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CFPB Issues Order and Penalties Against National Bank for Student Loan Servicing Practices

On July 22, 2015, the Consumer Financial Protection Bureau (“CFPB”)​ issued a consent order against a national bank and its affiliates for its servicing practices affecting private student loan borrowers.​  The order asserts that the bank violated various sections of the Consumer Financial Protection Act of 2010 (“CFPA”) and the Fair…

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CFPB and OCC Issue Consent Orders Against National Bank for Credit Card Practices

​On July 21, 2015, the Consumer Financial Protection Bureau (“CFPB”) issued a consent order requiring a national bank and its subsidiaries to provide roughly $700 million in consumer relief due to the bank’s practices relating to its credit card services and add-on products.  The consent order states that a CFPB review of the bank’s practices…

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Colorado AG Files Action Against Retailer Over Credit Extended to Military Servicemembers

On July 17, 2015, the Attorney General for the State of Colorado (“Colorado AG”) filed a lawsuit in Denver District Court alleging that a retailer and its related companies repeatedly violated Colorado’s consumer lending laws concerning credit extended to military servicemembers. ​ The action is the second lawsuit filed by the Colorado AG in the…

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Pennsylvania Attorney General Announces Settlement with Mortgage Loan Modification Companies

On July 13, 2015, Pennsylvania Attorney General Kathleen G. Kane announced a settlement with two Philadelphia-based mortgage loan modification companies following an investigation by the states’ Bureau of Consumer Protection.  According to the Attorney General’s announcement, the Bureau initiated the investigation as a result of consumer complaints filed against the companies for,…

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OCC Enters Consent Orders with National Bank Regarding Compliance with SCRA

On May 29, 2015, the Office of the Comptroller of the Currency (“OCC”) entered into two consent orders with a National Bank regarding the bank’s non-home loan compliance with the Servicemembers Civil Relief Act (“SCRA”) and the bank’s practices in connection with non-home debt collection litigation practices. The OCC estimates…

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CFPB and Florida AG Granted Default Judgment Against Florida Mortgage Relief Companies

On May 29, 2015, the United States District Court for the Southern District of Florida granted the Consumer Financial Protection Bureau (“CFPB”) and the State of Florida​ a final default judgment​ against a Florida Foreclosure Relief Company and its corporate affiliates based on the company’s failure to answer or otherwise…

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MI Attorney General Files Criminal Charges Alleging Fake Loan Modification Scheme

On May 22, 2015, the Michigan Attorney General (“AG”) and its Homeowner Protection Unit filed charges in Oakland County’s 48th District Court against a Michigan mortgage company and its owner alleging that the owner and mortgage company engaged in a scheme to defraud borrowers by promising to modify mortgages for…

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