Massachusetts attorney general Maura Healey
The loan servicer tasked with handling a federal loan forgiveness program agreed to review and in some cases pay off the loans of more than 200,000 Massachusetts borrowers to settle a lawsuit brought against it by the Massachusetts attorney general’s office.
The Pennsylvania Higher Education Assistance Agency, which operates under the name FedLoan Servicing, exclusively administers the Public Service Loan Forgiveness program and the TEACH Grant program nationally.
The company had been accused by Massachusetts attorney general Maura Healey in 2017 of “unfair and deceptive” acts, in which the company alleged errors and misinformation prevented people from making payments toward having their loans canceled under the national Public Service Loan Forgiveness program. Healey also accused the company of making processing errors that led to people getting off track on their income-driven repayment programs, and in some cases wrongly conver
California’s New Mini-CFPB Law Largely Parallels Its Federal Cousin By Brian Casey and Jon Gillum | February 5, 2021
California recently adopted significant amendments to its financial code, resulting in what is now known as the California Consumer Financial Protection Law (CFPL), or colloquially as the California “mini-CFPB” Act. The California CFPL substantially mimics the federal Consumer Financial Protection Act, which was a key part of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
The federal Dodd-Frank Act, through its Consumer Financial Protection Act (CFPA), established the Consumer Financial Protection Bureau (CFPB) as the primary federal regulator of consumer financial products and services that are not overseen by another federal functional regulator. The California CFPL has renamed the state’s Department of Business Oversight as the Department of Financial Protection and Innovation (DFPI
The California Department of Financial Protection and Innovation (
DFPI) announced in its
January 2021 monthly bulletin that it will begin exercising its enhanced powers under the California Consumer Financial Protection Law (CCFPL) that came into effect January 1.
As we reported in
September and covered in a webinar in
December, the CCFPL, in addition to renaming the former California Department of Business Oversight (DBO) as the DFPI, expanded the scope of the renamed agency’s powers by (1) giving the DFPI the option of regulating nonbank small business lenders, many of which are fintech companies; (2) authorizing the DFPI to bring enforcement actions for unlawful, unfair, deceptive, or abusive acts or practices (UDAAPs) by any person offering or providing consumer financial products or services in the state; and (3) giving the DFPI rulemaking and enforcement authority relating to UDAAP by “covered persons,” which is defined broadly to include entities not subject to
Coinbase commits to a ‘better customer experience’ following complaints
Coinbase has a problem. As interest in Bitcoin has soared along with its price, the popular cryptocurrency exchange has found itself the target of a growing spate of angry customers who haven’t been able to access customer service.
A quick look at Twitter tells the story. As one upset user of the service ranted earlier today: “Multiple issues over the last month which cost me $$$ several open cases and 0% response?? When are you going to help me or is it easier to just forget. This wont be so easy when your publicly traded. Will be following up with [SEC] soon.”
Manatt Adds Prominent Tech Consultants and New Media Partner to Its Deep Fintech and Digital and Tec
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Manatt Adds Prominent Tech Consultants and New Media Partner to Its Deep Fintech and Digital and Technology Bench January 08, 2021
Jennifer Millard, Kalon Gutierrez
and Farnaz Alemi bring extensive consulting experience to firm’s hybridized Digital and Technology group
Manatt, Phelps & Phillips, LLP, a multidisciplinary, integrated professional services firm, announced today that managing directors Jennifer Millard and Kalon Gutierrez and partner Farnaz Alemi have joined the firm’s Digital and Technology group. Their arrival further expands Manatt’s extensive business and compliance consulting capabilities, which are central to the firm’s hybridized professional services model. Together, they will add significantly to Manatt’s existing consulting and legal services for global technology, media/entertainment, consumer, retail, fintech, ecommerce and ga