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Enforcement Actions Penalties Consumer Financial Products

Ballard Spahr LLP

CFPB reaches settlement with FirstCash in connection with alleged MLA Violations

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The CFPB has reached a settlement in its lawsuit against FirstCash, Inc. and its 19 subsidiaries alleging violations of the Military Lending Act (MLA). The parties have jointly filed a stipulated final judgment and proposed...more

Ballard Spahr LLP

More Early Terminations of Redlining Consent Orders

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As previously reported, based on an unopposed motion submitted by the Department of Justice (DOJ) and Consumer Financial Protection Bureau (CFPB) the October 2021 redlining consent order with Trustmark National Bank was...more

The Volkov Law Group

Bank of America Hit with $250 Million in Penalties for Account Abuse Practices

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Bank of America joined the club of consumer abusers – Wells Fargo had been the well-established leader of this club and the poster-child for abusive consumer practices.  For years, Bank of America avoided federal...more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Biggest Fines and Penalties

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In this article, we share a list of the biggest fines and penalties from our monthly "bites" for 2022. So, what happened in 2022?...more

The Volkov Law Group

OCC Settles Penalty Action with Former Wells Fargo CEO for $17.5 Million and Issues Penalty Notices Against Five Former Wells...

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The Office of the Comptroller of Currency (OCC) announced a $17.5 million settlement with former Wells Fargo Bank CEO John Stumpf’s role in the sales practices misconduct scandal.  In addition, the OCC announced settlements...more

Hogan Lovells

HUD and DOJ Signal Easing of FCA Enforcement in FHA Residential Mortgage Lending Through Interagency Memorandum

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On October 28, 2019 the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Justice (DOJ) released a Memorandum of Understanding (MOU) announcing their joint approach to False Claims Act (FCA)...more

Foley & Lardner LLP

CFPB Settlements: It’s Not Over Until It’s Over

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On April 26, 2017, the Consumer Financial Protection Bureau (“CFPB”) broke new ground by imposing a fine – in excess of a million dollars – against a consumer financial services company for allegedly violating the terms of...more

Carlton Fields

CFPB Continues to Target Add-On Credit Products

Carlton Fields on

The Consumer Financial Protection Bureau (CFPB) has stepped up its enforcement actions alleging deceptive and unfair practices in marketing and billing for add-on credit protection products. Add-on products have been one of...more

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