On January 4, 2024, Connecticut Banking Commissioner Jorge L. Perez issued a temporary order to cease and desist against LoanSnap, Inc., ordering LoanSnap to cease and desist certain activities and notifying LoanSnap that its state mortgage lender license will be revoked and a civil money penalty will also be issued against it. The charges against the California-based
Yesterday, the U.S. Supreme Court agreed to decide a case that raises the issue of whether the United States government may be held liable as a data furnisher under the Fair Credit Reporting Act (FCRA) despite its invocation of the defense of sovereign immunity. The Supreme Court will hear Department of Agriculture Rural Development Rural
In a continuation of enforcement activity related to redlining under October 2021’s Combatting Redlining Initiative, the U.S. Department of Justice (DOJ) announced on May 31, 2023, that ESSA Bank & Trust has agreed to pay $3 million to settle allegations that it engaged in redlining, a discriminatory practice in which lenders fail to provide
Less than three years after the U.S. Supreme Court reviewed the CFPB’s appointment structure, the bureau again finds itself before the Court in what could prove the most consequential case for the financial services industry in years. Four months ago, the Fifth Circuit Court of Appeals issued a decision in Community Financial Services Association of
The Consumer Financial Protection Bureau (CFPB) issued a release on December 12, 2022, considering a proposed rule that would require nonbank financial institutions to register with the CFPB following a confirmed violation of consumer protection laws.
This proposed rule notably seeks not only registration, but also reporting by nonbank institutions, each time they are subject
In a recently issued ruling, the Federal Communications Commission (FCC) declared that “ringless voicemails” are “calls” subject to the requirements of the Telephone Consumer Protection Act (TCPA). Ringless voicemail technology delivers messages directly to wireless users’ voicemail boxes without ringing their devices. The FCC’s new ruling clarifies that ringless voicemails are treated no differently
As we all hit the grocery store for that forgotten cranberry sauce and send a few last urgent work emails, we hope everyone is able to be with friends and family this Thanksgiving. Here at Bradley, we are counting our blessings and looking back at another remarkable year. We are thankful for being able to
The FTC issued a release on October 18, 2022, to announce that it has initiated an enforcement action in Maryland against a Washington, D.C.-area auto dealer group, Passport Automotive Group, as well as two of its executives, Everett Hellmuth and Jay Klein. In the same release, the FTC announced that Passport, Hellmuth, and Klein have
The Consumer Financial Protect Bureau (CFPB) issued a release on September 15, 2022, announcing its intent to issue additional interpretive guidance or rules to ensure “Buy Now, Pay Later” (BNPL) lenders comply with the same or similar regulations already established for credit cards following a study on the industry.
In its press release, the CFPB
Auto finance companies and others in the auto space should take note of a recent joint letter issued by the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) about the legal protections under the Servicemembers Civil Relief Act (SCRA). In the letter, CFPB Director Rohit Chopra set out that “[t]he CFPB is closely