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The Federal Trade Commission reports it is sending more than $18 million in refunds to consumers harmed by misleading claims made by Publishers Clearing House (PCH). FTC action led to PCH agreeing to pay $18.5 million in refunds and make substantial changes to its ecommerce operations.

The FTC’s complaint charged:

• PCH targeted older and lower-income consumers, deceiving them into thinking either that consumers could not enter into sweepstakes without purchasing a product or that their chances of winning would be increased by purchasing products.
• PCH misled consumers by sending emails with deceptive subject lines that led consumers to believe the email was related to official documents, such as tax forms.
• PCH added deceptive shipping and handling fees and misrepresented that ordering was “risk-free,” even though consumers who wanted refunds had to return products at their own expense.

The FTC is sending checks to 281,724 affected consumers who ordered a product from Publishers Clearing House after receiving and clicking on one of the emails that the FTC alleged were deceptive.

On April 29, Acting Comptroller of the Currency Rodney E. Hood discussed the role of artificial intelligence in financial services in recorded remarks at the National Fair Housing Alliance’s Responsible AI Symposium.

In his remarks, Acting Comptroller Hood highlighted the OCC's work to ensure AI and other technologies are used ethically and responsibly within the banking industry. He also discussed the OCC’s work to promote innovation in the banking system through Project REACh.

Yesterday, the CFPB announced it will not prioritize enforcement or supervision actions with regard to entities currently outside the stay imposed under Texas Bankers Association v. CFPB relating to the Bureau's Small Business Lending Under the Equal Credit Opportunity Act Rule implementing Section 1071 of the Dodd-Frank Act.

The Bureau will instead keep its enforcement and supervision resources focused on pressing threats to consumers, particularly servicemembers and veterans. The CFPB's press release states the Bureau looks forward to resolving the status of this regulation and ensuring fair, consistent treatment for all entities impacted by it.

The ABA Banking Journal has reported that the ABA, Texas Bankers Association and other plaintiffs have announced they have reached an agreement with the Consumer Financial Protection Bureau to end a lawsuit over changes to the bureau’s UDAAP exam manual.

The plaintiffs sued the CFPB in 2022, arguing that under the previous administration, the Bureau had unlawfully expanded the statutory definition of “unfairness” to encompass discrimination. A federal judge in Texas granted summary judgment to the plaintiffs the following year. The CFPB appealed the ruling (although it reversed the changes to the definition in the exam manual).

Under the terms of the joint stipulation announced yesterday, the CFPB will dismiss its appeal.

The National Credit Union Administration yesterday reported it has liquidated Unilever Federal Credit Union of Englewood Cliffs, New Jersey. The NCUA made the decision to liquidate Unilever Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

Unilever Federal Credit Union served 1,448 members and had assets of $46,669,599, according to the credit union’s most recent Call Report.

The NCUA has reported it issued two consent orders and one prohibition notice in April 2025. The three individuals involved are permanently prohibited from participating in the affairs of any federally insured depository institution.

• Anh-Thu Nguyen, a former employee of Goldenwest Federal Credit Union in Ogden, Utah
• Amber Grabill, a former employee of Merho Federal Credit Union in Johnstown, Pennsylvania
• Dorothy Ellis, a former employee of St. John’s Buffalo Federal Credit Union in Buffalo, New York