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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory announcements, recap key enforcement actions, and preview upcoming deadlines and events. We also include links to our articles, blogs, and webinars with more analysis in these areas. We understand that keeping on top of the rapidly evolving regulatory landscape is more important than ever for businesses seeking to offer new and ground-breaking technologies.
Regulatory Announcements
Consumers Forced Into Credit Card Debt for Marketing Company
2 months ago
Two Nevada companies and two individuals have agreed to stop charging consumers thousands of dollars to apply for multiple credit cards in their names in order to pay for expensive and often ineffective training programs under a proposed settlement of a Federal Trade Commission lawsuit.
The FTC filed a federal court complaint along with a proposed settlement which requires the defendants to stop obtaining credit cards for consumers for a fee. In addition, the defendants will be required to pay $2.1 million under the proposed settlement, which will be distributed by the FTC to consumers.
Ameridebt Debt Rises While Pukke, Baker, and Chadwick are Broken
3 months ago
It appears the trial involving the actions of Andris Pukke, Peter Baker, and Luke Chadwick with their Sanctuary Belize scheme has come to a predicted painful end.
In a flurry of court documents, the Judge has trounced the participants in the foreign land sales scheme that has roots in the non-profit debt management group Ameridebt.
There is no need for me to engage in any hyperbole or opinion to write this post. I’m going to stick with the facts as the Judge and the Court have determined them to be after a trial of a .
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Each month, we host a 30-minute webinar outlining the month s key announcements and takeaways from the CFPB to be considered by financial services providers. It was a particularly busy month at the CFPB, so as an extra special holiday bite, we share our top 20 bites covered during the December 16 webinar.
Bite #20 - CFPB, Federal Reserve & OCC announced higher-priced mortgage loan exemption threshold
The CFPB, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021 will remain at $27,200, as it was in 2020. The threshold amount is based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as of June 1, 2020. The Dodd-Frank Act amended the Truth in Lending Act (TILA) to add special appraisal requirements for highe
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Your credit score impacts everything in your financial life, from whether you can rent a home to the interest rate on your next car. If your credit score has taken a hit, you may be looking for a way to pull your score up fast. That s where credit repair companies come in. They promise to help you repair and increase your credit score.
The scam
According to the Federal Trade Commission, credit repair scams target folks who are in over their heads with loan and credit card payments and concerned about the state of their credit. Smooth-talking scammers push consumers to purchase their services by claiming they can remove negative information from the consumer s credit report, even if the negative information is accurate. How much they charge for the service depends on t