Search Results: CFPA

CFPB Enters Into Consent Order with For-Profit Coding School

Piggy Bank with a Graduation Cap

​On April 17, 2024, the Consumer Finance Protection Bureau (CFPB) announced ​that it had entered into a consent order​ with BloomTech Inc., d/b/a Bloom Institute of Technology (BloomTech), and BloomTech’s CEO, Austen Allred, resolving allegations that the company’s practices with respect to income-share agreements (ISAs) violated various consumer protection statutes.  BloomTech, formerly known…

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CFPB Issues Consent Order Against Credit Reporting Agency For Alleged Failures to Timely Place Credit Freezes And Locks On Conumser Reports

​​On October 12, 2023, the Consumer Financial Protection Bureau (CFPB) issued a consent order and a stipulation ​against a parent credit reporting agency and two of its subsidiaries for for alleged violations of the Fair Credit Report Act (FCRA) and the Consumer Financial Protection Act (CFPA). The CFPB alleged that as early as…

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Bureau Sues Lease-to-Own Company for its Financing Options to Asset Limited Consumers

On July 19, 2023, the Consumer Financial Protection Bureau (“CFPB”) sued Snap Finance LLC, Snap R TO LLC, Snap Second Look LLC, Snap U.S. Holdings LLC, and Snap Finance Holdings LLC (collectively, the Snap Defendants or Snap).  The complaint alleged that the Snap Defendants violated the: Consumer Financial Protection Act…

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CFPB Reaches $20 Million Consent Order with Lender Over Optional Add-On Products

On May 31, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an Indiana-based non-bank installment lender. ​​The consent order alleges that the lender engaged in unfair, deceptive, and abusive acts or practices concerning the “marketing, sales, and financing of optional ancillary products” that it offered. ​Specifically, the…

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CFPB Warns Banks that Unilaterally Opening Closed Bank Accounts Could Be a Federal Law Violation

On Monday May 10, 2023, the Consumer Financial Protection Bureau (CFPB or the Bureau) released a circular regarding the Bureau’s newest guidance that if a “financial institution unilaterally reopens [deposit] accounts to process debits or deposits, it can constitute an unfair practice under the [Consumer Financial Protection Act of 2012]…

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CFPB and New York AG Announce Joint Enforcement Action Against Auto Lender

On January 4, 2023, the Consumer Financial Protection Bureau (CFPB) and New York State Office of the Attorney General (NY AG) announced a joint enforcement action against one of the country’s largest publicly-traded indirect auto lenders. The 8​​​​-count complaint​, filed in the United States District Court for the ​Southern District of New York,…

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CFPB Reaches $3.7 Billion Settlement With National Bank to Resolve Alleged UDAAP Violations

On December 20, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a large national bank to resolve alleged violations of the Consumer Financial Protection Act’s (CFPA) prohibition of unfair, deceptive, and abusive acts or practices, 12 U.S.C. §§ 5531 and 5536. According to the…

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CFPB Enters Into $950,000 Consent Order With Non-Bank Remittance Transfer Provider

On October, 4, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it reached a settlement with a non-bank remittance transfer provider to resolve alleged violations of the Electronic Fund Transfer Act (EFTA), 15 U.S.C. § 1693 et seq., and its implementing Regulation E, 12 C.F.R. Part 1005, including Subpart B (known as the Remittance…

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State AGs Sue Personal Lending Company Over Hidden Add-Ons

On August 16, 2022, the Pennsylvania Attorney General announced that a group of attorneys general for the Commonwealth of Pennsylvania, the States of New Jersey, Oregon, Utah, and Washington, and the District of Columbia (collectively, “the AGs”) ​had filed a multistate lawsuit against a personal lending company for allegedly charging consumers for “hidden add-on products” in violation of various…

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CFPB Enters Into $37.5 Million Penalty With Large National Bank

On July 28, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a large national bank to resolve alleged violations of the Truth in Lending Act (TILA), 15 U.S.C. § 1601 et seq., and its implementing regulation, Regulation Z (Reg Z), 12 C.F.R. part 1026; the Fair Credit…

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CFPB and DOJ Reach $24.4 Million Settlement with Mortgage Originator for Alleged Lending Discrimination

On July 27, 2022, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) announced that they reached a settlement with a nonbank residential mortgage lender to resolve allegations of race-based lending discrimination in violation of the Fair Housing Act (FHA), 42 U.S.C. §§ 3601-3619; the Equal Credit Opportunity Act…

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CFPB Settles with Auto Lender for $19 Million to Resolve Alleged FCRA Violations

​On July 26, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it settled with a California-based auto lender who purchases and services retail installment contracts and vehicle leases for an affiliated automaker.  The settlement resolves alleged violations of the Fair Credit Reporting Act (FCRA), 15 U.S.C. §§ 1681 et seq., and…

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CFPB and NY AG Reach $4 Million Settlement with Debt Collectors

On May 23, 2022, the Consumer Financial Protection Bureau (CFPB) and the New York Attorney General (NY AG) announced that they have settled a case filed against six New York debt collection companies and affiliated individuals, resolving a one-and-a-half year enforcement action.  The original complaint ​was filed on September 20, 2020 in the U.S. District Court for the Western…

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CFBP and NY AG Sue Global Payment Company

On April 21, 2022, the Consumer Financial Protection Bureau (CFPB) anno​unced ​a joint enforcement action with the New York Attorney General (NY AG) against one of the largest international remittance providers in the United States. The seven-count complaint, filed in U.S. District Court for the Southern District of New York, challenges the Dallas-based company’s remittance…

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CFPB Files Lawsuit Against TransUnion for Deceptive Marketing

On April 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced ​that it filed a lawsuit against TransUnion and the company’s former executive.  The complaint​, filed in the U.S. District Court for the Northern District of Illinois, alleges that TransUnion violated a 2017 CFPB consent order which resolved allegations that the company deceptively marketed credit scores…

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Goodwin Webinar on CFPB Supervisory and Enforcement Priorities

On April 5th, Goodwin attorneys hosted a webinar discussing the Consumer Financial Protection Bureau’s (CFPB) changes to its supervisory and enforcement priorities with respect to unfair, deceptive, or abusive acts or practices (UDAAPs) under the Consumer Financial Protection Act (CFPA). To recap what was discussed: Download our presentation materials. Watch…

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