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California AG Announces Settlement Agreement with Student Loan Debt Collector

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…

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FTC Settles With Defendant Involved in Mortgage Relief Scheme for $15.5 Million

FTC

​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…

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FTC Settles Charges Against Debt Collectors Involved in Collection Scheme

FTC

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 U.S.C. §…

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FTC and Florida State AG Settle with Debt Relief Scammers for Over $80 Million

FTC

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 in violation of Section…

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FTC and NY AG Convict and Settle For Nearly $50 Million With Debt Collectors

​ 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…

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Goodwin Releases Annual Review of Key Developments Within the Consumer Financial Services Industry

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…

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D.C. Circuit Issues Long-awaited Decision in PHH Corp. v. CFPB, Reinstating the Panel's RESPA Holdings

On January 31, 2018, the U.S. Court of Appeals for the D.C. Circuit (D.C. Circuit), sitting en banc, issued its long-awaited decision in PHH Corp. v. CFPB, holding that the provision of the Dodd-Frank Act shielding the single director of the CFPB from removal without cause is constitutional.  In all,…

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Colorado AG Announces $2 Million Settlement with Two Lenders

On January 22, 2018, Colorado Attorney General Cynthia H. Coffman (“Colorado AG”) announced that her office has settled a lawsuit against two lenders.  The Colorado AG alleged that the lenders charged predatory interest rates to Colorado consumers by lending money to consumers who had pending personal injury claims and then requiring those consumers to pay…

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Federal Reserve Assesses a Combined $35.1 Million in Civil Money Penalties Against 5 Mortgage Servicers Over Mortgage Servicing Practices

On January 12, 2018, the Federal Reserve Board (FRB) announced the assessment of civil money penalties and consent orders against five national banking organizations over mortgage servicing deficiencies, resulting in a total monetary settlem​ent of $35.1 million. In 2011 and 2012, the FRB initiated enforcement actions against ten firms, including the five against…

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