News & Analysis as of

Enforcement Actions Credit Unions Financial Services Industry

Orrick, Herrington & Sutcliffe LLP

CFPB cancels consent order with a federal credit union

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

Goodwin

CFPB Enters Into $95 Million Consent Order with Credit Union to Resolve Allegations of Improper Overdraft Fee Practices

Goodwin on

​On November 7, 2024, the CFPB ann​ounced​​ that it had entered into​ a consent order with a major credit union​​ resolving ​allegations that the credit union improperly assessed overdraft fees against consumers​​. The credit...more

Goodwin

CFPB Enters into $1.5 Million Consent Order with Credit Union

Goodwin on

On October 31, 2024, the CFPB announced that it had entered into a consent order with a credit union, resolving allegations that the union had ineffectively rolled out a new online banking platform that left consumers without...more

Sheppard Mullin Richter & Hampton LLP

Colorado AG Secures Latest Settlement over Unearned GAP Fees

On January 4, the Colorado Attorney General announced that his office entered into assurances of discontinuance (available...) with two credit unions that will result in $4 million being refunded to Colorado borrowers who...more

Orrick, Herrington & Sutcliffe LLP

Credit union to pay $558,000 in cyber fraud case

On January 12, the U.S. District Court for the Eastern District of Virginia ruled that a credit union (defendant) is responsible for $558,000 in compensatory damages for processing a payment order that was allegedly induced...more

Orrick, Herrington & Sutcliffe LLP

Credit unions to pay $4 million in GAP fee refunds

On January 4, the Colorado attorney general announced settlements with two credit unions that will pay a combined $4 million in refunds to borrowers in the state who were entitled to “guaranteed automobile protection” (GAP)...more

Troutman Pepper Locke

Credit Union’s Marijuana-Related Compliance Failure is a Warning to Lenders

Troutman Pepper Locke on

Live Life Federal Credit Union, a $69 million-asset credit union based in Fraser, Michigan, recently consented to a cease-and-desist order issued by the National Credit Union Administration Board (NCUA). The enforcement...more

Goodwin

Financial Services Weekly Roundup: Code Libor – SEC And OCIE Issue Risk Alert In Preparation Of Libor Discontinuation

Goodwin on

In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more

Ballard Spahr LLP

CFPB enters into consent order with credit union

Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more

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