Search Results: CFPB

CFPB Enters Into $1 Million Consent Order with Nonbank Mortgage Lender

On February 27, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order​​ with a mortgage lender, resolving allegations that the lender engaged in “a series of repeat offenses,” including violating a 2015 order prohibiting the lender from engaging in allegedly deceptive advertising.  According to the CFPB, the lender sent advertisements to…

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CFPB Enters Into $15 Million Settlement with Auto Lender

On February 23, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order​ with an auto lender based in Georgia.  The order resolves allegations that the lender engaged in unfair practices and predatory lending as to military families on auto title loans in violation of the Consumer Financial Protection Act (CFPA), 12…

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Goodwin Year-In-Review Confirms 2022 Was a Regulatory Harbinger of What is in Store for The Consumer Finance Industry In 2023

Global law firm Goodwin today announced the release of its seventh annual Consumer Finance Year in Review. Produced by the firm’s Consumer Financial Services Litigation and Enforcement + Government Investigations practices, and authored by partners Anthony Alexis, Sabrina Rose-Smith, Kyle Tayman, Levi Swank, Matt Riffee, and Christina Hennecken, the in-depth…

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Court Dismisses CFPB’s ECOA Action Alleging Discrimination Against Prospective Applicants Against Nonbank Lender

On February 3, 2023, the United States District Court for the Northern District of Illinois granted Defendants Townstone Financial, Inc., a mortgage broker/lender, and Barry Sturner’s, Townstone’s owner, motion to dismiss the Consumer Financial Protection Bureau’s (CFPB or Bureau) redlining complaint brought under the Equal Credit Opportunity Act (ECOA), ECOA’s…

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CFPB Seeks Dismissal of Complaint Filed by the U.S. Chamber of Commerce Challenging the CFPB's Update to the UDAAP Section of Its Examination Manual

On December 23, 2022, the Consumer Financial Protection Bureau (CFPB) moved for dismissal, or in the alternative partial summary judgment, of the complaint filed by the U.S. Chamber of Commerce in September 2022 in the Eastern District of Texas that challenges the CFPB’s update to the Unfair, Deceptive, or Abusive…

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CFPB Proposes Rule That Nonbanks Must Publicly Register with CFPB When They Use Certain Terms and Conditions in Form Contracts

On January 11, 2023 the Consumer Financial Protection Bureau (CFPB) proposed a rule (“Proposed Rule”) that would require “most nonbanks subject to the Bureau’s supervisory authority” to “register annually in [a] system” that is created and operated by the CFPB when their form contracts “use certain terms or conditions that…

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CFPB Reaches Proposed Settlement With Financial Service Company for Allegedly Offering Fake High-Yield Bank Accounts

On December 1, 2022 the Consumer Financial Protection Bureau (CFPB) announced that it had reached a proposed settlement ​with a Delaware-based financial services company to resolve allegations it made false representations to consumers in violation of the Consumer Financial Protection Act (CFPA). In the underlying complaint filed in the U.S. District Court for the Southern…

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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 Proposes Rule That Nonbanks Subject to Certain Public Orders Must Publicly Register with CFPB As a Means of Detecting “Repeat Offenders”

On December 12, 2022, the Consumer Financial Protection Bureau (“CFPB”) proposed a rule (“Proposed Rule”) that would require non-bank financial institutions to register with the CFPB when they become subject to certain final public orders by a Federal, State, or local government agency in connection with the offering or provision…

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