Search Results: Lender Law

CFPB Issues Consent Order Against Fintech for Enabling Merchants to Secure Loans for Consumers Without Their Authorization

On July 12, 2021, the Consumer Financial Protection Bureau (CFPB) issued a consent order (the Consent Order) against a Fintech company that facilitates home improvement loans (the Fintech).  The CFPB claims that the Fintech enabled “contractors and other merchants to take out loans on behalf of thousands of consumers who…

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CFPB Finalizes Amendments to Regulation X to Protect Borrowers Against Forthcoming Increase In COVID-19 Foreclosures

On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) finalized amendments to the implementing regulation of the Real Estate Settlement Procedures Act (RESPA), Regulation X, which would establish temporary protections for mortgage borrowers as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and various Federal and State…

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Seventh Circuit Yet Again Reaffirms Spokeo Principle That Bare FDCPA Violation Is Not Actionable

On May 14, 2021, the Seventh Circuit United States Court of Appeals issued a decision reaffirming the rule from “a slew of cases” that, without injury, a Fair Debt Collection Practices Act (FDCPA) claim alleging a bare procedural violation is not actionable.  The case—Markakos v. Medicredi, Inc., No. 20-2351—involved an…

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CFPB Sends Notification Letters to Landlords Regarding COVID-19 Evictions

On May 3, 2021, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) sent notification letters reminding the nation’s largest apartment landlords of federal protections in place to keep tenants in their homes and stop the spread of COVID-19.   The Notification Letter points to the Centers for Disease…

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CFPB Seeks to Hold Mortgage Servicers Accountable, and Establish New Mechanisms for Protecting Borrowers, Against Forthcoming Increase In COVID-19 Foreclosures

This month the Consumer Financial Protection Bureau (CFPB) doubled-down on its earlier warning that the end of 2021 could see widespread foreclosures as COVID-19-related protections expire, by issuing guidance to mortgage servicers, and a notice of proposed rulemaking, regarding actions mortgage servicers can take to deal with the onslaught.  On…

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CFPB Releases Annual Report on Administration of the Fair Debt Collection Practices Act

On March 19, 2021, the Consumer Financial Protection Bureau (CFPB) released its annual report to Congress regarding its administration of the Fair Debt Collection Practices Act (FDCPA).  The CFPB and the Federal Trade Commission (FTC) share government enforcement responsibility for the FDCPA, and work together to coordinate their respective efforts…

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CFPB to Delay, Revisit Qualified Mortgage Rules

The Consumer Financial Protection Bureau (CFPB) issued a statement on February 23, 2021 addressing compliance deadlines associated with qualified mortgage regulations completed under former Director Kathleen Kraninger.  In its statement, the CFPB said that it may amend or revoke the Seasoned Qualified Mortgage (QM) Final Rule and expects to issue…

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Eleventh Circuit Holds Administrative Feasibility is Not a Requirement for Class Certification

On February 2, 2021, the United States Court of Appeals for the Eleventh Circuit issued a significant decision holding that a putative class representative does not need to establish an administratively feasible method to identify absent class members as a pre-requisite for class certification under Federal Rules of Civil Procedure…

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California’s DFPI Launches Investigation and First Formal Enforcement Action

On February 3, 2021, California’s Department of Financial Protection and Innovation (DFPI) announced that it has commenced its first formal enforcement action and launched a separate investigation into student loan debt relief companies.  Goodwin previously provided an overview of three new California consumer finance laws that became effective in January 2021,…

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California's Mini-CFPB Enters into Memorandums of Understanding with Earned Wage Access Fintech Companies

In January 2021, the new California Department of Financial Protection and Innovation (DFPI) entered into memorandums of understanding (MOUs) with five earned wage access fintech companies so that these companies can continue to operate in California while providing consumers with protection against abusive practices.  The DFPI, often referred to as…

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