News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Personal Liability

Orrick, Herrington & Sutcliffe LLP

CFPB requests $43M in restitution and fees from Biden-era enforcement case

On March 13, in a response to a court’s request for additional briefing, the CFPB requested a federal judge to levy $43 million in fines and restitution against the owner of a debt-relief company. The court previously issued...more

Venable LLP

When Can the FTC, and CFPB, State Consumer Credit Regulators Pierce the Corporate Veil?

Venable LLP on

Does Ownership and Management Structure Matter? Fiduciary Relationships - Special confidence placed in one who in equity and good conscience is bound to act in good faith and in due regard to the one reposing confidence....more

Holland & Knight LLP

District Court: CFPB May Hold Law Firm Owners Individually Liable for Alleged Violations

Holland & Knight LLP on

The U.S. District Court for the Western District of Wisconsin ruled on July 20, 2016, that the Consumer Financial Protection Bureau (CFPB) may hold the owners of two law firms offering debt relief services liable for alleged...more

BakerHostetler

CFPB Takes Enforcement Action Against Loan Officer for Alleged Mortgage Fee Kickback Scheme

BakerHostetler on

Yesterday, the Consumer Financial Protection Bureau (CFPB) announced the issuance of a consent decree with a former mortgage loan officer arising out of alleged violations of the Real Estate Settlement Procedures Act’s...more

Morrison & Foerster LLP

Individual Liability: What’s Behind The Headlines?

It’s been open season on financial institutions since the 2008-2009 financial crisis (“Financial Crisis”). State and federal prosecutors and regulators are competing with each other for press coverage of their latest consent...more

Sheppard Mullin Richter & Hampton LLP

CFPB Has Authority to Bring Actions Against a Non-Depository Institution’s Related Persons; Are Payday Lenders Next?

The Dodd-Frank Wall Street Reform and Consumer Protection Act grants to the U.S. Bureau of Consumer Financial Protection (the “CFPB”) the power to bring actions against “related persons” of non-depository institutions. A...more

K&L Gates LLP

Individual Liability in CFPB Enforcement Proceedings

K&L Gates LLP on

To date, the CFPB has brought 12 cases—out of more than three dozen total CFPB enforcement cases—in which it named individuals as defendants or respondents liable for violations of consumer protection statutes. Below, we...more

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