News & Analysis as of

Consumer Financial Protection Bureau (CFPB) 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

Bradley Arant Boult Cummings LLP

DOJ and CFPB Issue Joint Letter Reminding Financial Institutions of the SCRA Interest Rate Protections for Servicemembers

On December 5, 2024, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) issued a joint letter directed at financial service providers to reinforce the importance of interest rate protections...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

Cooley LLP on

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

Cozen O'Connor

Mortgage Lender to Pay $2.25 Million to Settle Alleged “Loan Churning” Practices Targeting Servicemembers and Veterans

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The CFPB reached a settlement with New Day Financial, LLC (NewDay), to resolve allegations that the non-bank mortgage lender violated the Consumer Financial Protection Act by misleading active-duty servicemembers and veterans...more

Troutman Pepper Locke

CFPB Orders Mortgage Lender to Pay $2.25 Million for Allegedly Deceiving Servicemembers and Veterans

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Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) announced it had entered into a consent order with NewDay USA, a Florida-based non-bank direct mortgage lender, over allegations that the lender misled...more

Hudson Cook, LLP

CFPB Bites of the Month - January 2024 - A Hazy Shade of Winter With the 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 January 2024 webinar....more

Orrick, Herrington & Sutcliffe LLP

CFPB distributes nearly $6 million in relief payment to veterans harmed by bad-faith lenders

On January 2, the CFPB reported it had sent nearly $6 million to consumers harmed by illegal lending practices that specifically targeted veterans. Between 2019 and 2020, the CFPB filed four suits against several loan...more

Orrick, Herrington & Sutcliffe LLP

CFPB reports on veterans’ financial hurdles despite legislative wins

On November 1, the CFPB published a broad summary of several findings regarding how financial institutions may not be doing all they can to help service members under federal legislation. For instance, in 2022, the CFPB found...more

Ballard Spahr LLP

CFPB consent order shuts down mortgage lender focused on servicemembers

Ballard Spahr LLP on

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

Goodwin on

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

Goodwin

CFPB Continues Streak of Consent Orders With VA Mortgage Lenders for Deceptive Practices

Goodwin on

On September 2, 2020, the Consumer Financial Protection Bureau (CFPB) announced it had entered into a consent order with a Delaware-based VA-mortgage lender, resolving allegations that the company had engaged in deceptive...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

Goodwin

CFPB, South Carolina, and Arkansas Sue High-Interest Credit Brokers

Goodwin on

On February 20, the Consumer Financial Protection Bureau (CFPB), South Carolina Department of Consumer Affairs, and Arkansas Attorney General’s Office announced? that they had filed a lawsuit in the U.S. District Court for...more

Ballard Spahr LLP

CFPB, joined by South Carolina Dept. of Consumer Affairs and Arkansas AG, files lawsuit targeting service providers to pension...

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The CFPB filed a complaint in a South Carolina federal district court against Upstate Law Group LLC. and two of its individual owners and managers that alleges the defendants violated the Consumer Financial Protection Act’s...more

Burr & Forman

CFPB Update: April 2019

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The Consumer Financial Protection Bureau (CFPB or Bureau) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...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 announces settlement with broker of pension assignments

Ballard Spahr LLP on

The CFPB announced that it has entered a settlement with Mark Corbett to resolve the Bureau’s allegations that Mr. Corbett violated the Consumer Financial Protection Act in connection with his brokering of contracts providing...more

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