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Consumer Financial Protection Bureau (CFPB) › Regulatory Violations › Financial Institutions

Orrick, Herrington & Sutcliffe LLP

CFPB cancels consent order with a federal credit union

Orrick, Herrington & Sutcliffe LLP on

On July 1, the CFPB terminated a consent order with a federal credit union by issuing an order terminating the consent order. The original consent order was issued on November 7, 2024, concerning alleged violations of...more

Ballard Spahr LLP

CFPB takes action against VyStar Credit Union for faulty rollout of online banking platform

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The CFPB recently took action against VyStar Credit Union in connection with allegations that the credit union “botched” its rollout of a new online banking system....more

Ballard Spahr LLP

Case in which CFPB came to financial institutions’ defense dismissed

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An Illinois federal judge has dismissed a proposed class action lawsuit that alleged that two Midwestern banks failed to provide repayment disclosures to borrowers, in a case that was unique because the CFPB came to the...more

Ballard Spahr LLP

CFPB wins default judgment in auto dealership complaint, but federal judge rejects bureau assessment of damages

Ballard Spahr LLP on

A federal District Judge for the Northern District of Georgia, Victoria Marie Calvert, awarded a default judgment to the CFPB against USASF, a car loan servicer of loans originated by U.S. Auto Sales Inc., a buy-here,...more

Woods Rogers

CFPB Warns Employee Confidentiality Agreements May Violate Whistleblower Protections

Woods Rogers on

The Consumer Financial Protection Bureau (CFPB) recently issued the Consumer Financial Protection Circular 2024-04 warning financial institutions that broad employee confidentiality agreements may violate the whistleblower...more

Ballard Spahr LLP

CFPB files and prosecutes yet another enforcement lawsuit using funds obtained in violation of the CFPB’s enabling statute...

Ballard Spahr LLP on

The Introduction to the Complaint which was filed by the CFPB on May 17, 2024 against Solo Funding, Inc. in the United States District Court for the Central District of California – Western Division Los Angeles (Judge R. Gary...more

Ballard Spahr LLP

CFPB Addresses Repeat Offender Unit

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As we recently reported, the CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule on June 3, 2024. The CFPB touts the registry as something that will...more

Bradley Arant Boult Cummings LLP

Banks and Credit Unions Utilizing Ineffective Chatbots May Risk Violating Federal Law

Bradley Arant Boult Cummings LLP on

In an October 2023 advisory opinion, the Consumer Financial Protection Bureau (CFPB) put large banks and credit unions on notice that the use of chatbots and other technologies could increase the risk of violating federal law...more

Cadwalader, Wickersham & Taft LLP

Cutting Corners in a Competitive Auto Market

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The Consumer Financial Protection Bureau ("CFPB") announced in a press release issued in conjunction with the release of its latest Supervisory Highlights that it is concerned that financial institutions and other companies...more

Ballard Spahr LLP

CFPB files amicus brief in Third Circuit supporting PA AG

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The CFPB has filed an amicus brief in the U.S. Court of Appeals for the Third Circuit in the Pennsylvania Attorney General’s lawsuit against Navient Corp.  The PA AG’s lawsuit includes claims that Navient violated the...more

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