Archive for January, 2019

CFPB Announces $3.2 Million Settlement with Online Payday Lender

CFPB sign

On January 25, 2019, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an online lender that extends unsecured payday and installment loans, as well as lines of credit, resolving allegations that the lender had engaged in unfair acts or practices in violation of the Consumer Financial Protection…

Read More

CFPB Announces $1 Settlement With Military Pension-Advance Broker

CFPB sign

​On January 23, 2019, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a loan broker, resolving allegations the broker’s offering of high-interest credit to veterans on behalf of several unnamed companies had thereby violated the Consumer Financial Protection Act (CFPA), 12 U.S.C. §§ 5531, 5536….

Read More

California Department of Business Oversight Enters Into $900,000 Consent Order With Payday Lender

On January 22, 2019, the California Department of Business Oversight (DBO) announced that it had entered into a consent order with a payday lender to resolve allegations that the company violated the California Financing Law, Fin. Code Section 22000 et seq. Per the consent order, the payday lender allegedly steered borrowers into loans…

Read More

CFPB Enters Into $15.5 Million Consent Order with Bank Over Stop Payment and Error Resolution Practices

CFPB sign

​On January 3, 2018, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a $15.5 million consent order with a federally-chartered savings association bank.  The consent order resolves allegations that the bank violated the Electronic Fund Transfer Act (EFTA) and Consumer Financial Protection Act (CFPA) between 2011 and 2016. Specifically, the CFPB…

Read More

49 State Attorneys General Obtain Nearly $500 Million in Student Loan Debt Relief

​On January 2, 2019, 49 state attorneys general reached a settlement with an Illinois-based for-profit education company, securing approximately $493.7 million in debt relief for over 179,000 students nationwide.  The settlement is the result of a five-year investigation, which began in 2014 after states received complaints from students and the U.S. Senate’s Health, Education, Labor and Pensions…

Read More