On August 2, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national bank, resolving allegations as to the bank’s allegedly unlawful credit reporting activities. According to the CFPB, the bank violated several federal laws with respect to its reporting practices, including the Fair Credit Reporting Act, 15…
On June 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it filed two complaints and proposed final judgments against four California-based credit repair companies for misleading consumers and charging illegal fees. The CFPB alleged that the companies charged illegal advance fees for credit repair services and misrepresented their ability to repair…
On April 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced the filing of a suit against four online lenders alleging that the lenders illegally collected debts on invalid loans. The complaint alleged violations of the Consumer Financial Protection Act (CFPA), 12 U.S.C. §§ 5531(a), 5536(a), and 5564(a), and the Truth in Lending Act (TILA),…
On April 17, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a complaint in the U.S. District Court for the Northern District of Ohio against an Ohio-based debt collection law firm, alleging violations of the Fair Debt Collection Practices Act (FDCPA) and Consumer Financial Protection Act (CFPA). The…
On March 23, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a California-based credit reporting agency (CRA) and its subsidiaries, resolving allegations that the CRA deceived consumers by misrepresenting that the credit score reports that it marketed to consumers were used by lenders in determining a consumer’s credit worthiness….
On February 2, 2017, the Consumer Financial Protection Bureau (CFPB) and the Attorney General for the Commonwealth of Virginia (Virginia AG) announced the filing of a complaint and a stipulated consent order in the United States District Court for the Eastern District of Virginia against a Virginia-based pawn broker for allegedly deceiving consumers…
On February 1, 2017, the Consumer Financial Protection Bureau (CFPB) announced a settlement with a credit card service provider and a credit card provider over a disruption of service for prepaid credit card consumers. According to the CFPB, the credit card provider marketed its prepaid credit card to consumers nationally as a way to get…
On January 30, 2017, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the United States District Court for the Central District of California against several debt relief law firms and individual attorneys based in Orange County, California and Kansas City, Kansas. The CFPB brought the action under the Telemarketing and Consumer Fraud and Abuse…
On January 20, 2017, the Ninth Circuit affirmed a trial court ruling that ordered three tribal lending entities to comply with the Consumer Financial Protection Bureau’s (CFPB) civil investigative demands. The CFPB’s investigation concerns whether small-dollar online lenders or similar persons had engaged in illegal advertising, marketing, or collection practices in…
On January 23, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a mortgage servicer, resolving alleged violations of the Real Estate Settlement Procedures Act (RESPA), the Fair Credit Reporting Act (FCRA), and the Consumer Financial Protection Act’s (CFPA) prohibition on deceptive acts or practices….
On January 23, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a mortgage servicer, resolving allegations that the servicer violated the Real Estate Settlement Procedures Act (RESPA) and the Consumer Financial Protection Act (CFPA). The CFPB alleged that, during 2014, the servicer informed borrowers seeking loss mitigation…
On January 19, 2017, the CFPB announced it filed a suit against a Minnesota bank, alleging the bank deceived consumers into purchasing overdraft services. The CFPB alleged that the bank, which operates throughout Minnesota, Wisconsin, Illinois, Michigan, Colorado, Arizona, and South Dakota, made it seem mandatory to purchase overdraft protection…
On January 3, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into two consent orders, available here and here, with two national credit reporting agencies over allegations that the agencies violated the Consumer Financial Protection Act by misrepresenting how lenders use certain credit scores that the agencies…
On December 20, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a mid-Atlantic financing company over allegations that the company entered into revolving-credit agreements with consumers without providing adequate disclosures. The consent order alleged that the company violated the Electronic Fund Transfer Act…
On December 19, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it had filed actions against four separate Virginia-based pawnbrokers for alleged violations of the Truth in Lending Act (TILA) and Consumer Financial Protection Act (CFPA). The nearly identical Complaints allege that the pawnbrokers misled consumers by enticing them…
On December 16, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order relating to a Seattle-based payday lender and check-cashing company’s allegedly deceptive online advertisements and collection letters. The consent order alleges that the company violated sections 1031(a) and 1036(a)(1)(B) of the Consumer Financial Protection Act of 2010 (CFPA), 12 U.S.C. §§ 5531(a), 5536(a)(1)(B),…
On December 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into consent orders with three different reverse mortgage companies concerning alleged violations of the Consumer Financial Protection Act (CFPA) and Regulation N’s prohibitions on making material misrepresentations as to any “mortgage credit product.” The first consent order…
On November 28, 2016, the Consumer Financial Protection Bureau announced that it issued a compliance bulletin warning regulated financial companies about the use of employee incentive programs in providing their financial products to consumers. The Bureau advised that these types of programs, if run unchecked or with excessive sales goals,…
On November 21, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit in the U.S. District Court for the District of Maryland against a structured settlement company and certain of the company’s principals, alleging that the company violated the Consumer Financial Protection Act (CFPA) by defrauding lead paint victims. According to the…
On November 3, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against a Virginia pawnbroker, alleging that the pawnbroker violated the Truth in Lending Act (TILA) and Consumer Financial Protection Act (CFPA) by failing to disclose an annual percentage rate (APR) on its closed-end pawn contracts. According…