Search Results: Banking

CFPB Settles with National Credit Union Over Alleged Deceptive Debt Collection Practices

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On October 11, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a national credit union over allegations that the credit union made false and misleading representations to consumers when attempting to collect on past due accounts. The credit union serves military members and their families. The…

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CFPB Assesses Largest Fine in Agency's History Against National Bank for Opening Accounts Without Consumers' Consent

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On September 8, 2016, the Consumer Financial Protection Bureau (CFPB) announced that, pursuant to a Consent Order, a national bank agreed to make full restitution to consumers and pay the CFPB a $100 million fine because many of its employees allegedly engaged in an illegal practice of opening unauthorized deposit and credit…

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Colorado AG Settles Illegal Lending And Debt Collection Claims Against Two Lenders

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On August 1, 2016, Colorado Attorney General Cynthia H. Coffman announced a settlement of two lawsuits against lenders for targeting the military and other allegedly illegal lending practices. According to the Attorney General, the settlement comes after charges filed against the lenders in 2015, alleging that the lenders used illegal…

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CFPB Orders National Bank to Pay $10 Million for Overdraft Practices

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On July 14, 2016, the CFPB announced that it ordered a bank to pay $10 million in fines for its overdraft service practices.  According to the CFPB, the bank’s telemarketing vendor used allegedly deceptive marketing and sales pitches to mislead consumers to sign up for its overdraft service without the consumers’ consent. The overdraft…

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Department of Housing and Urban Development Announces Settlement with National Bank over Alleged Discriminatory Lending Practices

On June 8, 2016, the Department of Housing and Urban Development (HUD) announced it entered into a settlement agreement with a national bank over allegations the bank engaged in discriminatory lending practices in violation of the Fair Housing Act. According to HUD, the bank discriminated against African American, Latino American and…

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CFPB Files Lawsuit Against Payment Processor Over Alleged Unauthorized Withdrawals from Consumer Accounts

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On June 6, 2016, the Consumer Financial Protection Bureau (CFPB) announced it filed a lawsuit against a third-party payment processor and two of the company’s executives over allegations the company permitted unauthorized withdrawals from consumer accounts, in violation of the Dodd-Frank Consumer Protection Act. The company facilitated ACH payment transactions between…

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West Virginia Attorney General Announces Settlement with Online Lender Over Alleged Usurious Loans

On June 6, 2016, the West Virginia Attorney General announced a settlement with a regional online lender over allegations that the lender’s business practices violated West Virginia’s Consumer Credit and Protection Act. The company markets and sells online installment loans, through an alleged “bank-partnership model.” Under the bank-partnership model, a company partners…

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