A bipartisan coalition of 23 AGs and several state banking regulators submitted a comment letter urging the OCC to withdraw two proposals addressing mortgage escrow accounts—an escrow rule and a related preemption determination that would preempt certain state laws requiring national banks to pay minimum interest on mortgage escrow accounts. In the letter, the states…

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Massachusetts AG Andrea Joy Campbell filed a lawsuit against Bitcoin Depot Operating LLC and its parent, Bitcoin Depot, Inc., alleging the company violated the Massachusetts Consumer Protection Law and related regulations by using deceptive pricing practices at its cryptocurrency kiosks and by failing to take meaningful steps to prevent scam transactions.

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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 twenty-two Democratic AGs sued Russell Vought, in his official capacity as Acting Director of the CFPB, alleging that his actions to dismantle the agency are unlawful. According to the complaint, Vought has sought to effectively shut down the CFPB by attempting to lay off roughly 90 percent of its staff and refusing…

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In Law360, Keturah Taylor, Brett Watson, and Maryam Arshad discuss what the new era of state-led enforcement means for financial institutions, fintech companies, and other consumer finance providers and why they must adapt their compliance and regulatory response strategies.

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