To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week:
Federal Activities
State Activities
Federal Activities:
- On January 2, the Consumer Financial Protection Bureau (CFPB) released an annual report that details improvements and deficiencies in the nationwide consumer reporting agencies’ responses to consumer complaints transmitted by the CFPB. The report includes considerations for the nationwide consumer reporting companies to improve compliance with consumer financial protection laws. For more information, click here.
- On December 27, 2022, investors of Gemini’s interest-bearing crypto deposit product Gemini Earn filed a class-action lawsuit against Gemini and its founders Tyler and Cameron Winklevoss, alleging Gemini failed to register the Gemini Earn product as a security in violation of the Securities Exchange Act, and Gemini fraudulently misrepresented pertinent information relating to the Gemini Earn product. In November 2022, Gemini announced its decision to pause consumer withdrawals on its Gemini Earn product. Notably, through a lending partnership with now-bankrupt crypto brokerage firm Genesis Global Capital LLC, the complaint alleges Genesis entrusted all “Gemini Earn investors’ crypto assets” to Genesis. For more information, click here.
- On December 22, 2022, the CFPB issued an order against an…
