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Takeaways for Banks from the CFPB’s Recent Consent Order on Garnishment Orders
On July 1, the CFPB announced that it terminated a consent order against a mortgage servicer after finding that the company had “fulfilled several obligations,” including payment of a $2 million civil money penalty and $3...more
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
On September 11, 2024, the CFPB issued an administrative consent order against the Bank, alleging multiple violations of the Fair Credit Reporting Act (FCRA), the Consumer Financial Protection Act (CFPA), and the Furnisher...more
On August 21, the CFPB entered into a consent order with a nonbank mortgage servicer for mortgage servicing violations and for violating an earlier 2017 CFPB consent order for deficient foreclosure practices. In 2017, the...more
The Federal Trade Commission (FTC) continues to evidence a strong commitment to bringing enforcement actions against false or deceptive US-origin marketing claims. In short, to avoid landing on the wrong side of such an...more
On March 16, NYDFS entered a consent order resolving an examination of a payment service provider that allows merchants to accept Bitcoin payments from customers in exchange for the equivalent value in local currency credited...more
Last week, the Federal Trade Commission filed a lawsuit in federal court in California against Gravity Defyer Medical Technology Corporation alleging the company made unsubstantiated claims that its footwear reduces knee,...more
Current and Former Employees Encouraged to Make a Claim of Sexual Harassment, Pregnancy Discrimination, or Retaliation with the EEOC - LOS ANGELES – U.S. District Court for the Central District of California has approved...more
On September 20, 2021, the Department of Justice (DOJ) announced that it reached a settlement with the New Jersey Higher Education Student Assistance Authority (HESAA), resolving allegations that the state...more
On May 17, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it has entered into a stipulated judgment and order to resolve a civil action that it previously filed against a debt settlement company in...more
On April 14, 2021, the New York Department of Financial Services (“NYDFS”) announced a settlement with National Securities Corporation (“National Securities”), a licensed insurer, in connection with claims under the NYDFS...more
This survey summarizes several recent developments affecting bank deposits and payment systems. These include payments-related consent orders and enforcement actions by the Consumer Financial Protection Bureau (“CFPB”) and...more
“Don’t make promises that you don’t intend to keep” is an admonishment received by every child and delivered by every parent. This pithy maxim is equally applicable to consent orders entered into with regulatory authorities....more
The CFPB announced two new enforcement action settlements on September 28: one for alleged discriminatory auto loan pricing and the other for alleged deceptive credit card add-on product marketing practices....more
DOJ fines particleboard manufacturers $4.95 million for gun-jumping violations - On Friday, November 7, 2014, two companies agreed to pay $4.95 million to settle U.S. Department of Justice (DOJ) allegations that the...more