Archive for October, 2015

CFPB Sues Student Financial Aid Services Provider

CFPB sign

​On October 29, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a complaint seeking a permanent injunction and other relief against a student financial aid services provider for the provider’s alleged violation of the Consumer Financial Protection Act.  The complaint alleges that the provider charged 76,000 college students and prospective…

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Massachusetts AG Settles with Installment Loan Lenders

​On October 29, the Massachusetts Attorney General’s office announced that it had reached a consent order with installment loan lenders, their affiliated companies, and owners, over allegations that the lenders engaged in unfair or deceptive practices in connection with the making, purchasing, servicing, or collecting of high-interest consumer installment loans.  The complaint…

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CFPB and Auto Lender Settle Servicemember Debt Collection Claim for $3.28 Million

CFPB sign

​On October 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it entered an administrative consent order against an Ohio-based auto lender that specializes in loans to military servicemembers.  The CFPB consent order, and the companion stipulated order issued by the U.S. District Court for the Southern District of Ohio, resolve…

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Four Businesses Settle Claims with New Jersey AG Relating to Surplus Foreclosure Funds

On October 15, 2015, the New Jersey Attorney General announced ​that the New Jersey of Division of Consumer Affairs reached settlements with three companies and one individual to resolve allegations that the businesses falsely represented they were needed to help consumers obtain “surplus funds” remaining after a property foreclosure sale.  “Surplus funds” are funds…

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Debt Relief Scammer Settles With FTC for $7.9 Million

FTC

On October 5, 2015, the Federal Trade Commission (FTC) announced that it reached a settlement with defendants who allegedly operated a debt scamming business by promising consumers debt relief services that they did not deliver.  Defendants allegedly disseminated false and misleading information regarding their services through telemarketing, internet ads, and other media.  After…

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CFPB Enters $48 Million Consent Order with Indirect Auto Lender

CFPB sign

On October 1, 2015, the CFPB announced an enforcement action and consent order with an indirect auto lender for illegal debt collection and other practices.  It is alleged that the company’s actions violated the Fair Debt Collection Practices Act, the Truth in Lending Act, and the Dodd-Frank Act. The illegal…

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