Search Results: test CFPA

CFPB Files Suit Against National Bank Concerning Alleged Unauthorized Accounts

On March 9, 2020, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against a national bank in the U.S. District Court for the Northern District of Illinois alleging that the bank opened unauthorized accounts and enrolled customers in unauthorized products and services without consumers’ knowledge or consent.  According to the CFPB’s complaint, the…

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New York Department of Financial Services Announces Settlement with Unlicensed Mortgage Lender

​On January 10, 2020, the New York Department of Financial Services (DFS) announced that, in concert with the New York Attorney General (New York AG), it had entered into a consent order and settlement with an unlicensed mortgage-lending business to resolve allegations that the business illegally made predatory, subprime loans in…

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CFPB Files Suit Against Companies for Allegedly Funneling Credit Reports to Student-Loan Debt-Relief Scheme

​On January 9, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a complaint against a constellation of companies for allegedly requesting credit reports without a permissible purpose in order to deceptively market sham student-loan debt relief services to consumers, in violation of the Consumer Financial Protection Act…

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CFPB Settlement with Military Travel Loan Lender, Servicer Results in $3.5 Million "Suspended Judgment"

On November 25, 2019, the Consumer Finance Protection Bureau (CFPB) filed concurrent consent orders against a Kentucky-based military travel loan lender (here) and its loan servicer (here). The lender sold and financed airline tickets to military servicemembers and their families from 2010-2016​ by both facilitating financing by other creditors and originating loans itself.  The CFPB…

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Real Estate Investment Company Forced to Dissolve Following Washington AG Suit

On October 16, 2019, the Washington Attorney General’s Office (Washington AG) announced that it had reached a settlement with a Kirkland- and Portland-based real estate investment company that requires the company to dissolve and pay up to $85,000 in fines and enforcement costs. ​The Washington AG initiated this action in May 2018, alleging violations of the Washington Consumer Protection Act, RCW 19.86.020.  According…

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CFPB Announces $236,000 Settlement With Illinois Debt Collector

On August 28, 2019, the Consumer Financial Protection Bureau (CFPB) announ​ced a settlement with an Illinois-based debt collection company, resolving allegations that the company engaged in deceptive practices in violation of the Consumer Financial Protection Act (CFPA), 12 U.S.C. §§ 5531 and 5536, and the Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. §…

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CFPB and Arkansas AG Settle with Brokers Over Illegal Credit Contracts

On August 14, 2019, the Consumer Financial Protection Bureau (CFPB) and the Office of the Arkansas Attorney General (AG) entered into a proposed stipulated final judgment with three corporations that brokered extensions of credit to consumers, and the co-founder and owner of one of the corporations.  The simultaneously filed complaint, filed…

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CFPB Announces Settlements with Higher-Learning Institution and Lender Over Private Student Loans

On August 12, 2019, the Consumer Financial Protection Bureau (CFPB) announced a proposed settlement with a for-profit higher-education institution. The CFPB filed a complaint against the institution in the U.S. District Court for the Southern District of Indiana on February 26, 2014, alleging that the institution had violated the Consumer…

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