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…
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…
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…
On June 14, 2018, the California Attorney General announced that it had entered into a settlement with a company holding nearly 35,000 private student loans across California. In the complaint, which was filed on June 13, 2018, the Attorney General alleged that the company had engaged in unlawful debt collection…
On June 7, 2018, the Federal Trade Commission (FTC) announced a settlement and stipulated order for permanent injunction arising from a lawsuit brought by the FTC concerning allegedly illegal mortgage relief practices. The FTC initiated an action against several defendants in January 2018 alleging violations of Section 5 of the Federal Trade Commission Act, 15…
On June 4, 2018, the Federal Trade Commission (FTC) announced a settlement with a North Carolina debt collection company and its principals over alleged illegal collection practices. In August 2017, the FTC filed an action against the defendants alleging violations of Section 5 of the Federal Trade Commission Act, 15…
On May 1, 2018, the Office of the Comptroller of the Currency (OCC) entered into a consent order with a national bank for deceptive marketing and banking practices that allegedly resulted in violations of federal law. According to the consent order, the OCC alleged that the bank had violated Section…
On April 12, 2018, the Federal Trade Commission (FTC) announced proposed settlements with three marketers for illegal debt relief and loan services. In May 2017, the FTC filed an action against the three marketers and eleven related corporate entities claiming that the defendants engaged in a wide-scale debt relief scheme…
On March 22, 2018, the Federal Trade Commission (FTC), in conjunction with the New York Attorney General (AG), announced that it had entered into settlements with debt collection companies and their operators over allegedly deceptive and unlawful debt collection practices. In a February 2015 complaint filed in the United States District Court for the Western…
Goodwin announces the release of its third annual Consumer Finance Year in Review, an in-depth report that analyzes the principal litigation, enforcement actions and regulations that have impacted the consumer finance industry over the prior year. This report synthesizes Goodwin’s consumer finance coverage from 2017 and offers predictions and insights…