On June 4, the Federal Reserve Board anounced an order assessing civil penalties against a state bank for violations of Regulation H, which implements the National Flood Insurance Act. The bank consented to a $5,000 civil penalty, paid to the National Flood Insurance Program.
On June 4, the Federal Reserve announced an order assessing civil penalties against a state bank in connection with violations of Regulation H, which implements the National Flood Insurance Act. The bank consented to pay a $7,500 civil penalty to the National Flood Insurance Program.
On June 4, the Consumer Financial Protection Bureau (CFPB) announced that it had entered a consent order with a regional residential-mortgage lender over allegations that the lender paid bonuses and higher commissions to loan officers for steering consumers into mortgages with higher interest rates. The complaint, also filed on June 4, alleged that the company…
On June 5, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a state mortgage bank regarding alleged violations of the Loan Originator Compensation Rule and Consumer Financial Protection Act (CFPA). The CFPB alleged that the bank paid loan originators based on the interest rates charged on the…
On June 4, the Consumer Financial Protection Bureau (CFPB) announced that Director Richard Cordray issued a decision in the the first appeal of a CFPB administrative enforcement action. The appeal hearing was previously covered by Consumer Finance Enforcement Watch. The Director’s decision upheld in part and reversed in part an…
On June 3, a New York state jury acquitted a national bank of grand larceny and conspiracy charges. Following a two and a half year investigation, the Manhattan District Attorney indicted the bank and eleven former employees on charges of conspiracy, grand larceny, residential mortgage fraud and securities fraud, among…
On June 1, 2015, the Northern District of California granted AOL’s motion to dismiss a class action Telephone Consumer Protection Act (TCPA) suit premised on four text messages received by the named plaintiff in Derby v. AOL, Inc. The plaintiff’s claims arose from two different types of text messages: the first consisted of a…
On June 1, 2015, the Department of Justice announced a settlement with a regional bank over allegations that the bank originated and underwrote mortgage loans that did not meet applicable requirements of the Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) insurance program. The settlement was previously…
On May 29, 2015, the Office of the Comptroller of the Currency (“OCC”) entered into two consent orders with a National Bank regarding the bank’s non-home loan compliance with the Servicemembers Civil Relief Act (“SCRA”) and the bank’s practices in connection with non-home debt collection litigation practices. The OCC estimates…
On May 29, 2015, the United States District Court for the Southern District of Florida granted the Consumer Financial Protection Bureau (“CFPB”) and the State of Florida a final default judgment against a Florida Foreclosure Relief Company and its corporate affiliates based on the company’s failure to answer or otherwise…