On July 13, 2023, the CFPB and various state attorneys general, along with California’s Department of Financial Protection and Innovation, filed an adversary proceeding against a sales training company for deceptive marketing and debt collection practices relating to the company’s allegedly illegal student loan program. The eight-count complaint, filed in the United States Bankruptcy Court…
On May 1, 2023, the Consumer Financial Protection Bureau (CFPB) issued a report and a proposed rule to clarify and strengthen its regulation of so-called Property Assessed Clean Energy (PACE) financing. PACE. PACE financing is home improvement financing secured by a tax lien, rather than a mortgage. See 15 U.S.C. 1639C(b)(3)(C)(i)….
On Tuesday, April 11, 2023, a three-judge panel of the United States Court of Appeals for the Third Circuit affirmed the dismissal of a putative class action alleging that JP Morgan Chase Bank, N.A. (Chase) failed to itemize annual fees on its credit card renewal notices in violation of the…
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…
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 April 1, 2022, the Federal Trade Commission (FTC) announced that it reached a settlement with a group of Illinois-based auto dealers to resolve allegations that they had violated Sections 13(b) and 19 of the Federal Trade Commission Act (FTCA), 15 U.S.C. § 53(b), 57b, the Truth in Lending Act (TILA), 15 U.S.C. §§ 1601-1666j,…
On September 7, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a group of affiliated education financing companies that provided students with income share agreements (ISAs) to finance postsecondary education. The consent order resolves allegations that the companies violated the Consumer Financial Protection Act (CFPA), Regulation Z…
On April 27, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a reverse mortgage broker and lender, resolving allegations that the company violated the Mortgages Acts and Practices Advertising Rule (MAP Rule), Regulation Z, and the Consumer Financial Protection Act (CFPA)…
On January 15, 2021, the Consumer Financial Protection Bureau (CFPB) announced it had filed suit in the United States District Court for the District of Connecticut against a Connecticut-based mortgage company and three individual defendants for alleged violations of the Truth in Lending Act (TILA), the Fair Credit Reporting Act (FCRA), the Equal Credit Opportunity Act…
On August 4, 2020, the Pennsylvania Office of Attorney General (Pennsylvania AG) announced that it reached a settlement with a company providing financing to consumers seeking student-loan debt relief. According to the Pennsylvania AG, the company violated the Pennsylvania Consumer Protection Law and the federal Truth in Lending Act (TILA) through its alleged…
On July 24, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it entered consent orders (here and here) against two California-based mortgage lenders, resolving allegations that the lenders violated the Truth in Lending Act (TILA), 15 U.S.C. §§ 1601–1667f, and its implementing regulation, Regulation Z, 12 C.F.R. § 1026.24;…
On May 22, 2020, the Federal Trade Commission (FTC) announced that it had obtained a temporary restraining order against a payday lending enterprise for alleged violations of the Federal Trade Commission Act, the Telemarketing Sales Rule, the Truth in Lending Act and Regulation Z, and the Electronic Funds Transfer Act and…
On June 2, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had reached a settlement with multiple related companies based in Tennessee that offer payday and auto-title loans. The CFPB alleged that the companies made deceptive disclosures, failed to refund overpayments on its loans, and engaged in unfair…
On April 1, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an installment-loan lender, resolving allegations that the lender violated the Consumer Financial Protection Act (CFPA), 12 U.S.C. §§ 5531(a), 5536(a)(1)(B), Fair Credit Reporting Act (FCRA), 15 U.S.C. §§ 1681 et seq….
On March 9, 2020, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against a national bank in the U.S. District Court for the Northern District of Illinois alleging that the bank opened unauthorized accounts and enrolled customers in unauthorized products and services without consumers’ knowledge or consent. According to the CFPB’s complaint, the…
On January 30, 2020, the CFPB filed a complaint against a national bank in the U.S. District Court for the District of Rhode Island. The complaint alleges that the bank violated the Truth in Lending Act (TILA), 15 U.S.C. § 1601 et seq., TILA’s implementing Regulation Z, 12 C.F.R. pt. 1026, and the Consumer…
On January 17, 2020, the Federal Trade Commission (FTC) settled with several operators of a credit repair scheme for alleged violations of sections 13(b) and 19 of the FTC Act, 15 U.S.C. §§ 53(b) and 57b, Section 410(b) of the Credit Repair Organizations Act (CROA), 15 U.S.C. § 1679h(b), Section 6(b) of the…
On January 10, 2020, the New York Department of Financial Services (DFS) announced that, in concert with the New York Attorney General (New York AG), it had entered into a consent order and settlement with an unlicensed mortgage-lending business to resolve allegations that the business illegally made predatory, subprime loans in…
On November 25, 2019, the Consumer Finance Protection Bureau (CFPB) filed concurrent consent orders against a Kentucky-based military travel loan lender (here) and its loan servicer (here). The lender sold and financed airline tickets to military servicemembers and their families from 2010-2016 by both facilitating financing by other creditors and originating loans itself. The CFPB…
On September 12, 2019, the Federal Trade Commission (FTC) that it had settled lawsuits against the operators of two alleged student loan debt relief schemes, and a financing company that assisted them, alleging that they had bilked millions of dollars from consumers. The FTC alleged that the defendants violated the…