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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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FTC Reaches Settlement with Two Ohio Auto Dealers

FTC

​On November 24, the Federal Trade Commission (“FTC”) announced that it reached a settlement agreement with two Ohio auto dealers relating to allegations that the auto dealers violated Section 184 of the Consumer Leasing Act, 15 U.S.C. § 1667c, and Section 213.7 of Regulation M, 12 C.F.R. §​ 213.7.  Specifically, the FTC’s administrative ​complaint alleged that the auto dealers failed to disclose key…

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Two Student Debt Relief Companies Banned from Operating in Massachusetts

On November 24, the Massachusetts Attorney General’s Office (“AG’s Office”) announced​ that it has reached two separate settlement agreements with student debt relief companies.  The two companies agreed to assurances of discontinuance and agreed to pay $56,000 and $40,000 respectively relating to allegations of charging illegal upfront fees prior to delivering​ full…

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Federal Reserve Board Announces Settlement Agreements with Two Regional Banks for Alleged Violations of the National Flood Insurance Act

On November 24,​ the Board of Governors of the Federal Reserve System announced the execution of two settlement agreements in enforcement actions against two regional banks concerning alleged violations of the National Flood Insurance Act (“NFIA”), 42 U.S.C. § 4012a(f)(4).  The Board of Governors asserted that where a pattern or practice of violations of the NFIA is found, civil money penalties can be…

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Massachusetts Insurance Company Settles Claims Relating to Force-Placed Insurance

On November 23, 2015, the Attorney General’s Office for the Commonwealth of Massachusetts reached a settlement agreement with a Massachusetts force-place-insurance company relating to allegations that it required homeowners to purchase unnecessary or overpriced force-placed insurance policies. Force-placed insurance is a form of homeowner’s insurance that may be acquired by a lender or mortgage…

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Four Businesses Settle Claims with New Jersey AG Relating to Surplus Foreclosure Funds

On October 15, 2015, the New Jersey Attorney General announced ​that the New Jersey of Division of Consumer Affairs reached settlements with three companies and one individual to resolve allegations that the businesses falsely represented they were needed to help consumers obtain “surplus funds” remaining after a property foreclosure sale.  “Surplus funds” are funds…

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