The CFPB entered into consent orders with a Home Equity Conversion Mortgage ("HECM," also known as a "reverse mortgage") servicing contractor, its subcontractor, and two of its subcontractor's subsidiaries. The U.S....more
6/24/2024
/ Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
HECM ,
HUD ,
Mortgage Servicers ,
Mortgages ,
RESPA ,
Restitution ,
Reverse Mortgages
Without admitting any wrongdoing, a Wisconsin-area auto dealer group settled a lawsuit brought by the FTC alleging it violated the Federal Trade Commission Act and Equal Credit Opportunity Act by charging American Indian...more
The Real Estate Settlement Procedures Act prohibits mortgage loan originators from offering incentives to other companies in exchange for referring homebuyers to them for mortgage loans.
The Bureau alleged that the...more
8/21/2023
/ Civil Monetary Penalty ,
Client Referrals ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Kickbacks ,
Mortgage Loan Originators ,
Mortgages ,
Real Estate Brokers ,
RESPA
The CFPB settled a lawsuit originally filed in January 2020 against a large national bank, claiming it violated the Truth in Lending Act and its implementing Regulation Z, as well as the Consumer Financial Protection Act, by...more
5/25/2023
/ Banking Sector ,
Billing Errors ,
Civil Monetary Penalty ,
Consumer Complaint Management ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Enforcement Actions ,
Fees ,
Financial Services Industry ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Unauthorized Transactions