Category : Consumer protection laws

CFPB and Justice Department Caution Auto Finance Companies about Servicemember Protections
Consumer protection laws Featured

CFPB and Justice Department Caution Auto Finance Companies about Servicemember Protections

Fintech Staff Writer
The Department of Justice and the Consumer Financial Protection Bureau (CFPB) issued a joint letter las week, reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the Servicemembers Civil Rights Act (SCRA). While servicemembers have the same rights as non-military borrowers, the SCRA......
Players Health Launches Breakthrough Sports Insurance Product on Socotra’s Modern Policy Core Platform
Compliance management Consumer protection laws Credit Bureaus Featured

Latest Advisory to Protect Privacy When Companies Compile Personal Data

Fintech Staff Writer
Advisory affirms that “permissible purposes” are required to use and share personal data linked with credit reports and background reports Today, the Consumer Financial Protection Bureau (CFPB) issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the......
CFPB Seeks Ban Against Operator of Student Loan Debt Relief Scam Reboot
Compliance management Consumer protection laws Featured Insights

CFPB Seeks Ban Against Operator of Student Loan Debt Relief Scam Reboot

Fintech Staff Writer
Today the Consumer Financial Protection Bureau (CFPB) took action against the owner of a student-loan debt relief company for allegedly withdrawing hundreds of thousands of dollars from student borrowers’ bank accounts, without authorization. The CFPB alleges that Frank Gebase, Jr. controlled a company that took the borrowers’ money after obtaining......
CFPB Acts to Protect the Public from Black-Box Credit Models Using Complex Algorithms
Compliance management Consumer protection laws Featured

CFPB Acts to Protect the Public from Black-Box Credit Models Using Complex Algorithms

Sudipto Ghosh
Companies relying on complex algorithms must provide specific and accurate explanations for denying applications The Consumer Financial Protection Bureau (CFPB) confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying an application for credit or taking other adverse actions, even if the creditor is......
Future FinTech and China Foundation of Consumer Protection Begins Trial Operation of Blockchain Technology System
Blockchain Consumer protection laws News

Future FinTech and China Foundation of Consumer Protection Begins Trial Operation of Blockchain Technology System

Fintech News Desk
Future FinTech Group Inc., a leading blockchain-based e-commerce business and a fintech service provider, announced that its wholly-owned subsidiary Cloud Chain Network and Technology (Tianjin) Co., Ltd. (“Cloud Chain Network”, formerly known as Chain Cloud Mall Network and Technology (Tianjin) Co., Limited) and the Anti-Counterfeiting Committee of the China Foundation......
CFPB Issues Policy on Contractual ‘Gag’ Clauses and Fake Review Fraud
Consumer protection laws News

CFPB Issues Policy on Contractual ‘Gag’ Clauses and Fake Review Fraud

Fintech News Desk
Financial companies will face consequences for illegally manipulating or suppressing consumer reviews Today, the Consumer Financial Protection Bureau (CFPB) issued policy guidance regarding potentially illegal practices related to consumer reviews. The CFPB seeks to ensure that customers can write reviews, particularly ones posted online, about financial products and services that......
CFPB Announces Steps to Prevent the Weaponization of Credit Reporting SystemCFPB Announces Steps to Prevent the Weaponization of Credit Reporting System
Consumer protection laws Credit Bureaus debt collection Featured

CFPB Announces Steps to Prevent the Weaponization of Credit Reporting System

Sudipto Ghosh
To prevent the weaponization of existing credit rating systems by debt collectors and insurance agents, the CFPB has taken stringent steps. CFPB has released a report on how various agents are misusing credit rating systems to coerce people. Amid COVID-19, there is a total outstanding of around $88 billion USD......
DoJ Bolsters National Cryptocurrency Enforcement Team
Consumer protection laws Cryptocurrency DeFi Featured

DoJ Bolsters National Cryptocurrency Enforcement Team; Announces First Director

Fintech Analyst
Last year in October, Deputy Attorney General Lisa O. Monaco had announced the formation of the National Cryptocurrency Enforcement Team (NCET), a sophisticated workforce to take down crimes related to the cryptocurrencies perpetrated using virtual currency exchanges and money launders. As next steps to further strengthen the CNET, DoJ has......
Paradigm Announces Acquisition of Legal Accounting Software TrustBooks
Consumer protection laws Digital Payments News

Paradigm Announces Acquisition of Legal Accounting Software TrustBooks

Fintech News Desk
Paradigm, a market-leading provider of legal practice management and payments software, announced its acquisition of TrustBooks, a cloud-based accounting software built specifically for law firms. TrustBooks is the latest addition to Paradigm’s suite of software solutions which include the legal practice management platforms PracticePanther, Bill4Time, and MerusCase as well as......
CFPB Issues Bulletin on ‘No Surprises Act’ to Stop Unlawful Medical Debt Collection
Consumer protection laws Credit Bureaus debt collection Featured News Risk Management

CFPB Issues Bulletin on ‘No Surprises Act’ to Stop Unlawful Medical Debt Collection

Sudipto Ghosh
Thanks to Consumer Financial Protection Bureau (CFPB), consumers availing of emergency medical services will get more protection from debt collection and credit bureaus. Last week, the CFPB released a bulletin related to the No Surprises Act. This step was taken to create awareness among debt collection agents and credit bureaus......
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