and for misrepresenting its registration status to investors.

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CFPB, Center for Medicare and Medicaid Services Affirm Third-Party Financial Liability Regulations for Nursing Homes

The CFPB and Center for Medicare and Medicaid Services issued a joint notification letter to nursing facilities and debt collectors affirming the agencies’ position that nursing facilities can violate the Nursing Home Reform Act, Fair Debt Collection Practices Act (FDCPA), and/or the Fair Credit Reporting Act (FCRA) by requesting or requiring that a third party personally guarantee payment to the facility as a condition of a resident’s admission or continued stay.

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AG Coalition Calls for Stronger Protections for Student Loan Borrowers

In a letter to Secretary of Education Miguel Cardona and Department of Education (ED) Analyst Brian Schelling, a coalition of AGs from twenty states and the District of Columbia submitted comments on ED’s proposed rulemaking regarding improvements to the 90/10 rule, which limits the percentage of revenue for-profit educational institutions can receive from federal student aid to 90%.

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CFPB Warns That Inadequate Data Security Practices Could Trigger CFPA Liability

In its recent Consumer Financial Protection Circular 2022-04 and accompanying press release, the CFPB affirmed the agency’s position that entities can violate the Consumer Financial Protection Act’s (CFPA) prohibition on unfair acts or practices when they fail to impose sufficient data protection or information security practices to protect sensitive consumer information. Specifically, the Circular addressed the application…

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