In The News
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
Coinbase Agrees To Settlement With New York Regulator
On January 4, 2023, the New York State Department of Financial Services issued a consent order against Coinbase, a virtual currency company. Pursuant to the
FTC Proposes Ban on Employee Non-compete Clauses
On Thursday, January 5, 2023, the Federal Trade Commission (FTC) proposed a ban on non-compete clauses for workers in the United States. Non-compete clauses, which
CFPB Issues Report on TransUnion, Experian, and Equifax
On January 3, 2022, the Consumer Financial Protection Bureau (CFPB) published an annual report on the big three consumer reporting companies TransUnion, Equifax, and Experian.
CFPB Issues Proposed Rule Imposing Reporting Requirements on Certain Non-Bank Entities: Possible Implications for Money Transmitters, Debt Relief and Credit Repair Service Providers
On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule pursuant to its authority under the Consumer Financial Protection Act of
CFPB Issues Proposed Rule Imposing Reporting Requirements on Certain Non-Bank Entities
On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule pursuant to its authority under the Consumer Financial Protection Act of
New York Legis 660 Additional Requirements for Telemarketers: What You Should Know
Summary of NY Legis 660 NY Legis 660 (proposed as AB 8319) is a recently approved amendment to Section 399-z of New York’s General Business
CFPB Issues Order Asserting its Authority to Investigate Cryptocurrency Lender
On November 22, 2022, the Consumer Financial Protection Bureau (CFPB) denied a petition by Nexo Financial LLC (“Nexo Financial”) to modify a Civil Investigative Demand
WEBINAR: 2022 Debt Relief Industry Legislative, Regulatory, and Litigation Recap
OVERVIEW: Felix Shipkevich and Jessica Livingston of Shipkevich PLLC held a webinar to discuss and analyze recent trends and updates to federal regulations as well
U.S. District Court for the Middle District of Tennessee Grants FTC’s Motion to Temporarily Shut Down Alleged Credit Card Debt Relief Scheme
On November 21, 2022, the U.S. District Court for the Middle District Of Tennessee granted the Federal Trade Commission’s (FTC’s) ex parte motion for, among
FCC Rules Ringless Voicemails Fall Under TCPA and Require Consumer Consent
On November 21, 2022, the Federal Communications Commission (FCC) released a Declaratory Ruling and Order (“Order”) holding that ringless voicemails to wireless phones require consumer
California’s Northern District Court Holds Text Messages are Not Pre-Recorded or Artificial Voices Under the Federal TCPA
On November 18, 2022, the United States District Court for the Northern District of California ruled that text messages sent by a “chatbot” do not
NY Attorney General’s Office Fall Round-Up: AG Letitia James’ Actions & Initiatives Related to Cryptocurrency Since August 2021
On November 15, 2022, the New York Attorney General’s Office released its Fall Round-Up (“Round-Up”) describing major actions and initiatives implemented by New York Attorney
CFPB Circular Clarifies Consumer Reporting Agencies and Furnishers of Information can be Liable under Fair Credit Reporting Act for Failing to Investigate Disputes and Attempting to Deter Consumers from Submitting Disputes
On November 10, 2022, the Consumer Financial Protection Bureau (CFPB) released Consumer Financial Protection Circular 2022-07 (hereinafter, “the Circular”). The Circular resolves two issues for
Florida Middle District Court Finds Receiving Pre-Recorded Voice Messages Insufficient Basis for Standing to Bring Class Action Suit Alleging TCPA Violation
On November 2, 2022, the U.S. District Court for the Middle District of Florida held, sua sponte, that a plaintiff did not have standing to
CFPB Releases Complaint Bulletin Analyzing Crypto-Asset Consumer Complaints; Tips for Consumers to Protect Themselves from Crypto-Asset Fraud and Theft
On November 10, 2022 the Consumer Financial Protection Bureau (CFPB) released a complaint bulletin (“bulletin”) that provides an analysis of consumer complaints the CFPB has
WEBINAR: The Application of The Telemarketing Sales Rule to Attorneys within the Debt Settlement Space
OVERVIEW: Felix Shipkevich and Jessica Livingston of Shipkevich PLLC held a webinar to discuss and examine the Telemarketing Sales Rule and the issues concerning attorneys
Fifth Circuit Court of Appeals Finds CFPB Funding Mechanism Unconstitutional Violation of Appropriations Clause
On October 19, 2022, three judges in the Fifth Circuit Court of Appeals ruled that the funding mechanism of the Consumer Financial Protection Bureau (CFPB)