Consumer Response Annual Report
This comprehensive annual report delves into the grievances lodged by consumers with the Consumer Financial Protection Bureau (CFPB) throughout the entirety of 2023, scrutinizing trends, patterns, and noteworthy insights gleaned from these submissions. See it here.
CFPB Takes Action to Halt False Claims of ‘Free’ International Money Transfers
The CFPB warned remittance providers against deceptive advertising, citing legal violations. Director Rohit Chopra stressed consumer protection. The circular outlines banned marketing tactics, including false “no fee” claims. Recent enforcement actions demonstrate the CFPB’s commitment to fair finance. Complaints can be filed online or via hotline, with whistleblower protections. Learn more here.
State UDAAP Developments
The CFPB isn’t alone in policing abusive conduct; states and regulators also play a key role. Federal laws protect against deceptive practices, and New York is considering strengthening its consumer protection laws. Recently, the CFPB urged New York to ban abusive conduct, emphasizing its importance. The CFPB continues to crack down on abusive behavior, issuing guidance on comparison-shopping tools and penalizing Toyota Motor Credit for misconduct. Read here.
FDIC Demands Three Companies Cease Making False or Misleading Representations about Deposit Insurance
The FDIC ordered PrizePool, AmeriStar, and HighLine Gold to stop falsely claiming FDIC insurance. Such misrepresentation can harm consumers. FDIC Chairman emphasized the need to combat false advertising. Recent rule amendments reinforce regulations to maintain banking system trust. Customers can verify FDIC-insured status through FDIC-provided means. Read more here.
FTC Action Leads to Ban for Owners of Automators AI E-Commerce Money-Making Scheme
The FTC settled with owners of a deceptive e-commerce scheme promising AI-driven earnings, requiring them to surrender assets and face a lifetime ban on similar programs. The defendants misled consumers with false promises of passive income from AI-powered online storefronts. The settlement bans offering such opportunities and deceptive claims, with assets totaling $21.8 million allocated for refunds. Read the full story here.
