The Consumer Financial Protection Bureau sued SoLo Funds, alleging that the online lending platform used “digital dark patterns” to illegally collect fees from borrowers. The lawsuit also alleged that SoLo Funds misrepresented the cost of loans, made false threats, collected money consumers didn’t owe, and created a credit scoring model with...
The United Kingdom’s Competition and Markets Authority (CMA) will not investigate Microsoft’s partnership with artificial intelligence (AI) startup Mistral AI. “The CMA has decided that Microsoft Corporation’s partnership with Mistral AI does not qualify for investigation under the merger provisions of the Enterprise Act 2022,”...
Members of Congress from both houses and both parties sent a letter Tuesday (May 14) to the heads of eight federal financial regulatory agencies, urging them to implement the Financial Data Transparency Act (FDTA). The letter was signed by House Financial Services Committee Chairman Patrick McHenry, Ranking Member Maxine Waters, Sen. Mike Crapo and Sen. Mark Warner. Implementing the law...
The British government is loosening its rules for brick-and-mortar betting businesses as online gambling grows. The U.K.’s Department for Culture, Media and Sport issued a report Thursday (May 16) that would allow for cashless payments on gaming machines in places like casinos, arcades and bingo halls, while introducing an age limit of...
The laws of physics dictate that for every action, there is a reaction. As Tuesday (May 14) looms, with a new rule from the Consumer Financial Protection Bureau (CFPB) slated to take effect that would drastically lower credit card late fees, several reactions might ripple across financial services. Not all of...
The Financial Conduct Authority (FCA), the United Kingdom’s financial watchdog, has reportedly faced a backlash from the industry regarding its proposal to publicly disclose companies under investigation. Despite criticism from industry bodies and lawmakers, the FCA told the Treasury Committee Wednesday (May 8) that it remains...
Wells Fargo said Thursday (May 2) that U.S. authorities are investigating the handling of complaints about Zelle. This disclosure in a filing with the Securities and Exchange Commission (SEC) follows a similar statement by J.P. Morgan and comes amid scrutiny of Zelle’s peer-to-peer (P2P) payment network by both regulators and legislators,...
Block, owner of Cash App and Square, is reportedly facing a Department of Justice investigation. Federal prosecutors are in discussions with an ex-employee about allegations of widespread compliance failures at Cash App and Square going back years, NBC News reported Wednesday (May 1), citing unnamed sources. “From the ground up, everything in the compliance...
The Federal Trade Commission (FTC) is taking action against doxo, saying the bill payment company misleads consumers and tacks on junk fees. The agency filed a federal court complaint alleging that doxo violated the FTC Act, the Restore Online Shoppers’ Confidence Act and the Gramm-Leach-Bliley Act, the FTC said in a Thursday (April 25) press...
