States

The state of New York is suing Capital One Financial Corp., alleging charges similar to those previously brought by the Consumer Financial Protection Bureau in a lawsuit the bureau later dropped. Capital One told Dodd Frank Update it plans to defend itself against the allegations. Read on »

As multiple federal agencies announce moves to pull back on certain enforcement activities, some states have indicated they are ramping up efforts to fill the void. Find out about some of these recent developments in this roundup. Read on »

A new set of predatory lending allegations have been brought against Vanderbilt Mortgage & Finance, Inc., months after the Consumer Financial Protection Bureau dropped similar charges against the Berkshire Hathaway subsidiary. Read on »

New Jersey Attorney General Matthew Platkin and the Division on Civil Rights issued a finding of probable cause against a same-day lender alleging the business refused to lend to prospective clients based on race, national origin and nationality. The finding alleged the firm’s owner and other employees instructed sales staff not to do business with people of certain racial and ethnic groups. Read on »

With federal regulatory agencies undergoing seismic shifts in leadership and priorities, state attorneys general are ramping up supervisory and enforcement activities with respect to consumer financial protection laws. Recognizing this fact, Ballard Spahr assembled a team of attorneys whose specialties include helping financial institutions chart a course through increasingly complex state-level regulatory waters. Read on »

The New York Attorney General accused Citibank of violating the Electronic Fund Transfer Act by failing to implement adequate security measures to protect consumers from fraud and allegedly denying reimbursement for unauthorized wire transfers. Banking advocates filed an amicus brief after the District Court for the Southern District of New York granted in part and denied in part the bank’s motion to dismiss the charges. Read on »

A Massachusetts state regulator filed suit against a Boston-based home equity investment company for violating consumer protection laws designed to safeguard consumers against illegal and predatory mortgage practices. Read on »

The California Department of Financial Protection and Innovation reached a settlement with the perpetrators of an illegal cryptocurrency investment platform and is urging residents to apply for refunds. Harmed consumers are urged to submit claims for refunds by May 22. Read on »

The Fourth Circuit Court of Appeals in West Virginia dismissed the majority of a $10.6 million judgment against Rocket Mortgage and its affiliate, Amrock LLC. The case involved claims questioning the companies’ handling of certain home value estimates included in refinance applications. Read on »

Following an investigation into a June 2024 ransomware attack against Patelco Credit Union, California’s Department of Financial Protection and Innovation issued a consent order citing cybersecurity deficiencies. Read on »