News & Analysis as of

Consumer Financial Protection Act (CFPA) Financial Services Industry Chapter 11

Orrick, Herrington & Sutcliffe LLP

CFPB and bankruptcy Trustee reach settlement in suit against fintech for failure to maintain accurate custodial accounts

On August 21, the CFPB filed an adversary proceeding complaint with the U.S. Bankruptcy Court for the Central District of California against a debtor fintech company, along with a proposed stipulated final judgment and order,...more

Ballard Spahr LLP

CFPB files complaint against Synapse Financial Technologies

Ballard Spahr LLP on

The CFPB has filed a complaint against Synapse Financial Technologies Inc, alleging that the company engaged in unfair acts and practices in violation of the Section 1036(a)(1)(B) of the CFPA by failing to maintain sufficient...more

Ballard Spahr LLP

CFPB settles claims against operator of training program arising out of income share agreements

Ballard Spahr LLP on

The CFPB recently announced the settlement of a bankruptcy court adversary proceeding filed jointly with the Attorneys General of 11 states against Prehired, LLC (Prehired) and two affiliated companies (Prehired Affiliates)...more

Troutman Pepper Locke

Delaware Bankruptcy Court Enters $30M Stipulated Judgment Over Deceptive Student Loan Practices

Troutman Pepper Locke on

On November 20, Delaware Attorney General (AG) Kathy Jennings, along with the Consumer Financial Protection Bureau (CFPB) and 11 other states, announced a settlement in excess of $30 million with Prehired LLC and affiliated...more

Ballard Spahr LLP

Credit repair companies file for Chapter 11 bankruptcy relief in response to potential $3 billion CFPB judgment

Ballard Spahr LLP on

Recently, PGX Holdings, Inc. (PGX), one of the nation’s largest consumer credit repair companies, and twelve affiliates have entered into Chapter 11 bankruptcy under pressure from a potential $3 billion CFPB judgment for...more

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