Archive for February, 2022

Goodwin's 2021 Consumer Financial Services Year In Review

Goodwin’s Consumer Financial Services Enforcement & Investigations and Litigation practices are once again proud to present our annual Consumer Finance Year In Review. Industry regulators staked out a clear intent to return to normal, rescinding pandemic-specific policies and letting go of relaxed enforcement. Reviewing the key developments and events in…

Read More

CFPB Issues Request for Information Regarding Junk Fees

On January 26, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services (RFI).  In the RFI, the CFPB seeks public feedback regarding fees that are not subject to competitive pricing in order to assist the CFPB…

Read More

Massachusetts AG Settles Claims Against Subprime Auto Lender for $5.56 Million

On February 8, 2022,​ the Massachusetts Attorney General’s Office (Massachusetts AG) announced that it entered into a settlement agreement with a lender concerning its subprime auto loan disclosure and debt collection practices.  The Massachusetts AG filed an assurance of discontinuance​ in Suffolk County Superior Court alleging that the lender failed to provide consumers with adequate disclosures regarding how deficiencies…

Read More

DC AG Reaches $4 Million Settlement with Online Lender

On February 8, 2022, the Attorney General for the District of Columbia (DC AG) announced​ that a Delaware-based online lender has agreed to pay $3​.3 million to refund over 2,500 consumers who allegedly received misleadingly high-cost loans and lines of credit.  This agreement resolves​ a lawsuit filed by the DC AG in the Superior Court of the District of Columbia,…

Read More

CFPB Encourages Consumers To “Hold Accountable” Consumer Reporting Companies By Filing Disputes and FCRA Lawsuits

On January 27, 2022, the Consumer Financial Protection Bureau (CFPB) published its updated annual list of consumer reporting companies for the purpose of encouraging consumers to seek access to their files, and sue if they believe there is a Fair Credit Reporting Act (FCRA) violation.  The CFPB’s press release announcing the…

Read More