The consumer data question is one that long plagued finance. Who owns your data, and how much should institutions be...
Avant will pay $3.85 million to settle with the Federal Trade Commission for allegations that it misled customers who were...
The complaint stated that LendingClub violated federal laws which protect consumers from unfair and deceptive practices; LendingClub stock price dropped on the news which related to LendingClub’s promise of no hidden fees and a statement to applicants that “Investors Have Backed Your Loan” even though borrowers may not have been approved; some borrowers also experienced overdraft fees when LendingClub withdrew double payments according to the complaint. LendingClub responded to the complaint by issuing a press release. Source
The Federal Trade Commission (FTC) will hold a fintech forum focusing on blockchain and artificial intelligence on March 9, 2017; the forum will be the third fintech forum for the FTC; event will be free and open to the public at the University of California, Berkeley. Source
BNPL providers should consider the FTC's suggestion to "conduct a compliance check," including reviewing their policies and procedures.
Manatt shares that the FTC has finalized their deal with SoFi who was accused of making false statements about student...
The CFPB handles more than 84 thousand debt collection complaints in 2017; consumers also downloaded advice on settlement negotiations more than 800 thousand times; "From now on we will be working closely with the FTC to enforce the FDCPA while protecting the legal rights of all in a manner that is efficient, effective, and accountable,” acting Director Mulvaney said in a press release reported by American Banker; the CFPB and FTC filed more than 14 enforcement cases as a result of collections last year. Source.