Legal Blog

Compensation and Compliance Matters: Deceptive Acts and Practices Enforcement Keeps Coming

The Consumer Financial Protection Bureau last week entered into consent decrees with two credit card issuers over deceptive acts and practices. In one case, the CFPB took enforcement action against a buying club that allegedly misled consumers into believing a credit card used to purchase club goods was a general purpose credit card. In another case, the credit issuer was accused of misleading advertising by implying it was affiliated with unions when in fact it was not. In addition, the issuer charged excessive fees to “subprime” credit borrowers and misrepresented that certain security deposits were Federal Deposit Insurance Corp. insured when for a time they were not so insured. Click here to read the entire article on National Mortgage News. akaren@offitkurman.com  | 240.507.1740 Ari Karen is an experienced litigator and speaker who has focused his practice in representing financial institutions in both government investigations and litigation before state and federal trial and appellate courts nationwide. Mr. Karen’s practice is diverse, representing clients on matters concerning banking regulations, Dodd Frank financial reform laws, contractual disputes, employment and labor statutes, wage-hour class actions, employment discrimination and fair lending matters, whistleblower complaints and non-competition claims, among others. You can also connect with Offit Kurman via FacebookTwitterGoogle+YouTube, and LinkedIn. WASHINGTON | BALTIMORE | FREDERICK | PHILADELPHIA | WILMINGTON | VIRGINIA