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…
On June 17, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a complaint against a national automobile finance company over allegations that the finance company used illegal threats and deceptive tactics to collect debts from military servicemembers. The complaint alleges that the finance company violated the Consumer Financial Protection Act…
On June 4, the Consumer Financial Protection Bureau (CFPB) announced that it had entered a consent order with a regional residential-mortgage lender over allegations that the lender paid bonuses and higher commissions to loan officers for steering consumers into mortgages with higher interest rates. The complaint, also filed on June 4, alleged that the company…
On May 21, the Federal Trade Commission (FTC) announced that its “Messaging for Money” enforcement campaign resulted in the U.S. District Court for the Western District of New York issuing a temporary restraining order against a debt collector who, according to the FTC’s complaint filed on May 11, allegedly told consumers via text messages that legal actions had been filed…
On May 21, the Federal Trade Commission (FTC) announced that its “Messaging for Money” enforcement campaign resulted in the U.S. District Court for the Western District of New York issuing a temporary restraining order against a debt collector who allegedly sent misleading text messages trying to trick consumers into telephoning the company. The FTC’s complaint, filed on May…
On May 21, the Federal Trade Commission (FTC) announced that its “Messaging for Money” enforcement campaign resulted in the U.S. District Court for the Northern District of Georgia issuing a temporary restrining order against a debt collecter who allegedly sent threatening text messages to consumers. The FTC’s complaint, filed on May 11, alleged…
On April 10, the Federal Trade Commission (FTC) announced that the U.S. District Court for the Central District of California had issued a temporary restraining order against a company offering mortgage-relief services to borrowers in financial trouble. The FTC’s complaint, filed on March 31, alleged that the company violated Section 5(a)…
On March 9, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray held oral arguments in the first appeal of a CFPB administrative enforcement action. Both counsel for the CFPB and Respondents PHH Mortgage Corporation and Atrium Insurance Corporation appealed to Cordray from the Administrative Law Judge’s (ALJ) Recommended Decision,…