On March 8, 2021, the U.S. Department of Housing and Urban Development (HUD) announced that it had approved a conciliation agreement between a national mortgage lender and an African-American woman…
On March 8, 2021, the U.S. Department of Housing and Urban Development (HUD) announced that it had approved a conciliation agreement between a national mortgage lender and an African-American woman…
…to open new accounts on which new fees were charged on a monthly basis. Under the settlement agreement, the lender agreed to pay $850,000 in restitution and over $10 million…
…consumers with the company’s debt settlement contract, which was titled as a “Legal Services Agreement” and referred to the company as a “law firm” despite the fact that the company…
…it overcharged credit card interest for certain customers. According to the settlement agreement, the State AGs conducted a joint investigation into whether, between 2011 and 2017, the bank failed to…
…from customers and made misrepresentations to them regarding its ability to forgive student loans. According to the Minnesota AG, the company allegedly made false promises to consumers that it could…
…the loan agreement or (2) the bank funds the loan. This final “True Lender” rule, otherwise known as the Madden fix, encourages lending partnerships between banks and non-banks, including FinTechs….
…the Pennslyvania AG, the company used false advertising tactics and posted fraudulent customer reviews on the Better Business Bureau website. Further, the company allegedly charged borrowers fees to enroll in…
…assess and manage risk on an individual customer basis, rather than on an individual’s “membership in a particular category of customers.” Comments on the agency’s proposed rule are due by…
…pandemic; clarifying its approach to COVID-related activity under the Community Reinvestment Act (CRA); and supporting banks’ ability to address customer needs, including participation in the PPP, underwriting loans in the…
…Under the terms of the agreement, the debt buyer also must request the removal of any negative information from the credit reports of affected borrowers. According to the Maryland AG,…
…of origination, (1) the bank is named as the lender to the loan agreement or (2) the bank funds the loan. In situations where more than one bank could be…
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…
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…
…to misleading and unlawful actions by one of the nation’s largest debt collectors. The settlement agreement resolves an investigation of the debt collector after the Office of the New York…
…to twenty-five percent for vehicle loans. Under the settlement agreement, the company agreed to contribute $1.8 million into a settlement fund to compensate consumers who obtained the allegedly illegal loans….
On August 19, 2020, the Pennsylvania Office of the Attorney General announced that it had entered into a voluntary compliance agreement with a regional bank to stop allegedly aggressive auto…
…required disclosures. According to the settlement agreement, the financing company partnered with student-loan debt-relief companies to offer third-party financing to their customers. Among other allegations, the Pennsylvania AG alleged that…
…the “true lender” is the entity who, at the date of origination, (1) is named as the lender in the loan agreement or (2) funds the loan. The deadline for…
…loan debt-relief business and a marketing and customer service company for engaging in a nationwide student-loan debt-relief operation that allegedly charged illegal upfront fees in violation of the Telemarketing Sales…
…an unacceptable risk of default. Under the settlement agreement, the company will provide revised loan modification waterfall provisions to New York borrowers that include fee waivers, interest rate reductions to…