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CFPB Files Suit Against Bank For Alleged Savings Account Interest Rate Freezing

On January 14, 2025, the CFPB announced ​that it had filed a complaint against a large national bank​​ for alleged ​violations of the Consumer Financial Protection Act (CFPA), the Truth in Savings Act (TISA) and TISA’s implementing regulation, Regulation DD,​ regarding the bank’s alleged improper interest rate practices. According to the CFPB’s complaint, the bank offered a…

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New York Attorney General Reaches $725,000 Settlement with Credit Reporting Provider to Resolve Allegations of Inaccurate Credit Reporting

On January 14, 2025, New York Attorney General Letitia ​James announced that the state had entered into a settlement​ with a national credit reporting provider​ to resolve allegations that the provider had ​harmed consumers by disseminating incorrect credit reporting information to lenders.​ According to the Attorney General, the credit reporting provider ​implemented a change to…

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CFPB Enters Into Consent Order with Student Lender Resolving Allegations of Deceptive Advertising

​​On December 5, 2024, the CFPB announced that it had entered into a proposed stipulated final judgment​ and order with a student lender and its investors, resolving allegations that the student lender had violated the Consumer Financial Protection Act​ (CFPA)​, the Truth in Lending Act (TILA), and Regulation Z through deceptive advertising and disclosures. In…

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CFPB Enters Into $95 Million Consent Order with Credit Union to Resolve Allegations of Improper Overdraft Fee Practices

​On November 7, 2024, the CFPB ann​ounced​​ that it had entered into​ a consent order with a major credit union​​ resolving ​allegations that the credit union improperly assessed overdraft fees against consumers​​. The credit union agreed to pay nearly $95 million to resolve the allegations. ​​In its ​consent order​, the CFPB​ alleged that…

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FTC Files Suit Against Online Cash Advance Provider for Allegedly Deceptive and Misleading Conduct

On November 5, 2024, the FTC announced​ that it had filed suit against a California-based online cash advance provider for allegedly deceptive and misleading advertisements and representations, in violation of the FTC Act, 15 U.S.C. § 45(a), and the Restore Online Shoppers’ Confidence Act (“ROSCA”), 15 U.S.C. § 8403.z According to…

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FTC Sues Debt Collector Over Alleged Deceptive Practices

​On November 4, 2024, the FTC​ an​nounced ​that it had filed suit against a ​Georgia-based debt collector​ for engaging in allegedly deceptive and abusive​ debt collection practices, in violation of the FTC Act, 15 U.S.C. § 45(a), the FDCPA, 15 U.S.C. §§ 1692-1692p, and its associated Regulation F, 12 C.F.R. Part 1006, and the Gramm-Leach-Bliley…

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CFPB Enters Into Consent Order with Mortgage Lender to Resolve Allegations of Deceptive Conduct Toward Veterans and Servicemembers

​​On August 29, 2024, the CFPB announced that it had entered into a stipulation and consent order with ​​​​a Florida-based mortgage lender, resolving allegations that the mortgage provider ​​had misrepresented the payment terms of​ cash-out mortgage refinance loans​ it offered to servicemembers and veterans. In its consent order, ​the CFPB alleged that the mortgage lender committed ​​deceptive acts or…

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CFPB Enters Into Consent Order With Mortgage Servicer Resolving Allegations of Improper Foreclosure Practices

On August 21, 2024, the Consumer Financial Protection Bureau (CFPB)​ announced​ that it entered into a consent order with a​ Florida-based mortgage servicer, resolving allegations related to the mortgage servicer’s foreclosure practices. ​The consent order​ resolves allegations ​that the mortgage servicer’s foreclosure practices violated the Consumer Financial Protection Act of 2010 (CFPA), 12 U.S.C. §§ 5531, 5536; the…

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CFPB Files Suit Against Student Loan Servicer

On May 31, 2024, the CFPB announced that it had filed suit against a Pennsylvania-based student loan servicer for engaging in allegedly unfair, deceptive and abusive acts or practices in violation of the CFPA, 12 U.S.C. §§ 5531, 5536(a)(1)(B), and for failing to establish reasonable credit reporting procedures in violation of Regulation V, 12…

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FTC Files Suit Against Third-Party Bill Payment Company

FTC

On April 25, 2024​, the FTC announced​ that it filed a suit against a Washington-based ​third-party bill payment company​ and two of its chief executives ​​for engaging in allegedly ​deceptive ​and misleading ​​practices​ in violation of Section 5(a) of the FTC Act, 15 U.S.C. § 45(a), Section 521 of the Gramm-Leach-Bliley Act (GLB Act), 15 U.S.C. 23 § 6821, and…

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