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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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CFPB Settles With National Bank Over Student Lending Practices for $6.5 Million

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​On November 21, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national bank, resolving allegations over the bank’s allegedly harmful student loan servicing practices and requiring it to pay millions in consumer relief and civil penalties. ​ According to the CFPB, the bank engaged…

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CFPB Files Suit Against National Debt-Settlement Services Provider For Allegedly Misleading Consumers

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On November 8, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced it filed suit in federal court in California against a national debt-settlement services provider and its CEO based on alleged violations of the Consumer Financial Protection Act, 12 U.S.C. §§ 5531, 5536(a), 5564, 5565, the Telemarketing Consumer Fraud and Abuse…

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Ohio AG Files Complaint Against California Loan Modification Companies Over Misrepresentations

​On November 6, the Ohio Attorney General’s Office (Ohio AG) announced that it had filed a complaint in Ohio state court against a California man and two companies he owned (the California Companies) for making deceptive promises in connection with loan modification assistance to consumers.  The California Companies contacted consumers and offered them loan modification services for purchase,…

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Utah Bank Settles with U.S. Attorney's Office for the Eastern District of Pennsylvania

On September 28, 2017, the United States Attorney’s Office for the Eastern District of Pennsylvania (USAO) announced it entered a $3.6 million settlement agreement with a Utah Bank and its affiliated payment processor to settle allegations that the bank and its processor committed fraud by illegally debiting money for specific telemarketing and Internet marketing merchants (Merchants). The USAO’s settlement is the…

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National Mortgage Lender Pays $1.6 Million to Federal Government to Settle False Claims Act Allegations

On September 28, 2017, the United States Attorney’s Office for the Southern District of New York (USAO), along with the U.S. Department of Housing and Urban Development (HUD) and HUD’s Office of the Inspector General (HUD-OIG), announced that they had reached a settlement with a national mortgage lender over alleged…

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New York DFS Settles With Payday Loan Debt Collector and Servicer For $12 Million

On September 25, 2017, New York’s Department of Financial Services (DFS) announced that it had entered into a consent order​ with a payday loan servicer and debt collector over the servicing and collection practices on usurious payday loan debts, resulting in nearly $12 million in relief for affected consumers. Payday loans are illegal in New York, and…

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