On April 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it filed a lawsuit against TransUnion and the company’s former executive. The complaint, filed in the U.S. District Court for the Northern District of Illinois, alleges that TransUnion violated a 2017 CFPB consent order which resolved allegations that the company deceptively marketed credit scores…
On April 5th, Goodwin attorneys hosted a webinar discussing the Consumer Financial Protection Bureau’s (CFPB) changes to its supervisory and enforcement priorities with respect to unfair, deceptive, or abusive acts or practices (UDAAPs) under the Consumer Financial Protection Act (CFPA). To recap what was discussed: Download our presentation materials. Watch…
On March 30, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a student-loan servicer for alleged deceptive acts and practices in violation of the CFPA, 12 U.S.C. §§ 5531(a), 5536(a)(1)(B). The CFPB alleged that the servicer made deceptive statements to student loan borrowers and misrepresented their…
On January 18, the Consumer Financial Protection Bureau (CFPB) announced that it had agreed to a settlement with a payment processing company, resolving allegations that the company assisted third parties in profiting from fraudulent services and products. The proposed stipulated judgment, if entered by the court, will resolve allegations that the company was processing…
On January 10, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint against three New York-based debt collection companies and their owners. The CFPB alleged the companies sold debts to collection companies that used unlawful collection tactics. Specifically, the CFPB alleged the companies knew or should have known that the…
On December 17, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a proposed settlement with a Maryland company that offers lump sum payouts to consumers with structured settlements. The settlement resolves a 2016 complaint filed by the CFPB in the U.S. District Court for the District of Maryland alleging that the…
On November 12, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint in the United States District Court for the Northern District of Texas against two pawnshop lenders, alleging violations of the Military Lending Act (MLA), 10 U.S.C. § 987. Under the MLA, consumer credit extended to military servicemembers may…
On October 21, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it has issued orders to collect information about the business plans and practices of multiple large technology companies operating payment systems in the United States. Notably, these orders were issued pursuant to the CFPB’s rulemaking authority under Dodd-Frank Section 1022, rather than its…
On October 22, 2021, the Consumer Finance Protection Bureau (CFPB) announced that the CFPB, Department of Justice (DOJ) and Office of the Comptroller of the Currency (OCC) collectively reached a joint settlement with a national bank that resolved allegations of mortgage lending discrimination in the Memphis metropolitan area in violation of the Fair Housing Act (FHA),…
On October 19, 2021, the CFPB announced that it entered a consent order against a Florida-based financial services company, resolving claims that the company violated the Unfair, Deceptive, Abusive Acts and Practices (UDAAP) provisions of the Consumer Financial Protection Act (CFPA), 12 U.S.C. § 5536(a) by charging unlawful fees, and the Electronic Funds Transfer Act,…