News & Analysis as of

Enforcement Actions Misrepresentation Financial Services Industry

Cozen O'Connor

Florida Investigates Proxy Advisors Over DEI and ESG Investing Policies

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Florida AG James Uthmeier announced an investigation into whether proxy advising companies Glass Lewis & Co. and Institutional Shareholder Services Inc. may have misrepresented their diversity, equity, and inclusion (DEI) and...more

Troutman Pepper Locke

California Federal Court Halts Allegedly Deceptive Debt Collection Practices by Blackrock Services, Inc. and Affiliates

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On February 27, the Federal Trade Commission (FTC) successfully obtained a temporary restraining order against Blackrock Services, Inc. and its associated entities and individuals. The court order aims to halt the defendants’...more

Davis Wright Tremaine LLP

Stay ADvised: 2025, Issue 2

"Seek" and You Shall Find … That the FTC Is Closely Watching Potentially Deceptive Claims Designed To Entice Small Businesses - The FTC alleges that a company marketing itself as a leading provider of startup business...more

Hinch Newman LLP

FTC Announces Final Rule Banning Fake and False Consumer Reviews and Testimonials

Hinch Newman LLP on

On August 14, 2024, the Federal Trade Commission announced a Final Rule combatting bogus consumer reviews and testimonials by prohibiting their sale or purchase. The Rule allows FTC lawyers to strengthen enforcement, seek...more

Hudson Cook, LLP

CFPB Bites of the Month Webinar Recap: The CFPB and the Dust of June

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In this month's article, we share some of our top "bites" covered during the June 2024 webinar....more

Hudson Cook, LLP

CFPB Brings Lawsuit Against FinTech Company for its Alleged Deceptive Practices and for Allegedly Misrepresenting the Costs of its...

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On May 17, 2024, the CFPB filed a lawsuit in the U.S. District Court for the Central District of California against a financial technology company for violations of the CFPA and FCRA....more

Goodwin

CFPB Files Complaint and Proposed Final Judgments Against Higher Education Assistance Agency and National Collegiate Student Loan...

Goodwin on

​​​​​​​On May 6, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint ​and two proposed stipulated final judgments to resolve its claims against the National Collegiate Student Loan...more

Sheppard Mullin Richter & Hampton LLP

CFPB Sues Lease-to-Own Finance Company for Allegedly Deceiving Consumers

On July 19, the CPFB filed a complaint against a lease-to-own finance company, alleging that the company has offered and provided millions of “lease-purchase” and “rental-purchase” financing agreements in ways that have...more

Cadwalader, Wickersham & Taft LLP

FDIC Continues Cease and Desist Sweep Regarding Deposit Insurance and Crypto

A couple of weeks ago, we reported on the FDIC and the Federal Reserve Board sending a cease and desist (“C&D”) letter to Voyager Capital to stop representing that customer funds were protected by deposit insurance. This past...more

BakerHostetler

Not Every Payment Processing Case Is the Same - the Latest FTC Case Provides Some Helpful Reminders

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Most of the Federal Trade Commission’s (FTC) law enforcement actions involving payment processors have exclusively focused on allegations that processors did not do sufficient due diligence before onboarding questionable...more

Goodwin

Biden Administration Issues Regulatory Freeze On New Agency Rules

Goodwin on

In this Issue. In one of its first acts after being installed on January 20, the Biden Administration issued a regulatory freeze on new agency rules that have been adopted but are not yet effective; in one of its final acts...more

Goodwin

CFPB Files Suit Against Financial Services Company for Alleged UDAAP Violations

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On July 6, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it filed a lawsuit against a Delaware financial services company and the company’s founder in the Southern District of New York.  The complaint...more

ArentFox Schiff

FTC Investigates Financial Products Review Site

ArentFox Schiff on

As comparison sites become more popular, the fine print becomes increasingly important for both consumers and companies. As one recent US Federal Trade Commission (FTC) settlement reminds us, companies that want to boast...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

Ballard Spahr LLP

Consumer Financial Protection Bureau Files Complaint Alleging Defendants Engaged in Unlawful Conduct in Connection with Mortgage...

Ballard Spahr LLP on

On September 6, 2019, the Bureau filed a complaint in federal court in the Central District of California against Certified Forensic Loan Auditors, LLC (CFLA) and Andrew Lehman (Lehman) in connection with their offering,...more

Ballard Spahr LLP

Debt Collector Enters into Consent Order with CFPB to Settle Alleged FDCPA and UDAAP Violations

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Last week, the CFPB announced that that it had entered into a consent order with an Illinois-based debt collection company. According to the settlement, the company’s business consists primarily of purchasing and then...more

Ballard Spahr LLP

CFPB continues to push the envelope in announcing settlement with brokers of pension advances

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The CFPB announced on August 14, 2019 that, subject to the approval of the Federal District Court for the Eastern District of Arkansas, the Bureau and the Arkansas Attorney General have entered into a proposed settlement with...more

Ballard Spahr LLP

CFPB obtains default judgment in lawsuit against debt relief companies

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The CFPB has obtained a default judgment in the lawsuit it filed in October 2017 in Maryland federal district court against two commonly-owned debt relief companies, their affiliated payment processor, and three individual...more

Ballard Spahr LLP

CFPB defends judgment in enforcement action against biweekly mortgage payment companies

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Despite the CFPB’s change in position after Mick Mulvaney’s appointment regarding the need for Nationwide Biweekly Administration to post a bond to stay execution of the $7.9 million judgment obtained by the CFPB, the CFPB...more

Ballard Spahr LLP

CFPB changes direction in enforcement action; Mulvaney names senior advisor

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A new filing by the CFPB in its action against Nationwide Biweekly Administration Inc. may be an indicator of the enforcement philosophy of Mick Mulvaney, President Trump’s designee as CFPB Acting Director, and how that...more

Goodwin

Loan Brokerage Firm Agrees to $70,000 Settlement with CFPB Over Personal Loans Made to Recipients of Victim Compensation Funds

Goodwin on

On September 19, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced a simultaneous complaint and proposed consent order with a loan brokerage company and two associated individuals (the “Defendants”). The...more

Ballard Spahr LLP

Court denies restitution sought by CFPB in lawsuit against biweekly mortgage payment companies

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In another recent defeat for the CFPB, a California federal district court refused to award restitution sought by the CFPB in its lawsuit filed in May 2015 against two related companies offering a biweekly mortgage payment...more

Ballard Spahr LLP

CFPB and OCC settles claims of alleged unlawful practices for credit card add-on products

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The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of...more

Stinson - Corporate & Securities Law Blog

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank - ...more

Burr & Forman

TN Securities Div’n Encourages Financial Fraud Investigations

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The Securities Division of the Tennessee Department of Commerce and Insurance issued a May 2 press release encouraging consumers to report financial-services misconduct to its Financial Services Investigations Unit....more

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