Archive for July, 2018

Federal Reserve Board Settles With Kentucky Bank for $4.75 Million

On July 26, 2018, the Federal Reserve Board (FRB) announced a multi-million dollar settlement with a Kentucky bank over allegations of unlawful banking practices in violation of Section 5 of the Federal Trade Commission Act. According to the Consent Order, the bank made misrepresentations and failed to disclose certain information to consumers about…

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Pennsylvania AG Sues Five Companies Involved in Alleged Mortgage Modification Scam

On July 26, 2018, the Attorney General for the Commonwealth of Pennsylvania announced a lawsuit against five Pennsylvania mortgage foreclosure companies and two company owners for cheating consumers into signing contracts to have their mortgage loans modified—but never delivering the services paid for—in violation of Pennsylvania’s Unfair Trade Practices and Consumer…

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OCC and CFPB Reach $30 Million Settlement With South Dakota Bank Over Overdraft Fees

On July 20, 2018, the Office of the Comptroller of the Currency (OCC) and Consumer Financial Protection Bureau (CFPB) reached a $30 million settlement with a South Dakota bank over allegations that the bank had engaged in deceptive practices with respect to its overdraft services in violation of Section 5 of the Federal Trade…

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CFPB Settles Claims that Lender Misrepresented Finance Charges in Auto Title Loans

CFPB sign

​On July 19, 2018, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a lender and its subsidiaries, resolving allegations that the company violated the Consumer Financial Protection Act (CFPA) and Truth in Lending Act (TILA). The lender and its subsidiaries are financial services companies…

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CFPB Settles With Debt Collection Company and CEO for $6 Million

CFPB sign

On July 13, 2018, the Consumer Financial Protection Bureau (CFPB) announced a settlement with a debt collection company and its CEO for allegedly illegal debt-collection acts and practices. According to the CFPB, the company collected on consumer debts using various debt collection companies that allegedly engaged in unfair and deceptive practices in violation of…

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