In the wake of the financial crisis and with the advent of the Consumer Financial Protection Bureau (CFPB), federal and state enforcement officials have increasingly scrutinized consumer financial products and services. In many situations, these officials and agencies coordinate to advance common or similar claims and actions. Against this backdrop, we created the Consumer Finance Enforcement Watch blog – the marketplace’s first resource for real-time reporting on the full range of public federal and state consumer finance enforcement activity. Here, you will also find links to enforcement documents, statistics on the volume and nature of enforcement actions as well as reports and comments on significant enforcement trends and issues.

CFPB Seeks Dismissal of Complaint Filed by the U.S. Chamber of Commerce Challenging the CFPB's Update to the UDAAP Section of Its Examination Manual

On December 23, 2022, the Consumer Financial Protection Bureau (CFPB) moved for dismissal, or in the alternative partial summary judgment, of the complaint filed by the U.S. Chamber of Commerce in September 2022 in the Eastern District of Texas that challenges the CFPB’s update to the Unfair, Deceptive, or Abusive…

Read More

CFPB Reaches Proposed Settlement With Financial Service Company for Allegedly Offering Fake High-Yield Bank Accounts

CFPB sign

On December 1, 2022 the Consumer Financial Protection Bureau (CFPB) announced that it had reached a proposed settlement ​with a Delaware-based financial services company to resolve allegations it made false representations to consumers in violation of the Consumer Financial Protection Act (CFPA). In the underlying complaint filed in the U.S. District Court for the Southern…

Read More

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

CFPB sign

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 (CFPA) prohibition of unfair, deceptive, and abusive acts or practices, 12 U.S.C. §§ 5531 and 5536. According to the…

Read More

Colorado Attorney General Reaches Settlement with Affiliated Lender and Debt Management Company

​On December 14, 2022, the Colorado Attorney General (AG) announced ​that it entered into a consent order​ with a California-based debt management company and its sister lending company, resolving the AG’s examination findings that those companies violated Colorado’s Uniform Consumer Credit Code, C.R.S. § 5-1-101, et seq. (“UCCC”) and Debt Management Services Act, C.R.S. § 5-19-201…

Read More

Minnesota AG Enters into Consent Order with Student Debt Relief Company

Piggy Bank with a Graduation Cap

On November 18, 2022, the Minnesota Attorney General’s Office (Minnesota AG) announced that it entered into a consent order with a California student-loan debt-relief company to resolve allegations that the company illegally collected fees from customers and mispresented its services to consumers. According to the Minnesota AG, the company “falsely promised consumers student-loan…

Read More

CFPB Enters into $5.25 Million Consent Order with California Mortgage Servicer

CFPB sign

On November 17, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a California-based mortgage servicer concerning its purported failure to provide certain borrowers forbearances and protections from credit reporting, as required under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  According to the CFPB, the servicer’s…

Read More

North Carolina AG Enters Into $23 Million Settlement with Debt Collector

​On October 11, 2022, the North Carolina Attorney General’s Office (NC AG) announced that it had entered into a consent order with certain Texas-based debt collection companies, resolving allegations that those companies engaged in illegal debt collection practices in violation of various state statutes.  In 2019, the NC AG filed a law​suit in North Carolina state court alleging that…

Read More

CFPB Enters Into $950,000 Consent Order With Non-Bank Remittance Transfer Provider

CFPB sign

On October, 4, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it reached a settlement with a non-bank remittance transfer provider to resolve alleged violations of the Electronic Fund Transfer Act (EFTA), 15 U.S.C. § 1693 et seq., and its implementing Regulation E, 12 C.F.R. Part 1005, including Subpart B (known as the Remittance…

Read More

CFPB Launches Lawsuit Against Online Lender Alleging Violations of the Military Lending Act

​On September 29, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit in the United States District Court for the Southern District of New York against an online lender and 38 of its subsidiaries for alleged violations of the Military Lending Act (MLA), 10 U.S.C. § 987, and its implementing regulation, 32…

Read More