On September 29, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit in the United States District Court for the Southern District of New York against an online lender and 38 of its subsidiaries for alleged violations of the Military Lending Act (MLA), 10 U.S.C. § 987, and its implementing regulation, 32…
On September 28, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it ordered an Alabama bank to pay over $190 million to resolve allegations that it charged its customers surprise overdraft fees between August 2018 and July 2021. The CFPB alleges that the bank was charging consumers surprise overdraft fees, known as authorized-positive fees, on…
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 August 10, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a California Fintech company for allegedly engaging in deceptive acts and practices in violation of the Consumer Financial Protection Act. According to the CFPB, the company offered an automatic savings tool to customers through which customers would grant the…
On July 27, 2022, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) filed a complaint and proposed consent order in a federal district court alleging that a mortgage company intentionally discriminated against families living in majority-minority neighborhoods around Philadelphia in violation of the Fair Housing Act…
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…
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…
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…
On June 9, 2022, the CFPB announced that it had reached an agreement with the former owner of a student-loan debt relief company banning the owner from the debt-relief industry. The CFPB filed a complaint in U.S. District Court for the Southern District of California alleging that the individual violated the Consumer Financial Protection Act…
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…
On May 11, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had resolved an enforcement action against two debt-relief payment processors and one of their co-founders. The CFPB alleged the processors improperly collected debt relief fees from consumers, misled consumers about timing of fee payments, and sent illegal fee advancements to debt-relief companies….
On April 29, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it reached a settlement with the CEO of a student loan debt relief company to resolve alleged violations of the Telemarketing Sales Rule (TSR), 16 C.F.R. Part 310, and the Consumer Financial Protection Act of 2010 (CFPA), 12 U.S.C. §§ 5531(a),…
On April 21, 2022, the Consumer Financial Protection Bureau (CFPB) announced 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…
On April 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in federal court against TransUnion, two of its subsidiaries, and its longtime executive for failing to implement requirements of the CFPB’s 2017 law enforcement order to TransUnion, and for violating Regulation V, which…
On April 7, 2022, the Consumer Financial Protection Bureau (CFPB) announced it is proposing a rule that would assist survivors of human trafficking in achieving financial independence. The proposed rule would aid survivors of human trafficking seeking to open bank accounts, access credit, and gain employment, by preventing credit reporting…
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…
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…
On March 30, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a student-loan servicer for alleged deceptive acts and practices in violation of the CFPA, 12 U.S.C. §§ 5531(a), 5536(a)(1)(B). The CFPB alleged that the servicer made deceptive statements to student loan borrowers and misrepresented their…
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 February 18, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin and Policy Guidance (Bulletin) regarding the servicing of Federal student loans for borrowers who may be eligible under the recently-issued Public Student Loan Forgiveness (PSLF) Waiver. The CFPB announced that it will be closely reviewing student…