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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

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

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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CFPB Issues Yet Another Consent Order Against Lender for Deceptive Practices Related to VA Loans

On September 1, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had issued a consent order against a Miami-based lender based on its deceptive advertisements to servicemembers and military veterans through direct-mail campaigns in eight states. According to the consent order, the CFPB found that the company had included false, misleading, and inaccurate…

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Massachusetts AG Sues National Auto Lender for Unfair and Deceptive Practices

On August 31, 2020, Massachusetts Attorney General Maura Healy (“Massachusetts AG”) announced that she had filed suit in Massachusetts state court against a national auto lender for allegedly making unfair and deceptive loans to thousands of Massachusetts consumers since 2013 and engaging in unfair debt collection practices. According to the Massachusetts AG, the company…

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DOJ Settles False Claims Act Allegations Against Reverse Mortgage Lender for $2.47 Million

​On March 31, 2020, the U.S. Department of Justice (DOJ) announced that it had entered into a $2.47 million settlement agreement with a national reverse mortgage lender in order to resolve allegations that the bank’s predecessor entity had failed to meet the Department of Housing and Urban Development’s (HUD) criteria in originating and…

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CFPB Announces $1.3 Million Settlement With Short-Term Lender Resolving Allegations of Unfair and Deceptive Practices

On April 1, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an installment-loan lender, resolving allegations that the lender violated the Consumer Financial Protection Act (CFPA), 12 U.S.C. §§ 5531(a), 5536(a)(1)(B), Fair Credit Reporting Act (FCRA), 15 U.S.C. §§ 1681 et seq….

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FTC Settles With Operators of Debt Collection Scheme, Permanently Barring Defendants From Debt Collection

FTC

On December 11, the Federal Trade Commission (FTC) announced it had reached a settlement with the remaining Defendants in an enforcement action against multiple related companies and their controllers involved in an alleged phantom debt scheme in which the Defendants pressured consumers into paying non-existent debts by threatening legal action…

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