On April 3, the CFPB informed a Florida federal district court that it plans to initiate new rulemaking to revise its small business lending data collection rule under Section 1071 of the Dodd-Frank Act. The Bureau agreed to stay the rule’s compliance deadlines in response to ongoing litigation brought by a trade group representing providers of sales-based financing. Continue Reading CFPB Seeks to Reopen Small Business Lending Rule Under Section 1071
On January 18, the CFPB filed a proposed final judgment against an Illinois-based third-party payment processor and its founder (collectively, “defendants”), which ceased operations almost three years ago, settling claims that the defendants facilitated payments for telemarketing fraudsters targeting seniors.
Continue Reading CFPB Bans Payment Processor for Engaging in Fraudulent Practices
On September 20, the CFPB filed a lawsuit in federal district court against a California-based software company and its owner for allegedly violating the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act of 2010 (CFPA) by providing substantial assistance or support to credit-repair businesses that use telemarketing and charge unlawful advance fees to consumers.
Continue Reading CFPB Alleges that Service Provider Helped Credit-Repair Businesses Charge Illegal Fees