In The News
Minnesota’s AG Raids Student-Loan Debt-Relief Industry Operating Within the State
On September 6, 2023, the Minnesota Attorney General’s Office (“Minnesota”) announced that it has begun investigating the operations of more than 50 student-loan debt-relief companies
CFPB Exposes Illegal Practices in Consumer Financial Services: What to Know
On July 26, 2023, the Consumer Financial Protection Bureau (“CFPB”) published its periodic Supervisory Highlights, summer edition. These most recent Supervisory Highlights shed light on
CFPB Exposes Illegal Practices in Consumer Financial Services: What to Know
On July 26, 2023, the Consumer Financial Protection Bureau (“CFPB”) published its periodic Supervisory Highlights, summer edition. These most recent Supervisory Highlights shed light on
FTC Launches Massive “Operation Stop Scam Calls” Initiative: Focusing on “Consent Farm” Lead Generators and Robocallers
On July 18, 2023, the Federal Trade Commission (FTC) announced that the FTC, along with over 100 federal and state law enforcement partners, have launched
Reminder: TCPA Regulations Impacting Autodialers Come into Effect July 20, 2023
As a reminder, on July 20, 2023, the following revisions, among others, will come into effect regarding the TCPA. One of the essential changes to
Reminder: TCPA Regulations Impacting Autodialers Come into Effect July 20, 2023
As a reminder, on July 20, 2023, the following revisions, among others, will come into effect regarding the TCPA. One of the essential changes to
Junk Fee Déjà Vu: CFPB Hits Bank of America with Huge $30 Million Penalty for Allegedly Engaging in Deceptive Acts and Practices
On July 11, 2023, the Consumer Financial Protection Bureau (CFPB) issued a consent order against Bank of America (BoA) based on the CFPB’s findings that
CFPB Slaps Mortgage Payments Processor with $25 Million Penalty for Unauthorized Mortgage Payments
On June 27, 2023, the CFPB reached a consent order with the companies regarding the more than 1.4 million erroneous electronic fund transfer payment instructions
FTC Goes After Fake Reviews to Protect Consumers: But What About Protecting the Merchants?
On June 30, 2023, the Federal Trade Commission (FTC) introduced a groundbreaking proposal to combat deceptive marketing practices involving fake reviews and endorsements. This proposed
FTC Takes Aggressive Approach Toward Amazon, Alleging Consumer Protection-Type Violations: Are the Lines Between FTC and CFPB Beginning to Blur?
On June 21, 2023, the Federal Trade Commission (FTC) filed a civil lawsuit against Amazon, alleging the use of “dark patterns” to deceive consumers into
FTC Awards $3.3 Million to Victims of Deceptive Student Loan Debt Relief Scheme
On June 14, 2023, the Federal Trade Commission (FTC) announced that it will be providing over $3.3 million in payments to consumers who fell victim
Felix Shipkevich Featured in Above the Law Article ‘Should Your Small Firm Specialize?’
Felix Shipkevich has been featured in an Above the Law article entitled ‘Should Your Small Firm Specialize?’ A major benefit to leaving bigger organizations behind
Shipkevich PLLC Launches Compliance Journal: A Cutting-Edge Legal Database for Regulated Financial Industries
Shipkevich PLLC, an institutional business and finance law firm, is thrilled to announce the launch of its innovative legal database, Compliance Journal. This state-of-the-art digital
Shipkevich PLLC Launches Compliance Journal: A Cutting-Edge Legal Database for Regulated Financial Industries
Shipkevich PLLC, an institutional business and finance law firm, is thrilled to announce the launch of its innovative legal database, Compliance Journal. This state-of-the-art digital
Money Transmission Legislative & Regulatory Update: Minnesota, Nevada, Georgia, and Texas
Minnesota On May 24, 2023, the governor of Minnesota signed SF 2744, bringing amendments to various state statutes related to financial institutions. The amendments address
CFPB Warns Consumers to Be Cautious of High-Yield Savings Accounts with FinTech Savings Accounts: Perhaps a New Focus for the CFPB
The CFPB is shifting its focus to FinTech and nonbank payment systems, circling back to past frontiers. This recent warning echoes the sentiment of former
CFPB Warns Consumers to Be Cautious of High-Yield Savings Accounts with FinTech Savings Accounts: Perhaps a New Focus for the CFPB
The CFPB is shifting its focus to FinTech and nonbank payment systems, circling back to past frontiers. This recent warning echoes the sentiment of former
CFPB Continues to Target Consumer Lending Activity, Imposes $20 Million Penalty
On May 31, 2023, the Consumer Financial Protection Bureau (CFPB) took decisive action against installment lender OneMainFinancial, demanding the payment of $20 million in penalties and redress. In the
FTC Sues VoIP Service Provider for Allegedly Aiding and Abetting Illegal Telemarketing Robocalls
Just last week, Federal Trade Commission (FTC) sued XCast Labs, Inc., a Voice over Internet Protocol (VoIP) provider, for its alleged involvement in facilitating illegal
New York AG Proposes Landmark Legislation to Regulate Crypto: Making a Bold Statement
On May 5, 2023, the New York Attorney General, Letitia James, proposed a “landmark” bill to increase regulations (again) on the cryptocurrency industry, thereby supposedly
Judge Calls Out TCPA Frequent Filer: “Far From Plaintiff’s First Rodeo”
“This is far from Plaintiff Na’eem Betz’s first rodeo. A frequent pro se filer, he brings this TCPA action against Synchrony Bank for allegedly calling
FTC Obtains Temporary Injunction Against Two Student Loan Debt Relief Companies
Last week, the Federal Trade Commission (FTC) obtained temporary restraining orders against two student debt relief companies in the U.S. District Court for the Central
FTC Obtains Multiple Orders Banning Credit Card Debt Relief Scheme as Alleged in the Lawsuit
On April 28, 2023, the Federal Trade Commission (FTC) obtained multiple orders banning operators of an alleged credit card debt relief scheme based in Tennessee,
CFPB Issues Advisory Opinion on Debt Collection Practices
On April 26, 2023, the Consumer Financial Protection Bureau (CFPB) released an advisory opinion to clarify that it is against the law for a debt collector
Coinbase Takes Legal Action Against SEC
On April 24, 2023, in a bold move, Coinbase took legal action against the SEC to push for regulatory clarity in the cryptocurrency industry. The
US Treasury Releases Risk Assessment Report on Decentralized Finance
On April 6, 2023, the US Department of the Treasury released a report analyzing the risks of decentralized finance (DeFi) and potential vulnerabilities in the
FTC Proposed Order: Lifetime Ban for Telemarketing Operators of “Extended Vehicle Warranty” Scams
On March 24, 2023, the Federal Trade Commission (FTC) announced that it settled a case against three companies plus individuals charged with running a telemarketing
CFPB Releases New Policy Statement on Abusive Practices: What You Need to Know
On April 3, 2023, the Consumer Financial Protection Bureau (CFPB) issued a policy statement summarizing over a decade of precedent and explaining the legal prohibition
CFPB Releases New Policy Statement on Abusive Practices: What You Need to Know
On April 3, 2023, the Consumer Financial Protection Bureau (CFPB) issued a policy statement summarizing over a decade of precedent and explaining the legal prohibition
New York State Attorney General Sues KuCoin for Allegedly Failing to Register as Securities and Commodities Broker-Dealer
March 9, 2023, the New York State Attorney General’s Office (NYAG) filed a lawsuit against crypto trading platform KuCoin. The lawsuit alleges that the platform
CFPB Proposes Order in Massive Action Against Debt Collection Company
On March 23, 2023, the Consumer Financial Protection Bureau (CFPB) has taken action against one of the largest debt collectors in the United States, Portfolio
North Carolina State Legislators Introduce an “Act to Modernize and Expand the Prohibition of Debt Settlement”
On March 27, 2023, North Carolina Representatives Julia Howard (R), Mitchell Setzer (R), Jason Saine (R), Terence Everitt (D), and Bill Ward (R) introduced House
California DFPI Proposes Regulation to Implement Registration Requirements for Entities Covered Under California Consumer Financial Protection Law § 9009
The California Consumer Financial Protection Law (“CCFPL”), established in September of 2020 under Governor Newsom, augmented the Department of Financial Protection & Innovation’s (“DFPI”) authoritative
Felix Shipkevich Presents to the Finance Women’s Association About Recent Banking Failures
On March 21, 2023, Felix Shipkevich gave a presentation to the Finance Women’s Association about the recent banking failures: Banking Failure and Governance (Silicon Value Bank,
CFPB Issues Bulletin to Warn Student Loan Servicers Who Ignore Bankruptcy Court Orders
On March 16, 2023, the Consumer Financial Protection Bureau (CFPB) issued a bulletin cautioning loan servicers about their responsibility to stop any illegal activity related
CFPB Announces Inquiry into Data Brokers: Seeking Public Input on Business Practices
On March 15, 2023, the Consumer Financial Protection Bureau (CFPB) announced an inquiry into companies that gather and track information about people’s personal lives. The
California’s DFPI Cracks Down on Student Debt Relief Companies
Recent Consent Order Issued by the DFPI Against Student Loan Relief Company On February 28, 2023, the California Department of Financial Protection and Innovation (DFPI) announced that
New Jersey Legislation to Regulate Virtual Currencies Likely To Become Law
New Jersey is positioned to adopt seminal legislation that is sure to alter the regulatory dynamic for cryptocurrency-focused businesses that operate within the state. The
FTC Sues Stratics and Debt Relief Companies That Hired Robocallers
The Federal Trade Commission (FTC) is taking action against Stratics Networks, a company that allegedly provided the technology for telemarketers to make tens of millions
Did the NFT Bubble Burst? Felix Shipkevich Weighs In With New Quote on Builtin.com
Felix Shipkevich was recently featured in an article on builtin.com entitled ‘Did the NFT Bubble Burst?” See his thoughts on NFTs below: Financial tech regulatory attorney
Felix Shipkevich Discusses the Future of Crypto in VIXIO Payments Compliance Article
Felix Shipkevich was recently interviewed in an article entitled ‘Down But Not Out: What Next For Crypto Post FTX?‘ on VIXIO Payment Compliance. See excerpt
FCC Amends TCPA Rules Effective July 20, 2023
On January 23, 2023, the Federal Communications Commission (FCC) announced an important change to its rules regarding calls to residential numbers that are currently exempt
New York State Senators Introduce Assembly Bill A3525
On January 20, 2023, New York State Assembly Members Jeffrey Dinowitz and Michael Benedetto introduced Assembly Bill (AB) A1730, which seeks to establish the Uniform
CFPB Proposes New Rule to Curb Excessive Credit Card Late Fees
On Wednesday, February 1, 2023, the Consumer Financial Protection Bureau (CFPB) has proposed a new rule to curb excessive credit card late fees, which cost
The Federal Reserve Board Issues New Policy: A Level Playing Field for All Banks
On Friday, January 27, 2023, the Federal Reserve Board announced a new policy statement aimed at ensuring all banks with a federal supervisor receive equal
New York Issues New Guidance on Crypto Currency Custodial Structures
On January 23, 2023, New York Department of Financial Services (DFS) released regulatory guidance to better protect customers in the event of virtual currency insolvency.
Massachusetts State Legislator introduces an Act relative to the licensing and supervision of debt management services in the Commonwealth
On January 18, 2023, Massachusetts Representative Daniel Cahill (D) introduced Bill HD.1676 (“Bill”), which seeks to establish an Act relative to the licensing and supervision
Michigan Suspends FTX Lend Money Transmitter License and Orders FTX US License as Expired
On January 10, 2023 by the Michigan Department of Insurance and Financial Services (DIFS), issued an order regarding two companies, West Realm Shires Services, Inc.
Louisiana Adopts Virtual Currency License
Louisiana has become the first state to follow New York’s lead in issuing a crypto-specific license, accepting Louisiana Virtual Currency Business Activity (VCBA) license applications
CFPB Proposed New Rule to Establish Public Registry of “Take It Or Leave It” Contract Terms and Conditions
On January 11, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a new rule to apparently shed light on the dark corners of the financial