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Pennsylvania AG Sues Financial Services Company for Defrauding Veterans

On May 5, 2016, the Pennsylvania Attorney General announced the filing of a civil lawsuit in the Clinton County (PA) Court of Common Pleas against an Ohio financial services company and its owner for misleading at least four Pennsylvania consumers, including three military veterans.  The lawsuit states that the company catered specifically to…

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California Man Pleads Guilty to Criminal Charges Relating to HAMP Modification Scheme

On May 4, 2016, the United States Attorney for the Southern District of New York and the Special Inspector General of the Troubled Asset Relief Program (SIGTARP) announced that a California man was found guilty of de​fraudin​g over 30,000 homeowners out of $31 million through a large mortgage modification scheme.​ The defendant was…

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National Bank Finalizes $1.2 Billion Settlement Relating to FHA Lending Program

On April 8, 2016​, the Department of Justice (DOJ) officially announced a $1.2 billion settlement with a national bank and one of its executives relating to the bank’s participation in the Federal Housing Administration (FHA) Direct Endorsement​ Lender Program.  As part of the settlement agreement, the bank acknowledged that between the period of May…

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State AGs Announce $13 Million Nationwide Settlement with Money Services Company

​On February 11, 2016, 49 state attorney generals and the Attorney General for the District of Columbia, collectively the “State AGs,”​ announced​ a $13 million nationwide settlement with a Dallas-based money services company.  The settlement agreement was the result of a multi-state investigation headed by the Consumer Protection Divisions of the respective State AGs….

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OCC Terminates Mortgage Servicing Consent Order and Assesses Penalties Against Two National Banks

On February 9, 2016, the Office of the Comptroller of Currency (“OCC”) announced that it has terminated mortgage servicing-related consent orders against two national banks because the banks now comply with the orders.   In terminating the consent orders, the OCC assessed a $10 million civil money penalty against the first bank and a $3.4 million civil money penalty against the…

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National Bank Announces $1.2 Billion Settlement Relating to FHA Lending Program

​On February 3, 2016, a national bank announced in its SEC filing that it has reached a $1.2 billion agreement in principle with the United States Department of Justice (“DOJ”), the United States Attorney’s Office for the Southern District of New York, the United States Attorney’s Office for the Northern District of California, and…

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FTC and Florida AG Sue Payment Processing Company for Credit Card Processing and Debt Relief Services

On January 8, 2016, the Federal Trade Commission​ (“FTC”) and the Attorney General for the State of Florida​ (“Florida AG”) announced charges against a payment processing business relating to an alleged nationwide debt relief telemarketing scam.  The amended complaint was filed on December 21, 2015 in the United States District Court for the Middle​ District…

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FTC and State AGs Announce Four Actions Against Debt Collectors as Part of Operations Collection Protection

FTC

On January 7, 2016, the Federal Trade Commission (“FTC”) and its law enforcement partners announced four separate actions against various debt collectors.  The FTC stated that the actions were part of a continuing nationwide crackdown referred to as “Operation Collection Protection,” which is designed to target debt collectors using illegal tactics.  The FTC claims the debt…

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FTC Reaches Settlement with Online Payday Lenders Relating to Deception Charges

FTC

On January 5, 2016, the Federal Trade Commission (“FTC”)​ announced that two online payday lenders ​reached a settlement with the FTC to resolve charges that payday lenders illegally charged consumers undisclosed and inflated fees.  As part of the settlement, each company agreed to a penalty of $2.2 million and combined waived $68 million in uncollected consumer…

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OCC Terminates Mortgage Servicing Consent Order and Assesses Civil Money Penalties Against Two National Banks

On January 5, 2016, the Office of the Comptroller of Currency (“OCC”) announced that it had terminated consent orders against two national banks.  In doing so, the OCC assessed civil money penalties against the banks relating to previous violations of the existing consent orders.  The OCC announced that it was terminating…

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