Capital One reached a $425 million class action settlement with its 360 Savings customers, resolving claims that the bank misled customers and deprived them of higher interest payments over several years. A bipartisan coalition of AGs opposed an earlier proposed settlement for significantly less money, arguing that it would have shortchanged 360 Savings customers. The…

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A group of 21 Democratic AGs submitted a comment letter to the CFPB opposing a proposed rule that would rescind or revise key provisions of Regulation B implementing the Equal Credit Opportunity Act (ECOA). In the letter, the AGs argue that the proposed rescission of regulations authorizing a disparate impact theory of discrimination and the…

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Seven Democratic AGs, co-led by North Carolina AG Jeff Jackson, sent letters to the six largest Buy-Now-Pay-Later (BNPL) providers seeking information about their lending practices and whether they are complying with state consumer protection laws. In their letters, the AGs note that point-of-sale financing has become increasingly common in online shopping. They raise concerns that…

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New Jersey AG Matthew J. Platkin and the Division of Consumer Affairs announced a $2.8 million settlement with MV Realty PBC, LLC and affiliates (collectively, “MV Realty”), resolving a 2023 lawsuit alleging that the company violated New Jersey’s consumer protection laws through its “Homeowner Benefit Agreements” (HBAs). The AG’s office described the HBAs as unconscionable…

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The U.S. District Court of the Central District of California has entered a final judgment in a case brought by a bipartisan coalition of state AGs and the U.S. Commodity Futures Trading Commission (CFTC) against Safeguard Metals LLC and its owner (collectively, “Safeguard Metals”) for allegedly operating a fraudulent precious metals investment scheme that targeted elderly and retirement-aged investors.

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