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In a notable trend in state consumer financial regulation, state legislatures are increasingly seeking to regulate a variety of marketing and advertising practices, rather than limiting their regulatory focus limited to the...more
On July 27, 2022, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) filed a complaint and proposed consent order in a federal district court alleging that a mortgage company...more
On September 14, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had entered into a consent order with a mortgage broker and lender that advertises and offers mortgage loans guaranteed by the United...more
Following receipt and consideration of three written comments on proposed rules distributed on November 18, 2019, the Georgia Department of Banking and Finance adopted final rules on December 20, 2019, that establish...more
Originators and servicers of HECMs who do business in New York should take action now to prepare to comply with the new bill’s requirements. Ensuring compliance may require a thorough review of commercial advertisements and...more
On September 8, a federal judge in California ordered a national mortgage services company to pay a $7.9 million civil penalty based on false or misleading marketing statements it allegedly made to consumers about its...more
In a likely preview of an area subject to future regulation and enforcement, on June 4, 2015, the Consumer Financial Protection Bureau (CFPB) released results of a focus group study on reverse mortgage advertisements and also...more
On June 4, the CFPB released a study on reverse mortgage advertisements. The Bureau seems particularly focused on this product because it is popular among older Americans, whom it characterizes as more “vulnerable.” Not...more
The CFPB has announced the settlement of an enforcement action against a California-based mortgage lender for alleged deceptive advertising practices, including the use of advertisements that the CFPB claimed falsely led...more
The CFPB has announced another enforcement action targeting alleged deceptive mortgage advertising to veterans. The Bureau claims that the defendant lender targeted veterans with ads that falsely implied an affiliation...more
Last week, the Consumer Financial Protection Bureau (CFPB) announced that mortgage lender NewDay Financial LLC, which specializes in Veterans Administration-backed loans available to military personnel and veterans, had...more