Leandra English filed a response to the DOJ’s opposition to her motion for a preliminary injunction in her action seeking a declaration that she, rather than Mick Mulvaney, has the legal right to serve as CFPB Acting...more
12/22/2017
/ Administrative Agencies ,
Administrative Appointments ,
Appointments Clause ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Federal Vacancies Reform Act ,
Preliminary Injunctions ,
Presidential Appointments ,
TRO ,
Trump Administration
Three amicus briefs have been filed in support of President Trump and Mick Mulvaney, who are opposing the motion for a preliminary injunction filed by Leandra English in her action in D.C. federal district court seeking a...more
12/21/2017
/ Administrative Agencies ,
Administrative Appointments ,
Amicus Briefs ,
Banking Sector ,
Chamber of Commerce ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Federal Vacancies Reform Act ,
Pending Litigation ,
Presidential Appointments ,
TRO ,
Trump Administration
Five amicus briefs were filed last Friday in support of the motion for a preliminary injunction filed by Leandra English in her action seeking a declaration that she, rather than Mick Mulvaney, has the legal right to serve as...more
12/12/2017
/ Administrative Agencies ,
Administrative Appointments ,
Amicus Briefs ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Vacancies Reform Act ,
Preliminary Injunctions ,
Presidential Appointments ,
TRO ,
Trump Administration
Past and present Democratic Representatives and Senators filed an amicus brief in support of the motion for a temporary restraining order filed by Leandra English to block Mick Mulvaney from exercising the authority of CFPB...more
11/30/2017
/ Administrative Agencies ,
Administrative Appointments ,
Amicus Briefs ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Federal Vacancies Reform Act ,
Motion for Leave ,
Presidential Appointments ,
Recess Appointments ,
Richard Cordray ,
Separation of Powers ,
TRO ,
Trump Administration
The CFPB has filed a lawsuit in a California federal district court against Freedom Debt Relief (FDR) and its CEO for alleged violations of the Consumer Financial Protection Act (CFPA) and the Telemarketing Sales Rule (TSR). ...more
11/14/2017
/ Banking Sector ,
Civil Monetary Penalty ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Debt Settlement Services ,
Financial Services Industry ,
Injunctive Relief ,
Redress Payments ,
Telecommunications ,
Telemarketing Sales Rule
Last week, the CFPB filed a lawsuit in Maryland federal court against two commonly-owned debt relief companies, their affiliated payment processor, and three individual principals for alleged violations of the Telemarketing...more
The CFPB announced that it had simultaneously filed two complaints and corresponding proposed stipulated final judgments in a California federal district court in actions against four credit repair companies and three...more
A California federal district court has refused to dismiss a lawsuit filed by the CFPB in January 2017 against several law firms and attorneys alleging that the defendants violated the FTC’s Telemarketing Sales Rule (TSR) and...more
Last week, the D. C. Circuit held oral argument in the CFPB’s appeal from the D.C. federal district court’s April 2016 ruling that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting Council for...more
The CFPB and the Virginia Attorney General announced that they had entered into a proposed consent order with Woodbridge Coins and Jewelry Exchange, Inc., a Virginia-based pawnbroker, to settle a lawsuit filed in a Virginia...more
2/6/2017
/ Banking Sector ,
Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Enforcement Actions ,
Finance Charges ,
Pawnbrokers ,
Regulation Z ,
Restitution ,
Truth in Lending Act (TILA)
The CFPB has filed a complaint in a California federal district court against three law firms and two individual attorneys alleging that they offered debt relief services to consumers in violation of the Telemarketing Sales...more
1/31/2017
/ Civil Monetary Penalty ,
Commercial Bankruptcy ,
Consumer Bankruptcy ,
Consumer Contracts ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Debt Settlement Services ,
Debt-Relief Industry ,
Enforcement Actions ,
Fees ,
Financial Services Industry ,
Permanent Injunctions ,
Redress Payments ,
Restitution ,
Stipulated Judgment ,
Telemarketing Sales Rule
This past Friday, PHH filed a supplemental response to the CFPB’s petition for en banc rehearing and a response opposing the motion filed by Democratic Attorneys General of 16 states and the District of Columbia to intervene...more
1/31/2017
/ Administrative Proceedings ,
Attorney General ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Committee ,
Motion To Intervene ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Senate Banking Committee ,
Single Director ,
Statutory Interpretation
The California federal district court judge who is presiding over the CFPB’s lawsuit against CashCall and several related companies that funded, purchased, serviced, and collected online installment loans has granted the...more
1/19/2017
/ § 1292(b) Certification ,
Appeals ,
Banking Sector ,
CashCall ,
Choice-of-Law ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Financial Institutions ,
Interlocutory Appeals ,
Internet Lenders ,
Loans ,
Native American Issues ,
Online Marketplace Lending ,
Partial Summary Judgments ,
Payday Loans ,
Stays ,
Summary Judgment ,
Tribal Loans ,
True Lender
The Attorneys General for the states of Connecticut, Indiana, Kansas, and Vermont recently took the unusual step of filing a joint motion to intervene to modify the settlement terms of a CFPB enforcement action....more
1/6/2017
/ Attorney General ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
FCC ,
Final Judgment ,
Fraudulent Charges ,
Motion To Intervene ,
Redress Payments ,
Settlement ,
Sprint ,
Stipulated Judgment ,
Telecommunications ,
Third-Party
The CFPB announced that it has sued four Virginia-based pawnbrokers in lawsuits filed in a Virginia federal district court for alleged violations of the Truth in Lending Act and the Consumer Financial Protection Act in...more
The CFPB announced that it entered into consent orders with three reverse mortgage companies to settle the CFPB’s allegations that the companies engaged in deceptive advertising in violation of the Mortgage Acts and...more
12/9/2016
/ Banking Sector ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
False Advertising ,
Financial Services Industry ,
Misrepresentation ,
Mortgage Servicers ,
Mortgages ,
Regulation N ,
Residential Real Estate Market ,
Reverse Mortgages ,
Unfair or Deceptive Trade Practices
The CFPB has filed a lawsuit in a Maryland federal district court against: (1) Access Funding, LLC (Access), a limited liability company that purchases structured settlements from consumers; (2) Access’ managing member...more
Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in...more
11/21/2016
/ Article III ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Disgorgement ,
Enforcement Actions ,
Fees ,
Loan Modifications ,
Mortgage Assistance Relief Services (MARS) ,
Obama Administration ,
Petition for Writ of Certiorari ,
Recess Appointments ,
Regulation O ,
Restitution ,
Standing ,
Summary Judgment
The CFPB announced that it filed a lawsuit in a Virginia federal district court against B&B Pawnbrokers, Inc., for alleged violations of the Truth in Lending Act and the Consumer Financial Protection Act in connection with...more
The CFPB announced that, jointly with the New York Attorney General, it has filed a lawsuit in a New York federal court against three companies that purchased consumer debts and two of the companies’ individual principals...more
The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more
10/17/2016
/ Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Terms ,
Credit Unions ,
Debt Collection ,
Debt Collectors ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
Military Service Members ,
Redress Payments ,
Unfair or Deceptive Trade Practices
The CFPB announced that it has entered into a consent order with TMX Finance, LLC to settle allegations that the company did not provide sufficient information to consumers about the terms of auto title loans, pawns or...more
9/27/2016
/ Advertising ,
Automotive Industry ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Contract Terms ,
Debt Collection ,
Disclosure Requirements ,
Title Loans ,
Truth in Lending Act (TILA)
The CFPB announced that it has filed a lawsuit in a California federal district court against a credit repair company for alleged violations of the Consumer Financial Protection Act (CFPA) and Telemarketing Sales Rule (TSR)....more
Last month, a bipartisan group of 70 senators were signatories to a letter sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the CFPB to “carefully tailor its regulations to match the unique...more
9/6/2016
/ Banking Sector ,
Banks ,
Community Banks ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Person ,
Credit Unions ,
Dodd-Frank ,
Exemptions ,
Financial Institutions ,
HMDA ,
HOEPA ,
Mortgages ,
Qualified Mortgage Rule ,
Real Estate Market ,
Regulatory Oversight ,
Richard Cordray ,
Rural Areas ,
SBREFA
The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of...more
8/29/2016
/ Add-ons ,
Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Enforcement Actions ,
Fees ,
Financial Services Industry ,
First National ,
Misrepresentation ,
OCC ,
Restitution ,
UDAAP