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Statutory Violations Consumer Lenders

Hudson Cook, LLP

No Harm, No Foul: Statutory Violations and Consumer Harm

Hudson Cook, LLP on

"No harm, no foul" is a common saying. As it turns out, that saying is sometimes true in law. An important prerequisite for a lawsuit in federal court is that the plaintiff have standing to sue....more

Troutman Pepper Locke

Seventh Circuit Reverses District Court Decision, Expands ECOA to Include Prospective Applicants

Troutman Pepper Locke on

As discussed here, on February 3, 2023, an Illinois federal court dismissed a case brought by the Consumer Financial Protection Bureau (CFPB or Bureau) in 2020 against Townstone Financial, Inc., a Chicago mortgage lender, for...more

Ballard Spahr LLP

Military Lending Act violations alleged against title lender in Georgia class action

Ballard Spahr LLP on

A proposed class action lawsuit filed in the U.S. District Court for the Northern District of Georgia on February 21, 2024 against TitleMax of Georgia, Inc. and TMX Finance LLC (together, “TitleMax”) accuses the Georgia-based...more

Ballard Spahr LLP

CFPB and DOJ file lawsuit against land developer alleging predatory lending

Ballard Spahr LLP on

The CFPB and Justice Department filed a joint complaint last week in a Texas federal district court against Colony Ridge Development, LLC and three related entities (collectively, “Colony Ridge”) in which the agencies allege...more

Troutman Pepper Locke

New Jersey Federal Court Dismisses FDCPA Claim Based on Alleged Failure to Obtain Proper License for Lack of Standing

Troutman Pepper Locke on

In Valentine v. Mullooly, Jeffrey, Rooney & Fylnn LLP the U.S. District Court for the District of New Jersey found that the plaintiff had not suffered an injury in fact and therefore lacked standing to assert a claim under...more

Ballard Spahr LLP

CFPB announces settlement with nation’s largest credit repair organizations

Ballard Spahr LLP on

The CFPB announced this week that it has entered into a proposed settlement of a lawsuit it filed in 2019 in Utah federal district court against a group of defendants who constitute the largest credit repair organizations in...more

Orrick, Herrington & Sutcliffe LLP

DOJ, CFPB: Lenders that rely on discriminatory appraisals violate the FHA and ECOA

On March 13, the DOJ and CFPB filed a statement of interest saying that a “lender violates both the [Fair Housing Act (FHA)] and ECOA if it relies on an appraisal that it knows or should know to be discriminatory.” ...more

Goodwin

CFPB Files Complaint Against Pawnshop Lenders for Alleged Military Lending Act Violations

Goodwin on

On November 12, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint in the United States District Court for the Northern District of Texas against two pawnshop lenders, alleging...more

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