On 6/2/2020, the CFPB announced a settlement with Main Street Personal Finance, Inc. and its subsidiaries which are based in Cleveland, Tennessee and offer payday and auto-title loans. The Bureau found that Approved Cash provided deceptive finance charge disclosures by failing to refund overpayments on its loans, and violated laws by engaging in unfair debt collection practices.

Specifically, the Bureau found that Approved Cash violated the CFPA’s prohibition against engaging in deceptive acts or practices and TILA by concealing and understating the actual finance charges of its auto-title loans for over 4,000 consumers, who paid a total of over $3.5 million more than the finance charge listed in Approved Cash’s loan disclosures. The Bureau also found…

On 6/2/2020, the CFPB issued Compliance Aid to assist financial institutions with understanding their responsibilities for the remittance transfer rule in light of the COVID-19 pandemic. This three page document provides three questions and answers for applicable financial institutions.

In late June of 2020, the NCUA announced that it was delaying the start of it phased resumption of onsite operations. According the the NCUA, the delay was warranted based on factors like recent trends in public health data and administrative considerations. The agency explained that they will continue offsite examinations as they have done for the last several months.

On 6/1/2020, the CFPB issued guidance for consumers on how they can avoid COVID-19 government imposter scams. Tips provided by the CFPB include three ways consumers can protect themselves and others from scammers:

On 5/22/2020, the Small Business Administration (SBA) issued two interim final rules implementing the Paycheck Protection Program (PPP). The first interim final rule provides requirements for loan forgiveness while the second explains the SBA loan review procedures and related borrower and lender responsibilities.

On May 22, 2020, the Federal Trade Commission (FTC) announced a charge against a payday lending enterprise for deceptively overcharging consumers millions of dollars and withdrawing money repeatedly from consumers’ bank accounts without their permission. According to the FTC’s press release, the defendants used deceptive marketing tactics through Internet websites and telemarketing to convince consumers that their loans would be repaid in a fixed number of payments, though, the FTC alleges, consumers found that long after the promised number of payments had been made, the defendants had applied their funds to finance charges only and were continuing to make regular finance-charge only withdrawals from their checking accounts.