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FTC Reaches Settlement With Cash Advance Company

On January 24, 2024, the Federal Trade Commission announced that it had reached a settlement with an online cash advance provider and its co-founders resolving claims that the company violated the FTC Act, the Restore Online Shopper’s Confidence Act (ROSCA), and the Equal Credit Opportunity Act (ECOA),  by engaging in allegedly deceptive marketing tactics and…

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CFPB and Several States Order Vocational Education Company to Pay Fines, Cancel Loans, and Cease Operations After Allegedly Deceptive Loan Practices

On November 20, 2023, the Consumer Financial Protection Bureau (CFPB) announced that, in conjunction with 11 states, it entered into a stipulated final judgment with a Delaware-based vocational education company that advertises itself as a “workplace accelerator” and its affiliates for alleged violations of the Consumer Financial Protection Act (CFPA), the Truth…

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FTC and CFPB Announce $15 Million Settlement Against Credit Reporting Agency For Alleged Inaccuracies In Tenant Screening Reports

​On October 12, 2023, the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) announced that they filed a joint complaint​ and obtained a $15 million settlement​ against a parent credit reporting agency and one of its subsidiaries for alleged violations of the Fair Credit Report Act (FCRA) with respect to tenant…

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CFPB Files Complaint Against Mortgage Originator For Allegedly Inaccurate HMDA Reporting

On October 10, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint​ against a residential mortgage loan originator and servicer alleging that the company violated the Home Mortgage Disclosure Act (HMDA), its implementing Regulation C, the Consumer Financial Protection Act (CFPA), and a recent 2019 consent order​. The company allegedly reported HMDA…

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FTC Reaches Consent Order with For-Profit College Resolving Allegations of Deceptive Advertising and Loan Agreements

FTC

On October 18, 2023, the Federal Trade Commission (“FTC”) announced that that they had filed a complaint and entered into a stipulated order with a for-profit college and its parent company.  Under the consent order, the college will cancel $3.4 million in student debt, resolving allegations that it made false claims about post-graduation job placements and…

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Washington Attorney General Announces Recovery in Student Debt Adjuster Investigations

On October 17, 2023, the Washington State Attorney General (AG) announced that over the course of 2023, they had recovered approximately $360,000 in restitution from three out-of-state debt adjusters for alleged predatory student debt adjustments in violation of the Debt Adjustment Act.​ The Debt Adjustment Act limits the amount of fees a debt adjuster…

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CFPB Issues Consent Order Against Credit Reporting Agency For Alleged Failures to Timely Place Credit Freezes And Locks On Conumser Reports

​​On October 12, 2023, the Consumer Financial Protection Bureau (CFPB) issued a consent order and a stipulation ​against a parent credit reporting agency and two of its subsidiaries for for alleged violations of the Fair Credit Report Act (FCRA) and the Consumer Financial Protection Act (CFPA). The CFPB alleged that as early as…

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CFPB Takes Enforcement Action Against Mortgage Lender and Real Estate Brokerage for RESPA Violations

On August 17, 2023, the CFPB announced that it had taken enforcement action against a Florida-based mortgage lending and servicing corporation, as well as a New York-based real estate brokerage firm, issuing consent orders against the businesses for “exchanging things of value return for mortgage loan referrals”, in violation of Section 8(a)…

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Massachusetts Division of Banks Enters into Consent Order with Mortgage Lender

On January 26, 2023, the Massachusetts Division of Banks (DOB) entered into a consent order​ with a California-based mortgage lender. According to the DOB, the company, which was licensed as a mortgage lender in Massachusetts, had allowed a separate company to use its government issued mortgage license number, which could mislead consumers into…

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CFPB Reaches Proposed Settlement With Financial Service Company for Allegedly Offering Fake High-Yield Bank Accounts

On December 1, 2022 the Consumer Financial Protection Bureau (CFPB) announced that it had reached a proposed settlement ​with a Delaware-based financial services company to resolve allegations it made false representations to consumers in violation of the Consumer Financial Protection Act (CFPA). In the underlying complaint filed in the U.S. District Court for the Southern…

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