News & Analysis as of

Consumer Financial Products Unfair or Deceptive Trade Practices Credit Reports

Orrick, Herrington & Sutcliffe LLP

CFPB dismisses credit reporting enforcement action voluntarily

On February 28, the CFPB filed a joint stipulation of voluntary dismissal with prejudice in the U.S. District Court for the Northern District of Illinois, ending an enforcement action against a credit reporting agency, two...more

Alston & Bird

Strike Force on Unfair and Illegal Pricing Holds First Public Meeting: CFPB Director Highlights Work on Junk Fees

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What Happened? As reported by Alston & Bird’s Antitrust Group, the Federal Trade Commission and the Department of Justice hosted the first public meeting of the Strike Force on Unfair and Illegal Pricing (the “Strike...more

Goodwin

CFPB Files Suit Against Student Loan Servicer

Goodwin on

On May 31, 2024, the CFPB announced that it had filed suit against a Pennsylvania-based student loan servicer for engaging in allegedly unfair, deceptive and abusive acts or practices in violation of the CFPA, 12 U.S.C. §§...more

Ballard Spahr LLP

CFPB alleges dark patterns in suit against fintech peer-to-peer lender

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On May 17, 2024, the Consumer Financial Protection Bureau (“CFPB”) filed suit against an online lending platform, alleging, among other things, the use of dark patterns to induce consumers to pay tips and donations,...more

Goodwin

Traps for the Unwary: Using Alternative Credit Data to Expand Credit Access to LMI Individuals and Underrepresented Communities

Goodwin on

Traditional credit underwriting methods, which are generally based on credit reports, have not always successfully captured the full picture of a borrower’s ability to repay. It is estimated that more than 45 million US...more

Orrick, Herrington & Sutcliffe LLP

Washington enacts measures regulating credit repair services

On April 20, the Washington governor signed HB 1311 to enact provisions relating to credit repair services performed by a credit services organization. Among other things, the Act outlines new requirements, including that a...more

Orrick, Herrington & Sutcliffe LLP

9th Circuit affirms decision in FCRA, CFPA, and TSR suit

In December, the U.S. Court of Appeals for the Ninth Circuit affirmed a district court’s ruling holding an individual liable for violations of the FCRA, the TSR, and the CFPA after the defendant, who allegedly “played a...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Issue 10, 2022

A recent survey by PricewaterhouseCoopers revealed that U.S. executives now consider cyberattacks the number one risk their companies face. Concerns about cybersecurity have moved beyond the Chief Information Security Office...more

Wilson Sonsini Goodrich & Rosati

Consumer Financial Protection Bureau Alleges Dark Patterns in Advertising of Financial Products; Files Suit Against TransUnion and...

On April 12, 2022, the U.S. Consumer Financial Protection Bureau (CFPB) filed a lawsuit against TransUnion, two of its subsidiaries, and former TransUnion executive John Danaher in his individual capacity for violating an...more

Carlton Fields

Financial Services Update: Week Ending November 1, 2019

Carlton Fields on

Financial Services Update - FCCPA and FDCPA: The plaintiff did not demonstrate a genuine issue of material fact that medical providers and their attorney violated the FCCPA and FDCPA by conditioning medical services on a...more

Ballard Spahr LLP

CFPB announces settlement with consumer lenders charged with unlawful debt collection and credit reporting practices

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The CFPB announced that it has entered into a consent order with Security Group Inc. and its subsidiaries (Security Group) to settle an administrative enforcement action that charged the companies with having engaged in...more

Smith Debnam Narron Drake Saintsing & Myers,...

Consumer Financial Services Spring 2018 Update

District Court Takes Expansive View of Deceptive or Misleading Practices under FDCPA - The FDCPA prohibits a debt collector from using "any false, deceptive, or misleading representation" in connection with the collection...more

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