News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Military Service Members Veterans

Troutman Pepper Locke

CFPB Shifts Focus Away from Buy Now, Pay Later Loans

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The Consumer Financial Protection Bureau (CFPB or Bureau) announced a significant shift in its enforcement priorities, choosing not to prioritize actions related to Buy Now, Pay Later (BNPL) loans under the Truth in Lending...more

Orrick, Herrington & Sutcliffe LLP

Office of Personnel Management reportedly reinstates CFPB employees with military status

On February 27, the Office of Personnel Management (OPM) reportedly ordered the CFPB to reinstate employees who are veterans, disabled veterans, and military spouses who were previously terminated. The CFPB reinstated these...more

Hudson Cook, LLP

CFPB Bites of the Month - October 2024 - (Don't Fear) The Reaper CFPB

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In this month's article, we share some of our top "bites" for the prior and current month covered during the October 2024 webinar. ...more

Cooley LLP

Student Loan Servicing Risks Top CFPB Concerns for Servicemembers, Veterans

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On September 24, 2024, the Consumer Financial Protection Bureau (CFPB) Office of Servicemember Affairs released its 2023 annual report highlighting complaint trends submitted by active-duty servicemembers, veterans and...more

Wiley Rein LLP

Wiley Consumer Protection Download (October 2, 2024)

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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

Troutman Pepper Locke

CFPB Report Highlights Challenges Facing Servicemembers and Veterans, Including Student Loans and Money Transfer/Virtual Currency...

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Yesterday, the Consumer Financial Protection Bureau (CFPB or Burau) released its annual report detailing the financial challenges faced by servicemembers, veterans, and military families. In 2023, this group submitted nearly...more

Sheppard Mullin Richter & Hampton LLP

CFPB Penalizes VA Lender for Misrepresenting Cost of Cash-Out Refinance Loans

On August 29, the CFPB issued a consent order against a non-bank direct mortgage lender for misrepresenting the cost of its cash-out refinance loans, which are guaranteed under the VA home loan program, to active-duty...more

Ballard Spahr LLP

CFPB consent order shuts down mortgage lender focused on servicemembers

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On February 27, 2023, the Consumer Financial Protection Bureau (CFPB) entered into a consent order against RMK Financial Corporation d/b/a Majestic Home Loan (RMK), a California-based mortgage lender, based on allegations...more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Nondiscrimination and Military Protection Laws

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In this article, we share a timeline of our monthly "bites" for 2022 applicable to consumers protected by nondiscrimination and military protection laws. The CFPB has historically been particularly active with respect to...more

Ballard Spahr LLP

House Oversight and Reform Subcommittee on National Security holds hearing on protecting military servicemembers and veterans from...

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On July 13, 2022, the House Committee on Oversight and Reform, Subcommittee on National Security held a hearing entitled “Protecting Military Servicemembers and Veterans from Financial Scams and Fraud.”  A recording 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

Ballard Spahr LLP

FTC Launches Military Consumer Data Dashboard

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The Federal Trade Commission (FTC) has launched a new online “dashboard” that makes certain data received from active duty servicemembers and veterans publicly available. ...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 report on servicemember first-time homebuyer mortgage loans

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The CFPB has issued a report, “Mortgages to First-time Homebuying Servicemembers,” that focuses on mortgage loans made from 2006 to 2016 to first-time homebuyers who are serving in the military or are veterans....more

Ballard Spahr LLP

CFPB Settles With VA Lender Regarding Claims of Deception

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The CFPB recently filed a complaint and a proposed stipulated final judgment and order to address claims that Village Capital & Investments LLC (Village) engaged in deceptive acts and practices in the solicitation of veterans...more

Ballard Spahr LLP

FTC launches military task force webpage

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The FTC has launched a new page on its website dedicated to its Military Task Force. According to the FTC, it created the Task Force “to focus on identifying the particular needs of military consumers and developing...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’s Office of Servicemember Affairs Issues Annual Report

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The CFPB’s Office of Servicemember Affairs (OSA) has issued its fifth annual report to Congress addressing issues raised and complaints submitted by servicemembers, veterans, and their families....more

Ballard Spahr LLP

CFPB issues report on servicemember complaints

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A new CFPB report, “A snapshot of servicemember complaints,” focuses on issues related to VA mortgage refinancing. The report indicates that as of November 1, 2016, the CFPB had received over 12,500 mortgage complaints...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

Morrison & Foerster LLP

DOD Proposes Significant Expansion of Military Lending Act Protections

On September 29, 2014, the Department of Defense (DOD) published a proposed rule in the Federal Register to amend its regulation implementing the Military Lending Act (MLA), 32 C.F.R. Part 232, to significantly expand the...more

Goodwin

CFPB Releases Report on Servicemember Complaints

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The CFPB released a report summarizing the recent complaints of servicemembers, veterans, and their families regarding various financial products and services. The report, which is the CFPB’s second such report, covered...more

Ballard Spahr LLP

Federal agencies launch new servicemember higher education complaint process

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Servicemembers now have more channels for submitting complaints relating to their higher education. In addition to their ability to submit complaints about student loans via the CFPB’s complaint system, servicemembers using...more

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