News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Military Service Members Debt Collection

Morrison & Foerster LLP

CFPB Signals Continued Involvement in Litigation with State Attorneys General

While the Consumer Financial Protection Bureau (“CFPB”) may have halted certain operations, it is remaining active in certain litigation, including cases brought by multistate attorneys general. Recently, the CFPB signaled...more

Hudson Cook, LLP

CFPB Bites of the Month - 2024 Annual Review - Nondiscrimination and Military Protection Law

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In this article, we share a timeline of our monthly "bites" for 2024 applicable to consumers protected by nondiscrimination and military protection laws. 2025 will likely bring more of the same, particularly in the area of...more

Ballard Spahr LLP

CFPB report highlights problems military families have experienced with digital payment apps

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On June 20, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued its Office of Servicemember Affairs Annual Report, which analyzes consumer complaints received from servicemembers, veterans, and their families for...more

Wiley Rein LLP

Wiley Consumer Protection Download (June 21, 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

Ballard Spahr LLP

CFPB Office of Servicemember Affairs annual report highlights consumer complaints from military families

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Yesterday, the Consumer Financial Protection Bureau (CFPB) issued the Office of Servicemember Affairs Annual Report for 2021.  The report focuses primarily on customer complaints, highlighting issues related to credit...more

Ballard Spahr LLP

CFPB Office of Servicemember Affairs issues 2020 Annual Report

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On May 6, 2021, the CFPB’s Office of Servicemember Affairs issued its eighth annual report summarizing its activities from January 1 through December 31, 2020.  The report discussed the Office’s consumer outreach and...more

Troutman Pepper Locke

Fintechs Beware! The CFPB is Monitoring You Closely

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On March 18, Opportunity Financial, Inc. (OppFi) — a Chicago-based platform lender — announced that the Consumer Financial Protection Bureau (CFPB) is investigating its compliance with the Military Lending Act. The...more

Goodwin

OCC Finalizes “True Lender” Rule

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In the News. The Office of the Comptroller of the Currency (OCC) finalized its “true lender” rule, which establishes that a national bank or federal savings association (bank) is the “true lender” of a loan if, as of the...more

Goodwin

CFPB, FTC And 50 States Show Power In Numbers With Operation Corrupt Collector

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In the News. The Consumer Financial Protection Bureau (CFPB), along with the Federal Trade Commission (FTC) and more than 50 federal and state law enforcement partners, announced Operation Corrupt Collector, a nationwide law...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights: Issue 3, July 2020

Welcome! Welcome to the new format of All Consuming . We listened to the feedback. A newsletter filled with long articles gives the detailed information some are looking for but becomes another thing that others have to...more

Ballard Spahr LLP

CFPB issues Office of Servicemember Affairs 2019 annual report

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Earlier this month, the Office of Servicemember Affairs (OSA) released its annual report covering the Office’s activities during fiscal year 2019, which covers the period of October 1, 2018 to September 30, 2019....more

Ballard Spahr LLP

CA and NY governors propose expansion of state consumer financial protection regimes

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The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator.  Both governors have framed their proposals as a response to what they...more

Ballard Spahr LLP

CFPB Complaint Report Highlights Servicemember Complaints in 2018 from All 50 States

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The CFPB recently published the latest complaint snapshot report which detailed complaint numbers, trends, and top issues reported by servicemembers, veterans, and their families across the country....more

Ballard Spahr LLP

CFPB issues annual report on servicemember complaints

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The CFPB’s Office of Servicemember Affairs has released its annual report on complaints submitted to the Bureau by servicemembers....more

Ballard Spahr LLP

CFPB October 2017 “special edition” complaint report highlights servicemember complaints

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The CFPB’s October 2017 complaint report, which the CFPB calls a “special edition” monthly complaint report, departs from the format of the CFPB’s standard monthly reports. (The CFPB’s June and July 2017 complaint reports...more

Ballard Spahr LLP

CFPB Student Loan Ombudsman issues sixth annual report

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The CFPB has released the sixth annual report of the CFPB Student Loan Ombudsman containing an analysis of approximately 12,900 federal student loan complaints, 7,700 private student loan complaints, and 2,300 debt collection...more

Ballard Spahr LLP

Auto-finance companies agree to pay nearly $800,000 to settle Justice Department allegations regarding SCRA auto repossession...

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The United States Department of Justice announced last week that Westlake Services LLC and its subsidiary, Wilshire Consumer Capital LLC, have agreed to pay $760,788 to resolve allegations the companies violated the...more

Ballard Spahr LLP

FTC Releases Agenda And Panelists For Upcoming Military Consumer Financial Workshop

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On July 19, the Federal Trade Commission will hold a workshop in San Antonio titled the “2017 Military Consumer Financial Workshop: Protecting Those Who Protect Our Nation.” The FTC has uploaded an agenda and list of...more

Ballard Spahr LLP

CFPB enters into consent order with credit union

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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

Goodwin

CFPB Settles with National Credit Union Over Alleged Deceptive Debt Collection Practices

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On October 11, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a national credit union over allegations that the credit union made false and misleading representations to...more

Ballard Spahr LLP

CFPB issues fourth annual report on servicemember complaints

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The CFPB’s Office of Servicemember Affairs released its fourth annual report highlighting complaints submitted in 2015 by servicemembers, veterans, and their families. The report states that in 2015, the CFPB received...more

Latham & Watkins LLP

CFPB Enforcement Update

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This update analyzes the trends and patterns in the Consumer Financial Protection Bureau’s publicly available enforcement actions. Leveraging the analysis in our December 2014 White Paper, CFPB Enforcement by the Numbers...more

Stinson LLP

CFPB Continues to Take Action Against Offenders in Debt Collection Services

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CFPB Takes Action Against Servicemember Auto Lender Security National Automotive Acceptance Company - On October 28, 2015, the Consumer Financial Protection Bureau (CFPB) filed an administrative order against Security...more

Baker Donelson

CFPB Shifts Focus to Auto Lending Industry

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Auto lenders and servicers be advised: the Consumer Financial Protection Bureau (CFPB) turns its lonely eyes to you. On June 17, 2015, the CFPB brought an action in the Southern District of Ohio against Security National...more

Ballard Spahr LLP

CFPB, AG’s, secure $92M in debt relief for servicemembers victimized by predatory lending

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The CFPB, after an investigation in cooperation with 13 state attorneys general, has entered into a consent order with Colfax Capital Corporation, a California consumer lending company (Colfax), and its wholly-owned...more

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