On September 15, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had filed a proposed stipulated judgment against a Delaware statutory trust after a settlement agreement was reached between the trust and forty-seven states plus the District of Columbia. The trust was created to purchase and hold beneficial…
On September 14, 2020, the Consumer Financial Protection Bureau (CFPB) announced a settlement in its eighth case arising out of the CFPB’s “sweep of investigations” of mortgage companies allegedly mailing deceptive advertisements for VA-guaranteed mortgages to servicemembers and veterans. According to the CFPB, the “ongoing sweep of investigations reflects the…
On September 21, 2020, the Consumer Financial Protection Bureau (CFPB) entered into a consent order with an auto loan servicer to resolve allegations that the company charged customers for loss damage waiver coverage without actually providing it. According to the CFPB, this practice was unfair under the Consumer Financial Protection Act,…
On September 16, 2020, the New York Department of Financial Services (“DFS”) announced it filed a statement of charges against a debt collector over the debt collector’s alleged failure to comply with New York State’s Debt Collection Regulation, Part 1 of Title 23 of the New York Codes, Rules, and…
On September 3, 2020, the California Department of Business Oversight (“DBO”) announced it had initiated an investigation into an auto title lender for possible violations of California’s state usury limits, through its relationship with an out-of-state bank. In 2020, the Company allegedly stopped making state-licensed auto loans in California and instead partnered…
On September 2, 2020, the Consumer Financial Protection Bureau (CFPB) announced it had entered into a consent order with a Delaware-based VA-mortgage lender, resolving allegations that the company had engaged in deceptive practices against servicemembers and veterans. The CFPB found that since April 2018 the Company had mailed current and former servicemembers misleading advertisements…
On September 1, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had issued a consent order against a Maryland-based corporation offering VA-guaranteed loans in twelve states. According to the consent order, the CFPB found the company had sent consumers millions of advertisements containing deceptive or misleading statements and inadequate disclosures, in violation of…
On September 1, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had issued a consent order against a Miami-based lender based on its deceptive advertisements to servicemembers and military veterans through direct-mail campaigns in eight states. According to the consent order, the CFPB found that the company had included false, misleading, and inaccurate…
On August 31, 2020, Massachusetts Attorney General Maura Healy (“Massachusetts AG”) announced that she had filed suit in Massachusetts state court against a national auto lender for allegedly making unfair and deceptive loans to thousands of Massachusetts consumers since 2013 and engaging in unfair debt collection practices. According to the Massachusetts AG, the company…
On September 14, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had entered into a consent order with a mortgage broker and lender that advertises and offers mortgage loans guaranteed by the United States Department of Veterans Affairs (VA) through direct-mail advertisements sent primarily to United States military…
On September 14, 2020, New York Attorney General Letitia James announced that she secured protections for thousands of student borrowers who defaulted on student loans and who were allegedly subject to misleading and unlawful actions by one of the nation’s largest debt collectors. The settlement agreement resolves an investigation of…
On September 8, 2020, the Consumer Financial Protection Bureau (CFPB) and the New York State Attorney General announced they filed a complaint against five New York debt-collection companies, along with the individual owners and managers of the firms. The complaint, filed in the Western District of New York, alleges the…
On September 8, 2020, the Consumer Financial Protection Bureau (CFPB) announced it filed a complaint against a group of California-based debt collection companies and their subsidiaries. The complaint, filed in the Southern District of California, alleges the defendants violated the terms of a 2015 consent order (the Order) with the…
On July 27, 2020, Pennsylvania Attorney General Josh Shapiro announced that his office had obtained an important win in a decision from the United States Court of Appeals for the Third Circuit, as part of the Office of Attorney General’s ongoing court battle with the nation’s second-largest servicer of federal and private…
On July 24, 2020, the Federal Trade Commission (FTC) announced that it settled charges with the operators of a Florida-based company that allegedly defrauded financially-distressed and often older-adult consumers with deceptive robocalls. The proposed court order would ban the defendants from selling debt relief services and from all telemarketing based on…
On August 24, 2020, the Federal Trade Commission (FTC) issued a press release announcing five Notices of Proposed Rulemaking and requesting public comment on their proposed changes to the rules that implement the Fair Credit Reporting Act (FCRA). The proposed changes correspond to the changes made to the FCRA by…
On August 20, 2020, seven states – California, Illinois, Massachusetts, Minnesota, New Jersey, New York, and North Carolina – and the District of Columbia (together, the States) filed suit against the Federal Deposit Insurance Corporation (FDIC) in the U.S. District Court for the Northern District of California. The lawsuit, captioned…
On August 26, 2020, Michigan’s Attorney General announced that it had reached a $1.8 million settlement with an online car title loan company. The company is alleged to have sold online car loans to Michigan consumers with illegal interest rates in the triple digits, including rates as high as 231 percent. …
On August 26, 2020 the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a California-based mortgage lender, resolving allegations that the company violated the Consumer Financial Protection Act (CFPA) and Truth in Lending Act (TILA) by engaging in deceptive acts and practices with…
On August 21, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had a reached a settlement with a California-based lender, resolving allegations that the lender had sent deceptive loan advertisements to servicemembers and veterans in violation of the Consumer Financial Protection Act (CFPA), the Mortgage Acts and Practices…