On December 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it filed a proposed consent order in federal court in the Northern District of Georgia that, if approved by the court, will resolve a...more
On December 22, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for November 2015, which provides an overview of three-month trends in consumer complaints. This Monthly...more
On December 17, 2015, the Consumer Financial Protection Bureau (CFPB) announced three separate enforcement actions against two online lead originators and a so-called “buy-here, pay-here” auto dealer and its affiliated...more
On December 16, 2015, the Consumer Financial Protection Bureau (CFPB) announced an administrative enforcement action against debt collection firm EZCORP, Inc. (EZCORP), for allegedly engaging in illegal debt collection...more
On December 7, 2015, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against debt collection firm Collecto, Inc. d/b/a EOS CCA (EOS) for allegedly violating the Fair Debt Collection Practices...more
On December 3, 2015, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against subprime credit reporting company Clarity Services, Inc. (Clarity), and its owner, Timothy Ranney (Ranney), for...more
On November 23, 2015, the Consumer Financial Protection Bureau (CFPB) issued CFPB Compliance Bulletin 2015-06 to provide companies with guidance related to their obligations under the Electronic Fund Transfer Act (EFTA) and...more
On November 24, 2015, Republican members of the House of Representatives’ Financial Services Committee issued a report titled Unsafe at Any Bureaucracy: CFPB Junk Science and Indirect Auto Lending, which blasts the Consumer...more
On November 24, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for October 2015, which provides an overview of three-month trends in consumer complaints. This Monthly...more
On November 18, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced that it initiated an administrative proceeding against online lender Integrity Advance, LLC, and its CEO, for allegedly deceiving consumers...more
On November 3, 2015, the Consumer Financial Protection Bureau (CFPB) released its ninth edition of Supervisory Highlights, a report which outlines the latest unlawful practices uncovered by the CFPB’s examiners between May...more
On October 27, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report, which provides an overview of three-month trends in consumer complaints. This Monthly Complaint Report also...more
11/2/2015
/ Bank of America ,
Banking Sector ,
Banks ,
Capital One ,
Citibank ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Reports ,
Debt Collection ,
Debt Collectors ,
Equifax ,
Experian ,
Financial Institutions ,
GE Capital Retail Bank ,
JPMorgan Chase
CFPB Takes Action Against Servicemember Auto Lender Security National Automotive Acceptance Company -
On October 28, 2015, the Consumer Financial Protection Bureau (CFPB) filed an administrative order against Security...more
10/30/2015
/ Automotive Industry ,
Automotive Loans ,
Colleges ,
Commercial Bankruptcy ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Default Judgment ,
Delinquency Status ,
Delinquent Borrowers ,
Educational Institutions ,
Final Judgment ,
Financial Institutions ,
Illegal Conduct ,
Military Service Members ,
Private Student Loans ,
Tuition ,
Wage Garnishment
On October 8, 2015, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin concerning marketing services agreements (MSAs) under the Real Estate Settlement Procedures Act (RESPA).
RESPA -
RESPA...more
10/14/2015
/ Appraisal ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Financial Institutions ,
Inspections ,
Kickbacks ,
Marketing Services Agreements ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Real Estate Agents ,
Real Estate Brokers ,
Referral Fees ,
Residential Real Estate Market ,
RESPA ,
Self-Reporting
On October 7, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it is considering proposing rules that would prohibit companies from including in consumer contracts arbitration clauses that prevent...more
10/9/2015
/ Arbitration ,
Arbitration Agreements ,
Automotive Loans ,
Bank Accounts ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Dodd-Frank ,
Financial Institutions ,
Loans ,
Money Transfer ,
Payday Loans ,
Prepaid Payment Products ,
Private Student Loans
On October 1, 2015, the Consumer Financial Protection Bureau (CFPB) announced its second enforcement action in three days against an indirect auto finance company. In its latest action, the CFPB took aim at indirect auto...more
10/2/2015
/ Automotive Industry ,
Automotive Loans ,
Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Creditors ,
Debt Collection ,
Debt Collectors ,
Disclosure Requirements ,
Dodd-Frank ,
Enforcement Actions ,
FDCPA ,
Financial Institutions ,
Loans ,
Truth in Lending Act (TILA)
On September 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank. The first action—brought only by the CFPB—relates to Fifth Third Bank’s marketing of credit card...more
9/29/2015
/ Automotive Industry ,
Automotive Loans ,
Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Department of Justice (DOJ) ,
ECOA ,
Enforcement Actions ,
Fees ,
Financial Institutions ,
Restitution ,
Telemarketing
On September 24, 2015, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank, F.S.B. (Hudson).
The complaint alleges that Hudson...more
9/25/2015
/ Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Community Reinvestment Act ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Loans ,
Mortgage Brokers ,
Mortgages ,
Race Discrimination ,
Redlining
On September 22, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report, which provides an overview of three-month trends from consumer complaints.
According to the Monthly...more
In November 2013, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (“CFPB”) combined various federal mortgage disclosures that lenders are required to...more
9/22/2015
/ Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Dodd-Frank ,
Financial Institutions ,
Lenders ,
Loans ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Residential Real Estate Market
The Consumer Financial Protection Bureau, or CFPB, was created to enforce various consumer finance laws like the Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Home Mortgage...more
9/9/2015
/ Banking Sector ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Creditors ,
Debt Collectors ,
Depository Institutions ,
Financial Institutions ,
Loans ,
Regulatory Oversight ,
Residential Real Estate Market
The Consumer Financial Protection Bureau (“CFPB”) was created to enforce the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) and various consumer finance laws (e.g., Equal Credit Opportunity...more
7/22/2015
/ Appraisal ,
Banking Sector ,
Banks ,
Check Cashing ,
CID ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Institutions ,
HMDA ,
Internal Investigations ,
Real Estate Market ,
Truth in Lending Act (TILA) ,
Young Lawyers