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CFPB Reports “Doom Loops” and Other Harmful Practices in Credit Card Rewards Programs

The CFPB issued a report detailing the issues faced by consumers regarding credit card rewards programs and reminding credit card industry stakeholders that federal consumer protection laws—including the Consumer Financial Protection Act’s prohibition against unfair, deceptive, or abusive acts or practices—apply to rewards programs offered in connection with consumer financial products or services.

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Republican AGs Seek to Unplug DOE’s Appliance Efficiency Rules

A group of 18 Republican AGs sent a letter to the Department of Energy (DOE) voicing their concern over the Department’s Energy Conservation Program: Energy Conservation Standards for Refrigerators, Refrigerator-Freezers, and Freezers; Direct Final Rule, which imposes new energy efficiency standards on refrigerators and freezers.

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Education Dept Discharges Student Loans for Victims of Alleged Art Institutes Deceit

Massachusetts AG Andrew Joy Campbell, Pennsylvania AG Michelle Henry, Iowa AG Brenna Bird, and the U.S. Department of Education (DOE) announced that DOE approved $6.1 billion in automatic student loan relief for nearly 317,000 students of for-profit Art Institutes schools, which allegedly made substantial misrepresentations to students. DOE’s approval was based on a review of…

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CFPB Requires Chime to Pay $4 Million for Refund Delays

The CFPB issued a consent order to fintech company Chime Financial, Inc., to resolve allegations that it failed to timely refund customers after their accounts were closed, in violation of the Consumer Financial Protection Act of 2010. According to the consent order, Chime allegedly took longer than 90 days after consumers’ accounts were closed to…

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FTC and FCC Sign MOU on Continued Cooperation Following Restoration of Net Neutrality

The FTC and FCC have signed the Safeguarding and Securing the Open Internet FCC-FTC Memorandum of Understanding, reiterating the agencies’ ongoing cooperation on consumer protection matters following the FCC’s decision last week to restore net neutrality by reclassifying broadband service as a Title II telecommunications service.

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