News & Analysis as of

Consumer Financial Protection Act (CFPA) Consent Order Unfair or Deceptive Trade Practices

Goodwin

CFPB Orders Money Exchange Company to Pay $2.5 Million Over Remittance Practices

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On January 30, 2025, the Consumer Financial Protection Bureau (CFPB) announced  that it had entered into a consent order with an international remittance company regarding the company’s use of deceptive advertising for fee...more

Hudson Cook, LLP

CFPB Takes Action Against Fintech for Alleged Deceptive ATM Fee Disclosures and Violations of the Electronic Fund Transfer Act

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On January 30, 2025, the CFPB entered into a consent order with the Company, alleging violations of the Consumer Financial Protection Act ("CFPA") and Electronic Fund Transfer Act ("EFTA")....more

Goodwin

CFPB Enters Into $95 Million Consent Order with Credit Union to Resolve Allegations of Improper Overdraft Fee Practices

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​On November 7, 2024, the CFPB ann​ounced​​ that it had entered into​ a consent order with a major credit union​​ resolving ​allegations that the credit union improperly assessed overdraft fees against consumers​​. The credit...more

Hudson Cook, LLP

CFPB Issues Order Against a Private Dispute Resolution Platform

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On October 10, 2024, the CFPB announced that it issued a stipulation and consent order against the Company to resolve allegations that the Company violated the CFPA....more

Troutman Pepper Locke

Contract Terms and Conditions Come Under CFPB Scrutiny

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The Consumer Financial Protection Bureau (CFPB or Bureau) has issued a circular warning covered persons that including unlawful or unenforceable terms and conditions in consumer contracts can violate the prohibition on...more

Ballard Spahr LLP

Atlantic Union Bank to pay $6.2M for its unlawful overdraft opt-in practices

Ballard Spahr LLP on

On December 7, 2023, Atlantic Union Bank (the “Bank”) entered into a consent order with the Consumer Financial Protections Bureau (CFPB) related to its in-person and telephone overdraft opt-in sales practices during...more

Goodwin

Pursuant to Consent Order with CFPB, National Bank to Pay $25.9 Million for Alleged Discrimination Against Armenian Americans

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​​​​​​​O​n November 8, 2023, the CFPB and a national bank entered into a consent order​ to resolve allegations that the bank engaged in intentional discrimination against Armenian Americans who had applied for credit cards...more

Hudson Cook, LLP

CFPB Fines Fintech Installment Lender $15 Million for Alleged Consent Order Violations

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On November 15, 2023, the Consumer Financial Protection Bureau announced that a nonbank installment lender agreed to settle allegations that it was violating a 2019 consent order. The Company is a publicly traded online...more

Cozen O'Connor

CFPB, 42 AGs Slow Down Consumer Leasing Company Tempoe

Cozen O'Connor on

The CFPB issued a consent order against Tempoe, LLC for allegedly deceiving consumers into expensive leasing agreements for purchases from large retailers in violation of the Consumer Financial Protection Act of 2010....more

Hudson Cook, LLP

CFPB Bites of the Month: A December to Remember

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In this month's Top 10 article, we share some of our top "bites" for the prior month covered during the December 21, 2022, webinar. So, what happened last month?...more

Goodwin

CFPB Reaches $3.7 Billion Settlement With National Bank to Resolve Alleged UDAAP Violations

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On December 20, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a large national bank to resolve alleged violations of the Consumer Financial Protection Act’s...more

Holland & Knight LLP

Banks Should Prepare for CFPB Inquiries in Regards to Overdraft Practices and Fees

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In September 2022, the Consumer Financial Protection Bureau (CFPB) entered into a consent order against a large national bank for charging unfair and abusive overdraft fees. In support of its action, the Bureau noted that...more

Wiley Rein LLP

Wiley Consumer Protection Download (April 18, 2022)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Hudson Cook, LLP

CFPB Announces Consent Order with Student-Loan Servicer Over Alleged Misrepresentations to Borrowers Concerning Eligibility for...

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HIGHLIGHTS: CFPB announced a $1 million resolution, via administrative consent order, of allegations that a small servicing company made deceptive statements to student loan borrowers relating to their forgiveness and...more

Goodwin

CFPB Orders Student-Loan Servicer to Pay $1 Million Penalty and Remedy Miscommunications

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On March 30, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a student-loan servicer for alleged deceptive acts and practices in violation of the CFPA, 12 U.S.C. §§...more

Bradley Arant Boult Cummings LLP

CFPB Action Against Student Loan Originator Sends Message to Income Share Agreement Industry

On September 7, 2021, the CFPB issued a consent order against Better Future Forward, Inc., and related entities (collectively, BFF), companies that provide financing for postsecondary education to students via income share...more

Goodwin

CFPB Announces $860,000 Settlement with Debt Collection Company for Alleged Deceptive Practices and CFPA Violations

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On April 6, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a third-party debt collection company and its former owner for alleged violations of the Consumer Financial...more

Goodwin

CFPB Secures Consent Order Against Student Loan Servicer for Failure to Comply with 2015 Consent Order and Alleged Deceptive Acts...

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On December 22, 2020, the Consumer Financial Protection Bureau (CFPB) announced​ that it had secured a consent order ​against a national student loan servicer based on its failure to comply with a 2015 consent order issued by...more

Ballard Spahr LLP

CFPB announces consent order with servicer of auto financing contracts to settle unfair practice claims relating to coverage for...

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The CFPB recently announced that it has entered into a consent order with Lobel Financial Corporation, a company that purchases and services retail installment sales contracts (RISC) originated by subprime auto dealers, to...more

Troutman Pepper Locke

CFPB Reaches Settlement with Automobile Loan Servicer for Unfair Practices Related to Loss Damage Waivers

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On September 21, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced the settlement of its administrative proceeding against Lobel Financial Corporation (“Lobel”) – a California automobile lender that the CFPB...more

Goodwin

CFPB Continues Streak of Consent Orders With VA Mortgage Lenders for Deceptive Practices

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On September 2, 2020, the Consumer Financial Protection Bureau (CFPB) announced it had entered into a consent order with a Delaware-based VA-mortgage lender, resolving allegations that the company had engaged in deceptive...more

Goodwin

CFPB Issues Consent Order Against Maryland-Based Mortgage Lender For Deceptive Practices Related to VA Loans

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On September 1, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had issued a consent order against a Maryland-based corporation offering VA-guaranteed loans in twelve states. According to the consent...more

Goodwin

CFPB Issues Yet Another Consent Order Against Lender for Deceptive Practices Related to VA Loans

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On September 1, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had issued a consent order against a Miami-based lender based on its deceptive advertisements to service members and military veterans...more

Ballard Spahr LLP

CFPB sues debt collectors and debt buyers for alleged violations of CFPA, FDCPA, and 2015 consent order

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Almost five years after entering into an administrative consent order with Encore Capital Group, Inc., Midland Funding, LLC, Midland Credit Management, Inc., and Asset Acceptance Capital Corp. (collectively, “Defendants”) to...more

Ballard Spahr LLP

CFPB Issues Consent Orders for False and Misleading Advertising for VA Mortgages

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On July 24, 2020, the CFPB announced the issuance of consent orders against Sovereign Lending Group, Inc. (Sovereign) and Prime Choice Funding, Inc. (Prime Choice). The CFPB indicated in their announcement that these consent...more

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