News & Analysis as of

Enforcement Actions Consumer Financial Protection Bureau (CFPB) Credit Repair Services

Goodwin

2024 Year in Review: Credit Reporting

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In 2024, Goodwin tracked four public enforcement actions related to credit reporting or credit repair services, consistent with the four actions tracked in 2023. Between 2017 and 2024, there were an average of four actions...more

Troutman Pepper Locke

CFPB and Massachusetts AG Win $50M Judgment Against Credit Repair Services Company

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A federal district judge in Massachusetts entered a nearly $51 million judgment against Commonwealth Equity Group LLC (d/b/a Key Credit Repair) and its CEO after granting summary judgment in favor of the Consumer Financial...more

Troutman Pepper Locke

Massachusetts Federal Court Orders Key Credit Repair to Pay $50M for Misleading Claims and Advance Fees

Troutman Pepper Locke on

The U.S. District Court for the District of Massachusetts recently denied a credit repair organization’s motion for partial summary judgment and granted the Consumer Financial Protection Bureau (CFPB or Bureau) and the...more

Ballard Spahr LLP

CFPB, Credit Repair Cloud Reach Deal Over Illegal Marketing Allegations

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The CFPB and Credit Repair Cloud, have reached agreement over allegations that the firm helped other credit repair businesses charge illegal fees to consumers....more

Sheppard Mullin Richter & Hampton LLP

Allegedly Deceptive Credit Repair Scheme Settles with FTC for $12 Million

On August 7, the CFPB issued a report and a consumer advisory highlighting predatory practices in solar lending. On the same day, the FTC released a blog post emphasizing similar concerns....more

Goodwin

2023 Year in Review: Debt Collection and Debt Settlement

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Welcome to the Debt Collection and Debt Settlement chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - Enforcement actions related to debt collection and debt...more

Goodwin

2023 Year in Review: Credit Reporting

Goodwin on

Welcome to the Credit Reporting chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB’s announcement of a proposed rulemaking to remove medical bills from...more

Hudson Cook, LLP

CFPB Bites of the Month - October 2023 - Bewitching the CFPB

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" for the prior month covered during the October 2023 webinar. Bite 10: New Report on NSF Fees at Banks and Credit Unions On October 11, 2023, the CFPB issued a data...more

Hudson Cook, LLP

CFPB Bites of the Month - September 2023 - Harvesting the Latest Compliance Crop

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In this month's article, we share some of our top "bites" for the prior month covered during the September 2023 webinar. Bite 1: Update on Federal Student Loan Borrowers - On September 5, 2023, the CFPB reminded...more

Ballard Spahr LLP

Credit repair companies file for Chapter 11 bankruptcy relief in response to potential $3 billion CFPB judgment

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Recently, PGX Holdings, Inc. (PGX), one of the nation’s largest consumer credit repair companies, and twelve affiliates have entered into Chapter 11 bankruptcy under pressure from a potential $3 billion CFPB judgment for...more

Sheppard Mullin Richter & Hampton LLP

CFPB, FTC Continue Crack Down on Debt Relief Schemes

On May 5, the CFPB announced that it has sent payments totaling more than $22 million to approximately 6,500 individuals who were harmed by a Maryland-based debt-relief and credit-repair company that marketed and sold...more

Hudson Cook, LLP

CFPB Bites of the Month - May 2023 - May I Have Another, CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the May 2023 webinar....more

Hudson Cook, LLP

CFPB Bites of the Month - April 2023 - Stress Awareness Month and the CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the April 2023 webinar....more

Goodwin

CFPB Sues Software Company for Allegedly Supporting Illegal Credit-Repair Fees

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On September 20, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in the U.S. District Court of the Central District of California against a California-based software company and its...more

Ballard Spahr LLP

CFPB And Massachusetts AG File Lawsuit Against Credit Repair Company

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The CFPB and the Massachusetts Attorney General’s Office have filed a lawsuit against a credit repair company and the company’s individual owner in federal district court in Massachusetts....more

Goodwin

CFPB and Massachusetts AG File Lawsuit Against Credit Repair Company

Goodwin on

On May 22, 2020, the Consumer Financial Protection Bureau (CFPB) and Massachusetts Attorney General’s Office (Mass AG) announced that they had filed a complaint against a credit repair company and the owner of the company in...more

Bradley Arant Boult Cummings LLP

CFPB Settles with Freedom Debt Relief

On July 9, 2019, the United States District Court for the Northern District of California entered a stipulated final judgment and order in case number 17-cv-06484, Consumer Financial Protection Bureau v. Freedom Debt Relief,...more

Ballard Spahr LLP

CFPB settles lawsuit with nation’s largest debt-settlement services provider

Ballard Spahr LLP on

The CFPB announced that it has settled the lawsuit it filed in a California federal district court against Freedom Debt Relief (FDR) and its CEO for alleged violations of the Consumer Financial Protection Act (CFPA) and the...more

Ballard Spahr LLP

CFPB Sues Credit Repair Companies For Alleged Deceptive Marketing

Ballard Spahr LLP on

The CFPB has filed a complaint in Utah federal district court against a related group of companies that provide credit repair services for alleged violations of the Telemarketing Sales Rule (TSR) and the Consumer Financial...more

Goodwin

CFPB Secures Stipulated Final Judgment Against Credit Repair Company

Goodwin on

On August 30, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a stipulated proposed final judgment in the U.S. District Court for the Central District of California in a case against a...more

Goodwin

CFPB Files Complaints Against Credit Repair Companies for Charging Illegal Fees and Misleading Consumers

Goodwin on

On June 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced? that it filed two complaints and proposed final judgments against four California-based credit repair companies for misleading consumers and...more

Ballard Spahr LLP

CFPB files proposed stipulated final judgments in actions against credit repair companies and individuals

Ballard Spahr LLP on

The CFPB announced that it had simultaneously filed two complaints and corresponding proposed stipulated final judgments in a California federal district court in actions against four credit repair companies and three...more

Ballard Spahr LLP

CFPB sues credit repair company

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The CFPB announced that it has filed a lawsuit in a California federal district court against a credit repair company for alleged violations of the Consumer Financial Protection Act (CFPA) and Telemarketing Sales Rule (TSR)....more

Goodwin

CFPB Sues Credit Repair Company for Misleading Claims and Illegal Fees

Goodwin on

On September 22, 2016, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the U.S. District Court for the Central District of California against a credit repair company for allegedly making misleading...more

Goodwin

CFPB Files Action Against Credit Repair Company, Seeking Injunction and Penalties

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On September 23, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against a credit repair company in the United States District Court for the Central District of California, for alleged violations...more

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