News & Analysis as of

Unfair or Deceptive Trade Practices Consent Order Consumer Financial Products

Sheppard Mullin Richter & Hampton LLP

CFPB Drops Two More Major Lawsuits 

The CFPB has recently dismissed two more enforcement actions—one against a major credit reporting agency and another against a lease-to-own financing provider. Both lawsuits involved allegations of abusive, unfair, and...more

Kelley Drye & Warren LLP

Washington AG's Bark Has Some Bite

On January 17, Washington Attorney General Nick Brown announced that his office had reached a resolution in its nearly two-year lawsuit against Puppyland, a local pet store that sells and provides financing for (you guessed...more

Goodwin

CFPB Enters Into $95 Million Consent Order with Credit Union to Resolve Allegations of Improper Overdraft Fee Practices

Goodwin on

​On November 7, 2024, the CFPB ann​ounced​​ that it had entered into​ a consent order with a major credit union​​ resolving ​allegations that the credit union improperly assessed overdraft fees against consumers​​. The credit...more

Troutman Pepper Locke

Global Tel Link Fined $3 Million for Alleged Unfair Practices Related to Payment Accounts for Incarcerated Persons

Troutman Pepper Locke on

On November 14, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a significant consent order against Global Tel Link Corporation (GTL), a company that provides communication and financial services to...more

Troutman Pepper Locke

Contract Terms and Conditions Come Under CFPB Scrutiny

Troutman Pepper Locke on

The Consumer Financial Protection Bureau (CFPB or Bureau) has issued a circular warning covered persons that including unlawful or unenforceable terms and conditions in consumer contracts can violate the prohibition on...more

Saul Ewing LLP

CFPB Finds For-Profit Coding School Misrepresented Nature of Its Lending Products and Job Placement Rates

Saul Ewing LLP on

The Consumer Financial Protection Bureau continues to expand its presence into different businesses, including for-profit colleges. On April 17, 2024, the CFPB issued a consent order against a for-profit college for computer...more

Ballard Spahr LLP

CFPB Takes Action Against BloomTech, Inc. for ISAs that Violate TILA, UDAAP, and the FTC’s Holder Rule

Ballard Spahr LLP on

On April 17th, the CFPB issued a consent order to a for-profit training school alleging numerous violations of law related to its use if income share agreements (“ISAs”). According to the Bureau, BloomTech, Inc. (“BloomTech”)...more

Troutman Pepper Locke

CFPB Enters Consent Order Against BloomTech Over Misleading Income-Share Agreements

Troutman Pepper Locke on

On April 17, the Consumer Financial Protection Bureau (CFPB or Bureau) entered a consent order against BloomTech, a for-profit vocational school, and its CEO, Austen Allred, for deceptive marketing practices related to...more

Goodwin

Pursuant to Consent Order with CFPB, National Bank to Pay $25.9 Million for Alleged Discrimination Against Armenian Americans

Goodwin on

​​​​​​​O​n November 8, 2023, the CFPB and a national bank entered into a consent order​ to resolve allegations that the bank engaged in intentional discrimination against Armenian Americans who had applied for credit cards...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

Goodwin

CFPB Reaches $20 Million Consent Order with Lender over Optional Add-On Products

Goodwin on

​​​​​​​On May 31, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an Indiana-based non-bank installment lender. ​​The consent order alleges that the lender engaged...more

Goodwin

CFPB Enters Into $15 Million Settlement with Auto Lender

Goodwin on

On February 23, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order​ with an auto lender based in Georgia....more

Hudson Cook, LLP

CFPB Bites of the Month: A December to Remember

Hudson Cook, LLP on

In this month's Top 10 article, we share some of our top "bites" for the prior month covered during the December 21, 2022, webinar. So, what happened last month?...more

Goodwin

CFPB Reaches $3.7 Billion Settlement With National Bank to Resolve Alleged UDAAP Violations

Goodwin on

On December 20, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a large national bank to resolve alleged violations of the Consumer Financial Protection Act’s...more

Hudson Cook, LLP

CFPB Files Lawsuit Against Nationwide Credit Reporting Agency and Senior Executive for Allegedly Violating 2017 Order

Hudson Cook, LLP on

HIGHLIGHTS: CFPB announced that it is filing a lawsuit today against a nationwide credit reporting agency, two related companies, and a top executive for violating a January 2017 consent order with the CFPB. ...more

Hudson Cook, LLP

CFPB Announces Consent Order with Student-Loan Servicer Over Alleged Misrepresentations to Borrowers Concerning Eligibility for...

Hudson Cook, LLP on

HIGHLIGHTS: CFPB announced a $1 million resolution, via administrative consent order, of allegations that a small servicing company made deceptive statements to student loan borrowers relating to their forgiveness and...more

Bradley Arant Boult Cummings LLP

CFPB Action Against Student Loan Originator Sends Message to Income Share Agreement Industry

On September 7, 2021, the CFPB issued a consent order against Better Future Forward, Inc., and related entities (collectively, BFF), companies that provide financing for postsecondary education to students via income share...more

Eversheds Sutherland (US) LLP

CFPB Enforcement Actions Zero in on Income Share Agreements and “Payday Alternative” Loans

In September 2021, the CFPB took action against Better Future Forward, Inc. (BFF), a provider of student income share arrangements, and LendUp, an online, subprime consumer lender. In both cases, the CFPB alleged that the...more

Hudson Cook, LLP

Voluntary Protection Products: A Matter of "Interest" for State and Federal Regulators

Hudson Cook, LLP on

Voluntary protection products like credit insurance, debt protection, GAP, service contracts and motor clubs, have gained increased attention by state and federal regulators overseeing the consumer finance industry....more

Goodwin

CFPB Announces $860,000 Settlement with Debt Collection Company for Alleged Deceptive Practices and CFPA Violations

Goodwin on

On April 6, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a third-party debt collection company and its former owner for alleged violations of the Consumer Financial...more

Goodwin

CFPB Secures Consent Order Against Student Loan Servicer for Failure to Comply with 2015 Consent Order and Alleged Deceptive Acts...

Goodwin on

On December 22, 2020, the Consumer Financial Protection Bureau (CFPB) announced​ that it had secured a consent order ​against a national student loan servicer based on its failure to comply with a 2015 consent order issued by...more

Ballard Spahr LLP

CFPB announces consent order with servicer of auto financing contracts to settle unfair practice claims relating to coverage for...

Ballard Spahr LLP on

The CFPB recently announced that it has entered into a consent order with Lobel Financial Corporation, a company that purchases and services retail installment sales contracts (RISC) originated by subprime auto dealers, to...more

Troutman Pepper Locke

CFPB Reaches Settlement with Automobile Loan Servicer for Unfair Practices Related to Loss Damage Waivers

Troutman Pepper Locke on

On September 21, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced the settlement of its administrative proceeding against Lobel Financial Corporation (“Lobel”) – a California automobile lender that the CFPB...more

Goodwin

CFPB Issues Consent Order Against Maryland-Based Mortgage Lender For Deceptive Practices Related to VA Loans

Goodwin on

On September 1, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had issued a consent order against a Maryland-based corporation offering VA-guaranteed loans in twelve states. According to the consent...more

Ballard Spahr LLP

CFPB Issues Additional Consent Orders for False and Misleading Mortgage Advertising

Ballard Spahr LLP on

Since late July, the CFPB has issued seven consent orders against mortgage companies in which the CFPB asserts that the companies engaged in false and misleading advertising to service members and veterans. ...more

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