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CFPB Begins Accepting Consumer Complaints Related to Online Marketplace Lenders

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On March 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it now accepting complaints from consumers related to problems with loans from online marketplace lenders.  The CFPB also announced the release of a consumer bulletin that provides an overview of marketplace lending and outlines tips for consumers who... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Announces First Ever Data Security Enforcement Action

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On March 2, 2016, the Consumer Financial Protection Bureau (CFPB) announced its first data security related enforcement action against online payment systems company Dwolla, Inc. Dwolla, Inc., operates an online payment system that involves the collection and storage of consumers’ sensitive personal information, including names, addresses, dates of birth, telephone... Read More

Topics: Banking, CFPB, Consumer Protection

CFPB Releases Monthly Complaint Report for February 2016

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On March 1, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for February 2016, which provides an overview of three-month trends in consumer complaints.  This Monthly Report also highlights consumer complaints related to prepaid products and complaints from the Houston, Texas metro area. Prepaid Product... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Takes Action Against Citibank, N.A., and Affiliates for Alleged Debt Collection Violations

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On February 23, 2015, the Consumer Financial Protection Bureau (CFPB) announced two separate enforcement actions against Citibank, N.A., its affiliates, and two debt collection law firms, for alleged illegal debt sales and debt collection practices. Debt Sales Enforcement Action In the first enforcement action, the CFPB alleges that Citibank, N.A.,... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Director Cordray Blasts Arbitration Clauses During Recent American Constitution Society Speech

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On February 18, 2016, Director Richard Cordray of the Consumer Financial Protection Bureau (CFPB) gave a speech at the American Constitution Society, in which he repeatedly attacked arbitration provisions found in consumer agreements and set the stage for CFPB rulemaking that will likely greatly restrict the use of arbitration provisions... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation