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Massachusetts AG Settles with Installment Loan Lenders

​On October 29, the Massachusetts Attorney General’s office announced that it had reached a consent order with installment loan lenders, their affiliated companies, and owners, over allegations that the lenders engaged in unfair or deceptive practices in connection with the making, purchasing, servicing, or collecting of high-interest consumer installment loans.  The complaint…

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CFPB and Auto Lender Settle Servicemember Debt Collection Claim for $3.28 Million

​On October 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it entered an administrative consent order against an Ohio-based auto lender that specializes in loans to military servicemembers.  The CFPB consent order, and the companion stipulated order issued by the U.S. District Court for the Southern District of Ohio, resolve…

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New York AG Secures $417,500 Settlement from Mortgage Rescue Service Providers

​On September 18, the New York Attorney General announced that it had reached a settlement with a title company, mortgage broker, disbarred attorney and others, stemming from allegations that they had operated a mortgage foreclosure rescue scam.  The announcement alleged that the foreclosure relief providers told homeowners that they could refinance…

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Debt Collector Settles with FTC Over Misrepresentations Made to Payday Loan Borrowers

FTC

​On September 16, the Federal Trade Commission (FTC) announced that it had entered a stipulated order with a debt collection services provider over allegations that the debt collector violated the Federal Trade Commission Act and Fair Debt Collection Practices Act by misrepresenting to payday loan recipients that they were delinquent on their debts, collected millions…

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Auto Dealer Settles with FTC Over Credit Reporting Practices

​On September 16, the Federal Trade Commission (FTC) announced that it had entered a stipulated order with the financing arm of a Texas auto dealer to settle allegations regarding the auto dealer’s credit reporting practices.  In its simultaneously filed complaint, the FTC alleged that the auto dealer violated the Federal Trade Commission Act, the Fair Credit…

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CFPB Obtains Preliminary Injunction Against Debt Relief Providers

​On September 15, the Consumer Financial Protection Bureau (CFPB) announced that the U.S. District Court for the Southern District of Florida had issued two preliminary injunctions against affiliated national debt relief providers and their officers stemming from a lawsuit filed by the CFPB alleging that the debt relief providers misrepresented the nature of their…

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2Q 2015 Sees Increase in Enforcement Litigation

For the second quarter of 2015, Consumer Finance Enforcement Watch tracked 56 enforcement actions taken against consumer finance providers, a slight uptick in enforcement activity from the previous quarter’s 46 actions.  Although the 56 actions ranged from court-enforcement consent settlement agreements, administrative settlements, administrative actions, civil judgments, and new civil…

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CFPB Asks DOJ to Investigate Automotive Lending Company for ECOA Violations

​On August 10, 2015, the American subsidiary of an automotive lending company disclosed in an SEC filing that the Consumer Financial Protection Bureau (CFPB) had notified the company on July 31, 2015 that it had asked the DOJ to investigate the company’s potential violations of the Equal Credit Opportunity Act.  According ​to the filing, the CFPB’s referral…

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Regional Bank Settles Deposit Discrepancy Claims with the CFPB, FDIC, and OCC

On August 12, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it, along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), had entered into several consent orders with affiliated regional banks over allegations concerning consumer bank deposits.  According to the consent orders,…

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American Bankers Association Asks Financial Regulators to Adopt Supreme Court's Disparate Impact Framework

On August 5, 2010, the American Bankers Association (ABA) announced that it had sent a letter to federal regulators and enforcement agencies, requesting that they confirm in their “interagency guidance, updated exam procedures, and where appropriate amended regulations” that the burden-shifting framework used by the Supreme Court in Texas Department of Housing and Community Affairs v….

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FTC Settles with National Credit Repair Company Over Allegedly Misleading Representations

FTC

​On August 4, the Federal Trade Commission (FTC) announced​ that it had reached a settlement with a national credit repair company and its officers over allegations that they misrepresented the nature of the services provided to Spanish-language consumers.  The complaint, filed on March 16, alleged that the company charged consumers up-front for credit repair services, falsely claimed…

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Medical Debt Collector Enters Into Consent Order With CFPB Over Communications With Consumers and Credit Reporting Agencies

On June 18, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a medical debt collection company over allegations that the company​’s debt-collection activities violated the Fair Credit Reporting Act (“FCRA”) and the Fair Debt Collection Practices Act (“FDCPA”).  The consent order alleged that the company failed…

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OCC Terminates, Amends Consent Orders With National Banks

On June 17, the Office of the Comptroller of the Currency (OCC) announced that it terminated foreclosure-related consent orders with three national banks, entered into amended consent orders with six other national banks, and decided to escheat at the end of the fiscal year any uncashed payments made under the Independent Foreclosure Review Payment Agreement…

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