On February 23, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national bank, resolving allegations that the bank inaccurately reported interest rate information on credit card debts sold to debt purchasers, failed to remit payments made by consumers to debt purchasers,…
On February 23, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into consent orders with a national bank, two of its affiliates, and two debt collection law firms over allegations that the debt collection law firms altered affidavits filed in New Jersey courts. The consent orders allege that…
On January 21, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into an administrative consent order with a Colorado “buy here, pay here” used car dealer related to its auto loan financing practices between January 2012 and May 2014. The consent order alleged that the auto dealer hid the total cost of…
On December 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a Georgia-based law firm over allegations that the law firm used improper and abusive debt collection tactics in violation of the Fair Debt Collection Practices Act (FDCPA) and the Consumer Financial Protection Act (CFPA). The…
On December 16, 2015, the CFPB announced the sixth annual report to Congress on college credit card agreements, pursuant to the Credit Card Accountability, Responsibility, and Disclosure Act (“CARD Act”). In the press release, the CFPB expressed concern that while credit card agreements between financial institutions and colleges may “offer…
On December 17, 2015, the CFPB announced a consent order and settlement with a Minnesota-based auto dealer and its affiliated financing company regarding their credit reporting practices in 15 states. The consent order asserts that the companies violated the Fair Credit Reporting Act (FCRA) and the Consumer Financial Protection Act…
On December 16, 2015, the CFPB announced a consent order and settlement with a small-dollar lender concerning its debt collection practices in 15 states. According to the consent order, the lender’s unlawful conduct allegedly included: in-person collection visits at consumers’ homes and workplaces and phone calls to supervisors, landlords, and…
On October 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it entered an administrative consent order against an Ohio-based auto lender that specializes in loans to military servicemembers. The CFPB consent order, and the companion stipulated order issued by the U.S. District Court for the Southern District of Ohio, resolve…
On October 28, the Consumer Financial Protection Bureau (CFPB) announced that the U.S. District Court for the Northern District of Illinois entered a default judgment and order against affiliated for-profit colleges, resolving a complaint filed by the CFPB on September 16, 2014. The complaint alleged that the colleges provided “consumer financial…
On September 15, the Consumer Financial Protection Bureau (CFPB) announced that the U.S. District Court for the Southern District of Florida had issued two preliminary injunctions against affiliated national debt relief providers and their officers stemming from a lawsuit filed by the CFPB alleging that the debt relief providers misrepresented the nature of their…
On September 10, the Consumer Financial Protection Bureau (CFPB) filed a final order settling claims against the CEO of a bankrupt debt relief company under the Consumer Financial Protection Act, Telemarketing and Consumer Fraud and Abuse and Prevention Act, and Telemarketing Sales Rule. The CEO admitted to charging upfront fees for the…
On September 9, the Consumer Financial Protection Bureau (CFPB) announced that it entered into consent orders with two large debt purchasers for alleged violations of the Fair Debt Collection Practices Act, Consumer Financial Protection Act, and Fair Credit Reporting Act. CFPB alleged that the companies purchased debts that they knew or…
On August 6, 2015, the Consumer Financial Protection Bureau (CFPB) issued an order denying a petition to modify or set aside a Civil Investigative Demand (CID) issued to an employee of a marketing company that generates and sells leads. According to the petition, the CID sought oral testimony to determine “whether…
On August 4, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced that it filed a complaint against several interrelated offshore companies accused of engaging in usurious lending. The complaint alleges that the companies originated, serviced and collected payday loans from consumers in all 50 states through the Internet. It is alleged that companies collected money…
On July 30, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a national mortgage servicing company, resolving claims that the servicer engaged in unfair and deceptive practices in violation of the Consumer Financial Protection Act. The CFPB alleged that the servicer failed to honor modifications…
On July 23, 2015, the Consumer Financial Protection Bureau (“CFPB”) filed a complaint and proposed consent order in the United States District Court for the Eastern District of California in connection with a settlement reached with a student loan lender that offered fee-based assistance to consumers filling out the federal government’s Free Application…
On July 22, 2015, the Consumer Financial Protection Bureau (“CFPB”) issued a consent order against a national bank and its affiliates for its servicing practices affecting private student loan borrowers. The order asserts that the bank violated various sections of the Consumer Financial Protection Act of 2010 (“CFPA”) and the Fair…
On July 21, 2015, the Consumer Financial Protection Bureau (“CFPB”) issued a consent order requiring a national bank and its subsidiaries to provide roughly $700 million in consumer relief due to the bank’s practices relating to its credit card services and add-on products. The consent order states that a CFPB review of the bank’s practices…
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 5, the Consumer Financial Protection Bureau (CFPB) announced that it entered a consent order with a state bank for alleged violations of the Loan Originator Compensation Rule under the Truth-in-Lending Act (TILA) and Consumer Financial Protection Act of 2010. The CFPB alleged that the bank paid loan originators based…