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CFPB Proposes Updates to Credit Card Regulations that Limit Excessive Late Fees for Consumers

The CFPB announced a proposed rule that would amend existing regulations regarding credit card late fees to better ensure that the Credit Card Accountability Responsibility and Disclosure Act of 2009’s (CARD Act) goal of “reasonable and proportional” late fees is met.

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FTC Finalizes Consent Order with Credit Karma over Deceptive “Pre-Approval” Claims

The FTC finalized a consent order with credit services company Credit Karma, LLC to resolve allegations that the company violated the FTC Act by misrepresenting to consumers that they have been “pre-approved” for third-party financial products when they had not. According to the complaint, Credit Karma utilized its website, mobile app, and email marketing campaigns…

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Crypto Company Nexo Pays over $24 Million to States to Settle Registration Status Allegations

New York AG Letitia James and securities regulators from nine other states announced a settlement with cryptocurrency companies Nexo Inc. and Nexo Capital Inc. (collectively, “Nexo”) for up to $24 million to resolve allegations that Nexo engaged in the unregistered offer and sale of securities and misrepresented its registration status to investors. According to the…

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AGs Ask Supreme Court to Lift Injunctions on Federal Government’s Student Debt Relief Plan

A coalition of 22 Democrat AGs filed an amicus brief in support of the federal government in two cases before the U.S. Supreme Court concerning the government’s plan to cancel certain student loan debt in order to address the economic effects of the COVID-19 pandemic. The two cases, Biden v. Nebraska and Department of Education v.…

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CFPB Proposes Registry of Terms and Conditions in Consumer Financial Form Contracts

The CFPB has proposed a rule that aims to protect consumers from fine print in non-negotiable contracts with nonbanks that provide consumer financial services. The proposed rule would require nonbanks that are subject to CFPB jurisdiction to submit certain terms and conditions in their form contracts for consumer financial products and services to a public…

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