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
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 has entered into a consent order with Military Credit Services, LLC, a company providing revolving credit to military consumers, to settle allegations that the company’s open-end credit agreements...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
On November 9, 2016, the Federal Reserve hosted a webinar on overdraft practices. The CFPB was represented by Victoria Pawelski, Counsel, Supervision Policy, Supervision, Enforcement and Fair Lending. In addition to a CFPB...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 Federal Reserve has announced that on November 9, 2016, it will host a webinar on overdraft practices. Webinar speakers will discuss issues identified through consumer complaints, examinations, and enforcement actions....more
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
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
A challenge to the constitutionality of the SEC’s use of administrative law judges (ALJ) was rejected by the U.S. Court of Appeals for the D.C. Circuit. In Raymond J. Lucia Companies, Inc. et al. v. Securities and Exchange...more
To commemorate its fifth anniversary, the CFPB released a series of “fact sheets” touting its initiatives. The “fact sheets” consist of the following:
CFPB: By the numbers. The CFPB lists various statistics, such as...more
7/26/2016
/ Automotive Loans ,
Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Consumer Complaint Management ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Relief ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Mortgages ,
Popular ,
RESPA ,
Student Loans
The D.C. federal district court has rejected the plaintiffs’ attempt in State National Bank of Big Spring, Texas, et al. v. Lew, et al. to invalidate the actions taken by Director Cordray while he was a recess appointee. The...more
7/14/2016
/ Administrative Appointments ,
Appointments Clause ,
Article II ,
Banking Sector ,
Canning v NLRB ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Actions ,
Recess Appointments ,
Richard Cordray
The CFPB has issued its ninth Semi-Annual Report to the President and Congress covering the period from October 1, 2015 through March 31, 2016.
The 188-page report recycles information from previously-issued CFPB reports...more
A recent decision by the U. S. Court of Appeals for the Second Circuit suggests that an attempt by a company or individual that is the target of a CFPB administrative enforcement action to bring a separate action in federal...more
The Federal Trade Commission has provided its annual report to the CFPB covering the FTC’s enforcement activities in 2015 related to compliance with Regulation Z (Truth in Lending), Regulation M (Consumer Leasing), and...more
6/7/2016
/ Automotive Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
EFTs ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Mortgages ,
Payday Loans ,
Popular ,
Regulation E ,
Regulation M ,
Regulation Z ,
Title Loans ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
The Dodd-Frank Act gave the CFPB authority to regulate “unfair, deceptive, or abusive” acts or practices. Republican Congressman Blaine Luetkemeyer has introduced the “Unfair or Deceptive Acts or Practices Uniformity Act,”...more
Since it was filed in a California federal court in July 2012, we have been following Consumer Financial Protection Bureau (CFPB) v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by...more
5/2/2016
/ Article III ,
Barack Obama ,
Canning v NLRB ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Dodd-Frank ,
Enforcement Actions ,
Federal Jurisdiction ,
Recess Appointments ,
Regulation O ,
Richard Cordray ,
Standing
The constitutionality of the CFPB’s structure was front and center at this past Tuesday’s oral argument in PHH Corporation et al. v. CFPB before the U.S. Court of Appeals for the D.C. Circuit. The case involves PHH’s appeal...more
4/14/2016
/ Administrative Law Judge (ALJ) ,
Appeals ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Mortgages ,
Popular ,
Referral Fees ,
RESPA ,
Section 8 ,
Separation of Powers
Much of Director Cordray’s testimony in his appearance before the Senate Banking Committee yesterday consisted of his predictable defense of various CFPB positions. While the hearing was much less contentious than last...more
4/8/2016
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Disparate Impact ,
Dodd-Frank ,
ECOA ,
Enforcement Actions ,
Finance Lease Contract ,
Lending ,
No-Action Letters ,
Richard Cordray ,
Senate Banking Committee ,
Small Business
The Office of Inspector General for the Fed and CFPB has issued a report on the results of its audit of the CFPB’s process for identifying victims eligible to receive compensation from the Consumer Financial Civil Penalty...more
The D.C. federal district court recently ruled that the plaintiffs’ names should be redacted in all documents filed in a lawsuit against the CFPB initiated by the plaintiffs. The plaintiffs are a group of businesses and an...more
The CFPB will be participating in the FTC’s third “Debt Collection Dialogue” to be held in in Atlanta, Georgia on November 18, 2015. Gregory Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to be...more
Banks and other companies subject to the CFPB’s jurisdiction face the possibility that the CFPB could begin using its authority under Sections 1031 and 1036 of the Dodd-Frank Act (which proscribe unfair, deceptive or abusive...more
9/1/2015
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Data Security ,
Dodd-Frank ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
FTC Act ,
FTC v Wyndham ,
Hackers ,
Jurisdiction ,
Privacy Policy ,
Section 5 ,
Unfair or Deceptive Trade Practices ,
Wyndham
The CFPB will be participating in the FTC’s second “Debt Collection Dialogue” to be held in Dallas, Texas on September 29, 2015. Gregory Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to be a...more