News & Analysis as of

Consumer Financial Protection Act (CFPA) Banking Sector Civil Monetary Penalty

Orrick, Herrington & Sutcliffe LLP

CFPB terminates its consent order with a credit union

On July 18, the CFPB terminated a consent order against a credit union after confirming that the credit union fulfilled “certain obligations” under the original consent order, including paying a $1.5 million civil money...more

Hudson Cook, LLP

CFPB Fines Large National Bank $100 Million For Failing to Properly Disburse State Unemployment Benefits During the Height of...

Hudson Cook, LLP on

HIGHLIGHTS: The CFPB settled allegations that a large national bank unlawfully froze consumers' benefit accounts as a result of an inaccurate fraud detection program that made it difficult for people to unfreeze their...more

Goodwin

SEC Adopts Rule Providing New Regulatory Framework For Fund-Of-Funds

Goodwin on

In the News. The Securities and Exchange Commission (SEC) announced that it adopted Rule 12d1-4 under the Investment Company Act of 1940 (the 1940 Act), providing a new regulatory framework for fund-of-funds and final...more

ArentFox Schiff

Damages Under Dodd-Frank: Federal Court Awards CFPB $59 Million in Unprecedented Penalties and Restitution Analysis

ArentFox Schiff on

So much to say, so little time. Historically groundbreaking, a federal court in Madison, Wisconsin engaged in the most robust, methodical damages analysis under the Consumer Financial Protection Act, found in Title X of the...more

Burr & Forman

CFPB Update: January 2018

Burr & Forman on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...more

Ballard Spahr LLP

CFPB sues nation’s largest debt-settlement services provider

Ballard Spahr LLP on

The CFPB has filed a lawsuit in a California federal district court against Freedom Debt Relief (FDR) and its CEO for alleged violations of the Consumer Financial Protection Act (CFPA) and the Telemarketing Sales Rule (TSR). ...more

Ballard Spahr LLP

CFPB enters into consent orders with reverse mortgage companies to settle alleged advertising violations

Ballard Spahr LLP on

The CFPB announced that it entered into consent orders with three reverse mortgage companies to settle the CFPB’s allegations that the companies engaged in deceptive advertising in violation of the Mortgage Acts and...more

Ballard Spahr LLP

CFPB enters into consent order with credit union

Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more

Ballard Spahr LLP

CFPB and OCC settles claims of alleged unlawful practices for credit card add-on products

Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of...more

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