On June 25, the California Department of Financial Protection and Innovation (DFPI) entered a consent order with Coinme, Inc., a cryptocurrency “ATM” operator, for noncompliance with the California’s Consumer Financial Protection Law (CCFPL) and Digital Financial Assets Law (DFAL). The consent order marks a significant milestone in California’s regulatory efforts because it represents the conclusion of the agency’s first enforcement action under the DFAL.
In a recent political development in Nevada, Governor Joe Lombardo vetoed Assembly Bill 44, a legislative effort aimed at curbing alleged price-fixing practices on essential goods and services championed by Nevada Attorney General (AG) Aaron D. Ford.
New York City Comptroller Brad Lander released a report titled “Standing Up for New York Consumers – How New York State and New York City can Strengthen Consumer Financial Protection in the Trump Era,” which called for the strengthening of local consumer financial protections in response to the Trump administration’s recent actions to reduce the regulatory footprint of the Consumer Financial Protection Bureau (CFPB or Bureau).
Indiana and Maryland became the most recent states to enact legislation regulating earned wage access (EWA) services, with Indiana passing House Enrolled Act 1125 on May 6, and Maryland passing House Bill 1294 on May 20.
New York Attorney General (AG) Letitia James’ office has reached a cumulative total of $3.2 million in settlements with eight Nissan dealerships that the office accuses of overcharging New Yorkers for purchasing leased vehicles at the conclusion of their lease term.
On March 7, Arizona Attorney General (AG) Kristin Mayes filed a novel lawsuit alleging consumer fraud and racketeering against numerous entities, individuals, and even law firms and title companies involved in the residential real estate market. The lawsuit is now pending in Maricopa County. The lawsuit offers a warning to entities, individuals, title companies, and even attorneys and law firms involved in the residential real estate industry.
This episode of Regulatory Oversight spotlights recent Moving the Metal episode “The Future of Auto Dealership Compliance: A Conversation With Tom Kline.” In this episode, Brooke Conkle and Chris Capurso from Troutman Pepper Locke’s Consumer Financial Services Practice Group are joined by Tom Kline, lead consultant and founder of Better Vantage Point. Tom shares his extensive experience in the auto industry, discusses the implications of the recent vacating of the CARS Rule by the Fifth Circuit, and provides insights into the most common compliance challenges faced by dealers. He also delves into the importance of having a robust compliance program and the evolving regulatory landscape. Additionally, Tom talks about his book, Tuck the Octopus, which offers valuable strategies for managing dealership operations and mitigating risks. Tune in to gain expert perspectives on staying compliant and competitive in the auto finance industry.
The Washington State Attorney General’s (AG) Office filed a lawsuit against Renton Collections Inc., accusing the company of violating Washington’s Collection Agency Act by failing to include certain disclosures in their collection letters to debtors.
On March 11, New Jersey Attorney General (AG) Matthew Platkin and the New Jersey Division on Civil Rights (DCR) announced that DCR issued a finding of probable cause against Advance Funding Partners/Same Day Funding (Advance Funding), a company that provides cash advances and consumer loans, alleging that it violated the New Jersey Law Against Discrimination by discriminating against both consumers and employees.
Given the future uncertainty of the Consumer Financial Protection Bureau’s (CFPB) efforts to regulate bank overdraft fees, New York’s Department of Financial Services (DFS) has stepped in to fill a perceived gap. The DFS announced proposed regulations to tackle what it perceives as unfair overdraft fees. The proposed regulations will “ensure consumers will no longer be burdened with overdraft fees for minor transactions and require banks to provide timely notifications to consumers about overdraft fees to improve transparency.”