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Vocational Training Program Prehired to Pay Back $4.2 Million, Cancel Outstanding Loans

A bipartisan coalition of 11 AGs, in conjunction with the CFPB, reached a settlement with the bankruptcy trustee for Prehired, LLC and affiliated entities (collectively, “Prehired”) to resolve allegations that the company violated the Consumer Financial Protection Act of 2010 and the Fair Debt Collection Practices Act through deceptive marketing and debt collection practices. As we…

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MoneyLion’s Membership Lending Model Elicits Roar from Colorado AG

Colorado AG Phil Weiser settled with MoneyLion Technologies Inc. and MoneyLion of Colorado LLC (collectively, “MoneyLion”) to resolve allegations that the lender charged consumers illegal membership fees tied to loans in violation of the Colorado Uniform Consumer Credit Code. AG Weiser alleges that MoneyLion advertised loans with a low interest rate, but only made those…

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FTC Alleges Cash Advance Provider’s Tactics Were a Bridge Too Far

The FTC reached a proposed settlement with Bridge It, Inc. d/b/a Brigit, to resolve allegations that the personal finance app provider violated the FTC Act and the Restore Online Shoppers’ Confidence Act through deceptive acts and practices in its provision of cash advance services. The FTC’s complaint alleges that the company advertised $9.99-per-month subscriptions for…

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CFPB Proposes Supervisory Powers over Large Providers of Digital Wallets and Payment Apps

The CFPB proposed a new rule that would give it supervisory powers over larger participants in the market for general-use digital consumer payment apps, such as digital wallets and person-to-person payment apps. The proposed rule would allow the CFPB to ensure that certain non-bank financial companies that provide consumer payment apps comply with the Consumer…

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CFPB Proposes Financial Data Rights Rule to Promote Open Banking

The CFPB proposed a new rule to encourage a shift towards open and decentralized banking by requiring depository and nondepository entities to make available to consumers and authorized third parties certain data relating to consumers’ transactions and accounts. The CFPB has stated that the proposed Personal Financial Data Rights rule is meant to give consumers…

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