News & Analysis as of

Enforcement Actions Civil Monetary Penalty Consumer Financial Protection Bureau (CFPB)

Orrick, Herrington & Sutcliffe LLP

CFPB terminates its consent order with a credit union

On July 18, the CFPB terminated a consent order against a credit union after confirming that the credit union fulfilled “certain obligations” under the original consent order, including paying a $1.5 million civil money...more

Goodwin

CFPB Terminates Consent Order Against Credit Union

Goodwin on

On July 21, 2025, the Consumer Financial Protection Bureau (CFPB) announced that it had terminated its October 2024 consent order with a Florida-based credit union....more

Sheppard Mullin Richter & Hampton LLP

CFPB Terminates Two Consent Orders Addressing Overdraft Fees and Mortgage Servicing Violations

On July 1, the CFPB terminated two separate consent orders, one involving a federal credit union and the other involving a national mortgage servicer. Both orders stemmed from 2024 enforcement actions and involved alleged...more

Orrick, Herrington & Sutcliffe LLP

CFPB terminates consent order against mortgage servicer

On July 1, the CFPB announced that it terminated a consent order against a mortgage servicer after finding that the company had “fulfilled several obligations,” including payment of a $2 million civil money penalty and $3...more

Sheppard Mullin Richter & Hampton LLP

Illinois District Court Denies Motion to Vacate CFPB Redlining Settlement

On June 12, the U.S. District Court for the Northern District of Illinois denied a motion to vacate a November 2024 stipulated final judgement and order requiring a Chicago-based mortgage broker to pay a $105,000 civil money...more

Sheppard Mullin Richter & Hampton LLP

CFPB Proposes to Eliminate Education Allocations from Civil Penalty Fund

On June 18, the CFPB published a proposed rule that would rescind its authority to use money from the Civil Penalty Fund for consumer education and financial literacy initiatives. The proposed changes would amend the CFPB’s...more

Orrick, Herrington & Sutcliffe LLP

CFPB dismisses redlining case after asserting payments were made

On May 21, the CFPB and DOJ successfully filed a motion to dismiss with prejudice a case in the U.S. District Court for the Western District of Tennessee after noting the defendant paid its penalties. The dismissal ended a...more

Ballard Spahr LLP

Trustmark Redlining Consent Order Terminated

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A federal district court recently granted the unopposed motion of the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) to terminate their October 2021 consent order with Trustmark National Bank...more

Orrick, Herrington & Sutcliffe LLP

District court approves CFPB’s $43M penalty against company owner

On May 1, the U.S. District Court for the Northern District of Illinois approved the CFPB’s request for restitution and a civil monetary penalty against a defendant for violations of the CFPA and the Telemarketing Sales Rule....more

Alston & Bird

New York State Proposes Consumer Protection Reforms through FAIR Business Practices Act

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What Happened? On March 13, New York state legislators introduced new legislation called the Fostering Affordability and Integrity Through Reasonable (FAIR) Business Practices Act. The bill, supported by New York Attorney...more

Sheppard Mullin Richter & Hampton LLP

CFPB Orders Credit Reporting Agency to Pay $15 Million for Mishandling Consumer Disputes

On January 17, 2025, the CFPB issued a consent order against a large consumer reporting agency for failing to properly investigate consumer disputes concerning inaccurate information on consumers’ credit reports. The CFPB...more

Ballard Spahr LLP

CFPB Adjusts Various Penalty Amounts Based on Inflation (UPDATED)

Ballard Spahr LLP on

The CFPB recently issued a rule to adjust maximum penalty amounts under various statutes that it administers. Included among the adjustments are the amounts for the three tiers of civil money penalties that the CFPB may...more

Goodwin

CFPB Permanently Bans Student Loan Servicer

Goodwin on

On December 4, 2024, the CFPB announced that it entered into a proposed stip​​ulated judgment with a student loan servicer and its owner, resolving allegations that the student loan servicer violated the Telemarketing Sales...more

Hudson Cook, LLP

CFPB Issues Order Against a Private Dispute Resolution Platform

Hudson Cook, LLP on

On October 10, 2024, the CFPB announced that it issued a stipulation and consent order against the Company to resolve allegations that the Company violated the CFPA....more

Goodwin

CFPB Enters into $28 Million Consent Order Resolving Allegations of Consumer Credit Misreporting

Goodwin on

​On September 11, the CFPB announced that it had entered into a consent order with a national bank resolving allegations that the bank reported inaccurate information to consumer reporting companies.  The bank agreed to pay...more

Hudson Cook, LLP

National Bank Reaches Settlement with the CFPB for Alleged Credit Reporting Violations

Hudson Cook, LLP on

On September 11, 2024, the CFPB issued an administrative consent order against the Bank, alleging multiple violations of the Fair Credit Reporting Act (FCRA), the Consumer Financial Protection Act (CFPA), and the Furnisher...more

Hudson Cook, LLP

Nonbank Student Loan Servicer Agrees to a CFPB-Imposed Ban and to Pay $120 Million

Hudson Cook, LLP on

After more than seven years of litigation, on September 12, 2024, the CFPB filed the Stipulated Order reflecting its settlement with the Company over alleged violations of the CFPA, FCRA, and FDCPA....more

Goodwin

CFPB Enters Into Consent Order With Mortgage Servicer Resolving Allegations of Improper Foreclosure Practices

Goodwin on

On August 21, 2024, the Consumer Financial Protection Bureau (CFPB)​ announced​ that it entered into a consent order with a​ Florida-based mortgage servicer, resolving allegations related to the mortgage servicer’s...more

Wiley Rein LLP

SEC v. Jarkesy: SCOTUS Restores Constitutional Protections to Agency Enforcement Actions

Wiley Rein LLP on

In a broadside to in-house agency adjudications, the U.S. Supreme Court affirmed the constitutional right to a jury trial for defendants in Securities and Exchange Commission (SEC) enforcement proceedings seeking civil...more

Goodwin

CFPB Enters into Consent Orders with Reverse Mortgage Servicers for $16.5 Million

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On ​​​​​​​June 18, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has entered into consent orders with two companies totaling $16.5 million in civil penalties and consumer redress​,...more

Hudson Cook, LLP

CFPB Issues Order Against Nonbank Mortgage Company

Hudson Cook, LLP on

On May 18, 2024, the CFPB filed a proposed stipulated final judgment and order with the Company to resolve allegations that the Company violated a 2019 CFPB consent order, HMDA, its implementing Regulation C, and the CFPA....more

Hudson Cook, LLP

CFPB Imposes Bans from Reverse Mortgage Servicing, $11.5 Million Restitution, and $5 Million in Civil Money Penalties for...

Hudson Cook, LLP on

The CFPB entered into consent orders with a Home Equity Conversion Mortgage ("HECM," also known as a "reverse mortgage") servicing contractor, its subcontractor, and two of its subcontractor's subsidiaries. The U.S....more

Goodwin

CFPB Enters Into Consent Order with For-Profit Coding School

Goodwin on

​On April 17, 2024, the Consumer Finance Protection Bureau (CFPB) announced ​that it had entered into a consent order​ with BloomTech Inc., d/b/a Bloom Institute of Technology (BloomTech), and BloomTech’s CEO, Austen Allred,...more

Ballard Spahr LLP

CFPB recaps 2023 enforcement activity and highlights plans to expand enforcement capacity in 2024

Ballard Spahr LLP on

In a blog post published earlier this week titled “The CFPB’s enforcement work in 2023 and what lies ahead,” the CFPB discussed its 2023 enforcement activity and highlighted its plans to expand its enforcement capacity in...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Small Dollar Lending, Lease-to-Own, and Alternative Financial Services

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to the small dollar lending, lease-to-own, and alternative financial services industries. ...more

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