Archive for September, 2020

Virginia AG Reaches Settlement with Internet Lender Concerning Short-Term Loans

​On September 29, 2020, the Attorney General for the Commonwealth of Virginia (Virginia AG) announced a settlement with a Nashville-based open-end credit plan​ internet lender, resolving allegations that the lender violated Virginia laws in offering short-term loans.  This settlement results from the Virginia AG’s allegations that the lender’s contracts with its consumers violated the Virginia Consumer Protection Act…

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CFPB and 47 States Enter Settlement with Holder of Private Student Loans for Allegedly Providing Substantial Assistance in For-Profit Educator's Unfair Practices

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On September 15, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had filed a proposed stipulated judgment against a Delaware statutory trust after a settlement agreement was reached between the trust and forty-seven states plus the District of Columbia.  The trust was created to purchase and hold beneficial…

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CFPB Settles with Auto Loan Servicer Over Allegedly Unfair Loss Damage Waiver Practices

On September 21, 2020, the Consumer Financial Protection Bureau (CFPB) entered into a consent order with an auto loan servicer to resolve allegations that the company charged customers for loss damage waiver coverage without actually providing it. According to the CFPB, this practice was unfair under the Consumer Financial Protection Act,…

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California Department of Business Oversight Investigates Auto Title Lender for Possible Usury

On September 3, 2020, the California Department of Business Oversight (“DBO”) announced it had initiated an investigation into an auto title lender for possible violations of California’s state usury limits, through its relationship with an out-of-state bank. In 2020, the Company allegedly stopped making state-licensed auto loans in California and instead partnered…

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CFPB Continues Streak of Consent Orders With VA Mortgage Lenders for Deceptive Practices

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On September 2, 2020, the Consumer Financial Protection Bureau (CFPB) announced it had entered into a consent order with a Delaware-based VA-mortgage lender, resolving allegations that the company had engaged in deceptive practices against servicemembers and veterans.  The CFPB found that since April 2018 the Company had mailed current and former servicemembers misleading advertisements…

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CFPB Issues Consent Order Against Maryland-Based Mortgage Lender for Deceptive Practices Related to VA Loans

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On September 1, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had issued a consent order against a Maryland-based corporation offering VA-guaranteed loans in twelve states.  According to the consent order, the CFPB found the company had sent consumers millions of advertisements containing deceptive or misleading statements and inadequate disclosures, in violation of…

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