News & Analysis as of

FinTech Civil Monetary Penalty Consent Order

Orrick, Herrington & Sutcliffe LLP

CFPB reduces civil money penalty by nearly 98 percent against fintech

On May 15, the CFPB issued an amended consent order against a fintech company for alleged violations of various consumer financial protection laws. As previously covered by InfoBytes, the CFPB sued the fintech company in...more

Hudson Cook, LLP

CFPB Fines Fintech Installment Lender $15 Million for Alleged Consent Order Violations

Hudson Cook, LLP on

On November 15, 2023, the Consumer Financial Protection Bureau announced that a nonbank installment lender agreed to settle allegations that it was violating a 2019 consent order. The Company is a publicly traded online...more

Sheppard Mullin Richter & Hampton LLP

CFPB Targets FinTech for Faulty Automated Savings Algorithm

On August 10, the CFPB issued a consent order against a FinTech company for a faulty algorithm utilized in its personal finance management app that caused consumer accounts to overdraft and incur overdraft penalties....more

Perkins Coie

Fintech Legal Report - October 2021 #2

Perkins Coie on

CFPB Initiates Inquiry into Big Tech Payment Platforms - On October 21, 2021, the Consumer Financial Protection Bureau (CFPB) ordered six large technology companies—Google, Apple, Facebook, Amazon, Square, and PayPal—to...more

Sheppard Mullin Richter & Hampton LLP

CFPB Takes Action Against FinTech Company for Originating Unauthorized Loans

On July 12, the CFPB issued a consent order against a FinTech company for facilitating point of sale financing activities without authorization from consumers.  The consent order requires the company to pay up to...more

Goodwin

CFPB Reaches Consent Agreement with Fintech Company Concerning Facilitation of Loans to Consumers Without Their Authorization

Goodwin on

On July 12, 2021 the Consumer Financial Protection Bureau (CFPB) announced that a consent order had been reached with an Atlanta-based non-bank lending company that would require the company to cancel up to $9 million in...more

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