Massachusetts Attorney General Andrea Joy Campbell has reached a $2.5 million settlement with Earnest Operations LLC, a Delaware-based student loan company....more
7/21/2025
/ Algorithms ,
Artificial Intelligence ,
Bias ,
Discriminatory Lending Practices ,
Disparate Impact ,
Enforcement Actions ,
Fair Lending ,
Financial Services Industry ,
Lenders ,
Machine Learning ,
Settlement ,
State Attorneys General ,
Student Loans ,
Unfair or Deceptive Trade Practices
As previously reported, based on an unopposed motion submitted by the Department of Justice (DOJ) and Consumer Financial Protection Bureau (CFPB) the October 2021 redlining consent order with Trustmark National Bank was...more
6/17/2025
/ Banks ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Services Industry ,
Penalties ,
Redlining ,
Settlement Agreements
The U.S. Department of Justice (DOJ) has filed a motion with a federal district court to terminate early the September 2022 consent order with Lakeland Bank (Lakeland) that settled allegations of redlining under the Fair...more
6/16/2025
/ Banks ,
Consent Order ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Services Industry ,
Lenders ,
Redlining ,
Settlement
The FTC has recently taken action against two student loan debt relief companies and their owners....more
6/11/2025
/ Consumer Financial Products ,
Consumer Privacy Rights ,
Customer Privacy ,
Debt Collection ,
Debt Relief ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Fraud ,
Settlement ,
Student Loans ,
Telemarketing ,
Unfair or Deceptive Trade Practices
A federal district court recently granted the unopposed motion of the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) to terminate their October 2021 consent order with Trustmark National Bank...more
5/30/2025
/ Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Financial Services Industry ,
Redlining ,
Regulatory Reform ,
Settlement
President Trump recently signed an Executive Order entitled “Restoring Equality of Opportunity and Meritocracy“ to eliminate the use of disparate impact liability. The U.S. Department of Housing and Urban Development (HUD)...more
5/5/2025
/ Civil Rights Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Deregulation ,
Disparate Impact ,
ECOA ,
Enforcement Actions ,
Executive Orders ,
Fair Housing Act (FHA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
HUD ,
Mortgages ,
Regulatory Agencies ,
SCOTUS ,
Texas Dept of Housing v Inclusive Communities ,
Title VII ,
Trump Administration ,
Unfair or Deceptive Trade Practices
New York Attorney General Letitia James has sued payday lenders MoneyLion Inc. and DailyPay Inc. in New York state court, alleging that the two companies took advantage of tens of thousands of New Yorkers....more
4/29/2025
/ Consumer Lenders ,
Enforcement Actions ,
False Advertising ,
Financial Services Industry ,
FinTech ,
Interest Rates ,
Lenders ,
New York ,
Payday Loans ,
Regulatory Violations ,
State Attorneys General ,
Unfair or Deceptive Trade Practices ,
Usury ,
Wages
Saying that the bureau under the Biden Administration abused its power, the CFPB is seeking to reverse its settlement with Townstone Financial....more
3/28/2025
/ Abuse of Power ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Financial Services Industry ,
Mortgage Loan Originators ,
Mortgages ,
Redlining ,
Regulation B ,
Regulatory Authority ,
Settlement ,
Small Business ,
Statutory Violations ,
Trump Administration ,
Vacated
As the Trump Administration attempts to drastically cut CFPB funding and staffing, New York regulators and legislators are attempting to fill what could be a void in consumer protection efforts....more
3/18/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Enforcement Actions ,
Enforcement Priorities ,
Financial Regulatory Reform ,
New York ,
NYDFS ,
Popular ,
Proposed Legislation ,
Proposed Rules ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Reform ,
State Attorneys General ,
Unfair or Deceptive Trade Practices
The CFPB and the National Collegiate Student Loan Trusts—a group of fifteen securitization trusts that acquire, pool, and securitize student loans—have entered into a proposed final consent judgment that, if approved, would...more
1/29/2025
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Services Industry ,
Lenders ,
Securitization Standards ,
Student Loans ,
Unfair or Deceptive Trade Practices
The CFPB has taken action against the Draper & Kramer Mortgage Corp. (DKMC) based on allegations of discriminatory lending activities that, according to the CFPB, discouraged homebuyers from applying to the company for home...more
1/28/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Lending ,
Financial Services Industry ,
Mortgage Lenders ,
Non-Bank Lenders ,
Race Discrimination ,
Redlining
A federal judge has issued a temporary injunction against Superior Servicing and its operator Dennise Merdjanian, following FTC allegations that the company claimed to be affiliated with the Department of Education, collected...more
1/7/2025
/ Borrowers ,
Consumer Financial Products ,
Department of Education ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
Lenders ,
Loan Forgiveness ,
Statutory Violations ,
Student Loans ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
The Justice Department is asking a federal court to issue a permanent injunction against cash advance firm Dave Inc. and its CEO Jason Wilk, alleging that the company uses misleading marketing tactics to deceive consumers...more
1/7/2025
/ Department of Justice (DOJ) ,
Deposit Advances ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Hidden Fees ,
Marketing ,
Misleading Impressions ,
Mobile Apps ,
Permanent Injunctions ,
Unfair or Deceptive Trade Practices
As previously reported, this summer the U.S. Department of Housing and Urban Development (HUD) filed a housing discrimination charge under the Fair Housing Act against an appraisal company, individual appraiser, appraisal...more
12/18/2024
/ Appraisal ,
Appraisers ,
Declaratory Judgments ,
Discriminatory Lending Practices ,
Disparate Impact ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Housing Market ,
HUD ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Statutory Violations ,
Truth in Lending Act (TILA)
The CFPB has taken action to permanently ban Student Loan Pro and its owner, Judith Noh, from offering consumer financial products or services....more
12/12/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Debt-Relief Industry ,
Enforcement Actions ,
Federal Bans ,
Fees ,
Financial Services Industry ,
Statutory Violations ,
Student Loans ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
The CFPB will hold two virtual sessions later this month to answer questions about its Nonbank Enforcement Action Registry rule. The rule, issued in June 2024, will require certain nonbank entities to register certain covered...more
The FTC has filed a complaint against the online cash advance app, Dave, charging that the company used misleading marketing to deceive consumers about the amount of its cash advances and charged consumers undisclosed fees...more
A federal judge has ordered debt collector, Global Circulation Inc. (GCI) to temporarily halt operations, following an FTC complaint that alleged GCI tricked consumers into paying more than $7.6 million in bogus debt by...more
Following lengthy litigation, the CFPB is attempting to close the books on its case against Townstone Financial alleging discriminatory lending practices and redlining African American neighborhoods in Chicago....more
11/7/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Redlining ,
Settlement
The CFPB recently took action against VyStar Credit Union in connection with allegations that the credit union “botched” its rollout of a new online banking system....more
The CFPB has filed suit against student lender Climb Credit, Inc. and its largest shareholder 1/0 (one zero), alleging that the lender induced students to take out loans by misrepresenting the quality of the training programs...more
One of the country’s largest automotive retailers filed suit against the Federal Trade Commission (“FTC”) on October 4, arguing that the Supreme Court’s recent landmark decision in Securities and Exchange Commission v....more
10/25/2024
/ Add-ons ,
Administrative Authority ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Article III ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Jury Trial ,
Public Rights Doctrine ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Seventh Amendment ,
Standing ,
Unfair or Deceptive Trade Practices
The CFPB has banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products, saying that the company had misled student borrowers about the company’s neutrality and initiated...more
10/17/2024
/ Arbitration ,
Arbitrators ,
Banks ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
Student Loans ,
UDAAP ,
Unfair or Deceptive Trade Practices
The Justice Department announced that Citadel Federal Credit Union has agreed to pay more than $6.5 million to resolve allegations that it engaged in a pattern or practice of redlining majority-Black and Hispanic...more
10/14/2024
/ Consumer Financial Products ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Equal Access to Credit ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
Mortgages ,
Race Discrimination ,
Redlining ,
Statutory Violations
Invitation Homes, the nation’s largest landlord of single-family homes, has agreed to pay $48 million and to stop a significant number of its rental practices, including misleading renters about lease costs and charging...more