On January 30, 2025, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an international remittance company regarding the company’s use of deceptive advertising for fee amounts and failure to properly disclose applicable fees, in violation of both the Consumer Financial Protection Act (CFPA) and the Electronic Fund…
On January 17, 2025, the CFPB announced that it had entered into a consent order with a credit reporting agency to resolve allegations that the agency violated the Fair Credit Reporting Act (FCRA) and the Consumer Financial Protection Act (CFPA) by purportedly conducting unreasonable investigations into consumer credit reporting disputes. In its consent order,…
On January 16, 2025, the CFPB announced that it entered into a stipulated proposed final judgment to settle its suit against a student loan trust, in which the CFPB alleged that the trust engaged in deceptive acts in violation of the Consumer Financial Protection Act (CFPA) by filing improper debt collection suits against student borrowers….
On January 7, 2025, the Consumer Financial Protection Bureau (“CFPB”) filed a complaint against a nationwide consumer reporting agency (“Agency”) under the Fair Credit Reporting Act (“FCRA”) and the Consumer Financial Protection Act of 2010 (“CFPA”). The CFPB claims that the Agency inadequately reinvestigated consumer disputes that challenged the information found in consumer…
The Consumer Financial Protection Bureau (“CFPB”) filed a complaint against a manufactured home loan company (the “Company”) on January 6, 2025, alleging that it originates loans that borrowers are unlikely to be able to repay in order to sell more homes, resulting in additional fees, penalties, and sometimes the loss of their…
On December 6, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had filed suit against a bank subsidiary of a financial services company for allegedly disconnecting customer service calls, charging illegal ATM fees, misleading fraud victims, imposing illegal terms of service on consumers seeking to stop payments, failing to investigate account…
On December 4, 2024, the CFPB announced that it entered into a proposed stipulated judgment with a student loan servicer and its owner, resolving allegations that the student loan servicer violated the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act (CFPA). According to the judgment, the servicer at issue and its owner illegally…
On October 17, 2024, the Consumer Finance Protection Bureau (CFPB) announced that it had filed an action in the U.S. District Court for the Southern District of New York against an online lender of student loans, its wholly-owned subsidiaries, and the owners and operators of those entities (collectively, the Company)…
On November 7, 2024, the CFPB announced that it had entered into a consent order with a major credit union resolving allegations that the credit union improperly assessed overdraft fees against consumers. The credit union agreed to pay nearly $95 million to resolve the allegations. In its consent order, the CFPB alleged that…
On October 31, 2024, the CFPB announced that it had entered into a consent order with a credit union, resolving allegations that the union had ineffectively rolled out a new online banking platform that left consumers without adequate access to basic banking functions, and thereby inflicted financial harm. In May 2022, the credit union attempted to launch…
On October 15, 2024 the CFPB and DOJ announced they had jointly filed a complaint and consent order against a mortgage company over allegations of racial discrimination in Birmingham, Alabama. The joint complaint alleged that the company engaged in unlawful discrimination by “redlining majority-Black and high-Black areas in Birmingham” and engaging in acts that would discourage applicants…
On September 13, 2024. the CFPB brought suit in the Western District of Pennsylvania against the nonbank offeror of a consumer credit card and its CEO alleging that the terms of the company’s credit card violated the Consumer Financial Protection Act, the Truth In Lending Act, and Regulation Z. According to the…
On September 12, 2024, the CFPB announced that it entered into a stipulated proposed order with a large student loan servicer resolving allegations that the servicer forced borrowers into costly repayment options. Under the proposed order, the servicer would cease its servicing federal direct loans. In a January 2017 complaint, the CFPB accused the…
On September 11, the CFPB announced that it had entered into a consent order with a national bank resolving allegations that the bank reported inaccurate information to consumer reporting companies. The bank agreed to pay nearly $28 million to resolve these allegations. The CFPB alleged the bank violated the Fair Credit Reporting Act (FCRA) and the Consumer…
On September 11, 2024 the CFPB announced that it had entered into a consent order and stipulation with a national bank, resolving allegations that the bank repeatedly furnished inaccurate credit information, and that the bank knew of the inaccuracies for a year or more before correcting them in violation of the Fair Credit Reporting Act (FCRA),…
On August 21, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a Florida-based mortgage servicer, resolving allegations related to the mortgage servicer’s foreclosure practices. The consent order resolves allegations that the mortgage servicer’s foreclosure practices violated the Consumer Financial Protection Act of 2010 (CFPA), 12 U.S.C. §§ 5531, 5536; the…
On July 26, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint against a point-of-sale financing company and its former chief executive officer in the United States District Court for the District of Utah. The complaint alleges that defendants’ “virtual rent-to-own” product uses misleading marketing and abusive enrollment practices that target consumers with…
On July 9, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it filed a proposed stipulated final judgment and order in its suit against a national bank accused of allegedly opening unauthorized accounts on behalf of consumers. The proposed judgment would resolve allegations that the bank opened unauthorized accounts in the names of its customers. As…
On June 18, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has entered into consent orders with two companies totaling $16.5 million in civil penalties and consumer redress, resolving allegations that those companies failed to properly service reverse mortgages. The CFPB alleged both companies violated the Consumer Financial Protection Act…
On May 31, 2024, the CFPB announced that it had filed suit against a Pennsylvania-based student loan servicer for engaging in allegedly unfair, deceptive and abusive acts or practices in violation of the CFPA, 12 U.S.C. §§ 5531, 5536(a)(1)(B), and for failing to establish reasonable credit reporting procedures in violation of Regulation V, 12…