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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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Reverse Mortgage Servicer to Pay Over $29 Million to Resolve False Claims Act Allegations

On September 4, 2015, the Department of Justice (“DOJ”) announced that a company engaged in reverse mortgage servicing agreed to pay $29.63 million​ to settle allegations that it violated the False Claims Act (“FCA”) in connection with its participation in the Department of Housing and Urban Development’s (“HUD”) Home Equity Conversion Mortgage…

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FTC Bans Mortgage Relief Company from Selling Debt Relief Services

FTC

On September 3, 2015​, the Federal Trade Commission (“FTC”) agreed to settle allegations with a mortgage relief services company that allegedly charged homeowners an illegal fee for assistance the company never provided.  The FTC brought its claims under section 5(a) of the Federal Trade Commission Act (“FTCA”), 15 U.S.C. § 45(a), the Mortgage Assistance Relief Services Rule (“MARS…

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North Carolina Judge Bars Payday Lender from Lending Activity

On September 1, 2015​, North Carolina Special Court Superior Judge Gregory P. McGuire issued a preliminary injunction​ barring a North Dakota-based online fast cash lender from advertising, lending, and collection activity in the state of North Carolina.  The preliminary injunction bars the lender and its affiliated companies from advertising, offering or entering into contracts to…

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CFPB Enters Consent Agreement with Student Loan Lender Concerning Sales and Billing Practices

On July 23, 2015, the Consumer Financial Protection Bureau (“CFPB”)​ filed a complaint and proposed consent order in the United States District Court for the Eastern District of California in connection with a settlement reached with a student loan lender that offered fee-based assistance to consumers filling out the federal government’s Free Application…

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