On November 5, 2020, the Federal Register published five federal financial regulatory agencies’ invitation for comment on a notice of proposed rulemaking (NPR) that would codify the agencies’ Interagency Statement Clarifying the Role of Supervisory Guidance, as amended, which was issued on September 11, 2018 (2018 Statement). The 2018 Statement…
On August 31, 2020, the Office of Information and Regulatory Affairs (OIRA), an arm of the Office of Management and Budget (OMB) within the Executive Branch, issued a memorandum (M-20-31 memorandum) directing the heads of federal executive departments and agencies to revise their procedures and practices in light of “the…
On September 15, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had filed a proposed stipulated judgment against a Delaware statutory trust after a settlement agreement was reached between the trust and forty-seven states plus the District of Columbia. The trust was created to purchase and hold beneficial…
On September 16, 2020, the New York Department of Financial Services (“DFS”) announced it filed a statement of charges against a debt collector over the debt collector’s alleged failure to comply with New York State’s Debt Collection Regulation, Part 1 of Title 23 of the New York Codes, Rules, and…
On September 14, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had entered into a consent order with a mortgage broker and lender that advertises and offers mortgage loans guaranteed by the United States Department of Veterans Affairs (VA) through direct-mail advertisements sent primarily to United States military…
On September 14, 2020, New York Attorney General Letitia James announced that she secured protections for thousands of student borrowers who defaulted on student loans and who were allegedly subject to misleading and unlawful actions by one of the nation’s largest debt collectors. The settlement agreement resolves an investigation of…
On July 27, 2020, Pennsylvania Attorney General Josh Shapiro announced that his office had obtained an important win in a decision from the United States Court of Appeals for the Third Circuit, as part of the Office of Attorney General’s ongoing court battle with the nation’s second-largest servicer of federal and private…
On July 24, 2020, the Federal Trade Commission (FTC) announced that it settled charges with the operators of a Florida-based company that allegedly defrauded financially-distressed and often older-adult consumers with deceptive robocalls. The proposed court order would ban the defendants from selling debt relief services and from all telemarketing based on…
On June 11, 2020, the North Dakota Office of the Attorney General (AG) announced that it had entered into an Assurance of Voluntary Compliance agreement with a California-based debt relief company, under which the company agreed to issue refunds to North Dakota consumers and to cease doing business in North…
On April 22, 2020, the California Department of Business Oversight (DBO) announced a settlement with a point-of-sale lender that offered consumers a “buy now, pay later” option for payment. The DBO alleged that these products were akin to lending, but were illegal loans because the lender did not have the…
On December 30, 2019, the Federal Trade Commission (FTC) announced that the U.S. District Court for the District of Nevada had ruled in its favor in a case against the operators of a mortgage scheme that deceived homeowners, which was filed in January 2018. Per the findings of the final…
On December 5, 2019, the Federal Trade Commission (FTC) announced that a federal court in Texas has halted the operations of a Voice over Internet Protocol (VoIP) service provider that allegedly played a key role in robocalling consumers to promote a credit card interest reduction scheme that bilked consumers out…
On September 12, 2019, the Federal Trade Commission (FTC) that it had settled lawsuits against the operators of two alleged student loan debt relief schemes, and a financing company that assisted them, alleging that they had bilked millions of dollars from consumers. The FTC alleged that the defendants violated the…
On July 11, 2019, the Federal Trade Commission (FTC) announced that it had obtained a temporary restraining order against defendants operating an alleged student loan debt relief scheme that, according to the FTC, tricked thousands of consumers by making false claims that it would service and pay down their student…
On July 11, 2019, the Massachusetts Office of Attorney General Maura Healey announced that a for-profit educational institution and its parent company would provide over $1.6 million in debt relief to settle claims that it did not provide its students with critical information on program job placement, loan repayment, and…
On July 9, 2019, the Consumer Financial Protection Bureau (CFPB) announced that it settled its lawsuit against the nation’s largest debt-settlement services provider for allegedly engaging in deceptive debt-settlement acts or practices. The company agreed to pay $20 million in restitution to affected consumers and a $5 million civil money penalty….
On April 11, 2019, the Maryland Attorney General’s Office (AG) announced that the AG’s Consumer Protection Division had filed charges against affiliated businesses and their owner (defendants) alleging that they had made unlicensed and usurious consumer loans in the form of “title loans” or “title pawns” secured by Maryland consumers’…
On January 16, the New York Department of Financial Services (DFS) announced that it fined a New York state-registered mortgage loan servicer $100,000 for failing to maintain two properties in New York under New York’s Abandoned Property Relief Act, which requires banks and mortgage services to fulfill certain maintenance obligations at…
On January 16, the Consumer Financial Protection Bureau (CFPB) and the State of New York announced that they had filed a consent order in the U.S. District Court for the Southern District of New York.to settle allegations that a jewelry retailer enrolled customers in credit cards and related products without their consent….
On December 28, 2018, the Massachusetts Division of Banks (“Division”) entered into a consent agreement with a licensed debt collector to resolve allegations that it had engaged in debt collection practices that were not compliant with applicable state law. The consent agreement follows a compliance examination of the company. The…