On February 16, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it is updating its internal supervisory appeals process for institutions seeking to appeal a compliance rating or an adverse material finding. If a supervised entity disagrees with a compliance rating or any other adverse finding after…
On January 8, 2024, the Office of Inspector General (OIG) issued an Evaluation Report (Report) concluding that the Consumer Financial Protection Bureau (CFPB or Bureau) should “enhance certain aspects of its enforcement investigations process.” The Report focuses on the efficiency of the CFPB’s Office of Enforcement’s (Enforcement) process for carrying out…
On August 17, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had taken action against a residential mortgage loan originator that provided illegal incentives to real estate brokers and agents in exchange for mortgage loan referrals. The CFPB also penalized a real estate brokerage firm that accepted kickbacks…
On June 12, 2023, an Eleventh Circuit panel issued an opinion affirming a sanctions order against the Consumer Financial Protection Bureau (CFPB) premised on the CFPB’s “derail[ment]” of multiple depositions in contravention of the district court’s instructions. See Consumer Financial Protection Bureau v. Brown, Case 21-14468 (11th Cir. June 12,…
On Tuesday, April 11, 2023, a three-judge panel of the United States Court of Appeals for the Third Circuit affirmed the dismissal of a putative class action alleging that JP Morgan Chase Bank, N.A. (Chase) failed to itemize annual fees on its credit card renewal notices in violation of the…
In September 2022, the Consumer Financial Protection Bureau (CFPB) released a special edition of Supervisory Highlights regarding recent examination findings related to student loan servicing. The Supervisory Highlights focus on three sets of “significant supervisory findings:” (i) blanket policies to withhold transcripts in connection with an extension of credit are abusive…
In August 2022, the Consumer Financial Protection Bureau (CFPB) published a circular confirming that, under certain circumstances, entities may “violate the prohibition on unfair acts or practices in the Consumer Financial Protection Act (CFPA) when they have insufficient data protection or information security.” The circular sets forth the CFPB’s analysis…
On July 28, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order against a large bank (the Bank), claiming that the Bank created sales pressure on its employees that encouraged employees to illegally access customer credit reports and to open checking and savings accounts, credit cards, and lines…
On March 1, 2022, the Consumer Financial Protection Bureau (CFPB) issued a report titled Medical Debt Burden in the United States (Report) highlighting the complicated and burdensome nature of the medical billing system in the United States. In the Report, the CFPB attributes its heightened interest in medical debt collections…
On January 26, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services (RFI). In the RFI, the CFPB seeks public feedback regarding fees that are not subject to competitive pricing in order to assist the CFPB…
On January 6, 2021, the Second Circuit issued an order criticizing and declining to adopt a Third Circuit ruling regarding the scope of the term “unsolicited advertisement” under the Telephone Consumer Protection Act (TCPA). In Katz v. Focus Forward, LLC, No. 21-1224-cv, the Second Circuit affirmed the judgment of the…
In August 2021, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Board of Governors of the Federal Reserve System (the Federal Reserve and, collectively with the OCC and the FDIC, the Agencies) released a joint bulletin titled “Conducting Due Diligence on…
On July 12, 2021, the Consumer Financial Protection Bureau (CFPB) issued a consent order (the Consent Order) against a Fintech company that facilitates home improvement loans (the Fintech). The CFPB claims that the Fintech enabled “contractors and other merchants to take out loans on behalf of thousands of consumers who…
On June 3, 2021, the Second Circuit ruled that the New York State Department of Financial Services (DFS) lacked legal standing to challenge the Office of the Comptroller of the Currency’s (OCC’s) fintech charter program. The Second Circuit concluded that DFS lacked Article III standing because it failed to allege…
On May 3, 2021, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) sent notification letters reminding the nation’s largest apartment landlords of federal protections in place to keep tenants in their homes and stop the spread of COVID-19. The Notification Letter points to the Centers for Disease…
On March 19, 2021, the Consumer Financial Protection Bureau (CFPB) released its annual report to Congress regarding its administration of the Fair Debt Collection Practices Act (FDCPA). The CFPB and the Federal Trade Commission (FTC) share government enforcement responsibility for the FDCPA, and work together to coordinate their respective efforts…
On February 3, 2021, California’s Department of Financial Protection and Innovation (DFPI) announced that it has commenced its first formal enforcement action and launched a separate investigation into student loan debt relief companies. Goodwin previously provided an overview of three new California consumer finance laws that became effective in January 2021,…