On July 10, 2025, the Massachusetts Attorney General (AGO) entered into an Assurance of Discontinuance (AOD) with a private student loan lender (the Company), resolving allegations that the Company's underwriting practices...more
7/22/2025
/ Algorithms ,
Artificial Intelligence ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
Fair Lending ,
Financial Services Industry ,
FinTech ,
Lending ,
Private Lenders ,
Regulatory Requirements ,
State Attorneys General ,
Student Loans ,
Underwriting ,
Unfair or Deceptive Trade Practices
On May 31, 2025, Texas enacted HB 149, the Texas Responsible Artificial Intelligence Governance Act, creating one of the most comprehensive state-level frameworks to date for regulating artificial intelligence....more
On December 9, 2024, the CFPB entered into a consent order with the Company, alleging violations of the Consumer Financial Protection Act ("CFPA") and Fair Debt Collection Practices Act ("FDCPA") with respect to its...more
On August 21, 2024, the CFPB issued a Consent Order against the Company citing alleged failure to provide accurate information about loss mitigation options and improper handling of loan modifications. The Consent Order...more
8/26/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
Homeowners Protection Act ,
Loan Modifications ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgages ,
RESPA ,
Truth in Lending Act (TILA)
On July 9, 2024, the CFPB issued a consent order and proposed court order against the Company, the former citing allegedly unlawful repossessions, and the latter citing allegedly unlawful sales practices. The consent order...more
7/15/2024
/ Bank Holding Company ,
Consent Order ,
Consumer Financial Contracts ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
EFTA ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Regulation E ,
Repossess
On November 1, 2023 the New York Department of Financial Services ("DFS") released amended cybersecurity regulations ("Regulations"). These changes will impose additional controls, demand more frequent risk assessments, and...more
12/1/2023
/ Chief Information Security Officer (CISO) ,
Cybersecurity ,
Enforcement ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Governance Standards ,
Incident Response Plans ,
Internal Controls ,
New Regulations ,
NYDFS ,
Popular ,
Risk Assessment
On November 20, 2023, the CFPB imposed a $60 million penalty on an indirect auto lender for allegedly hindering borrowers from cancelling product bundles, elevating their monthly car loan payments. The Company is also alleged...more
On October 17, 2023, the CFPB took action against a nonbank fintech Company providing international money transfer services for alleged EFTA, Regulation E, and CFPA violations. The fintech Company operates throughout the...more