On September 6, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a lead aggregator over claims the aggregator steered consumers towards lenders who offered installment or payday loans that were illegal in consumers’ states. The consent order claimed that the aggregator sold loan applications to lenders…
On August 30, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a stipulated proposed final judgment in the U.S. District Court for the Central District of California in a case against a California-based credit repair company. The lawsuit, which was initially filed in September 2016, alleges that the credit repair…
On August 23, 2017, Massachusetts Attorney General Maura Healey announced that her office had sued one of the nation’s largest federal student loan servicers, alleging that the servicer deprived public servants of relief under the Public Service Loan Forgiveness Program (PSLF), a federal student loan forgiveness program that forgives loans of borrowers that hold public service positions…
On August 17, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced that it filed a complaint and proposed settlement against an Oregon private equity firm and related entities for aiding a post-secondary education company and its school’s predatory lending scheme. The CFPB alleges that the private equity firm enabled the school…
On August 4, 2017, the United States District Court for the Middle District of Pennsylvania denied a student loan servicer’s motion to dismiss claims brought against it by the Consumer Financial Protection Bureau (CFPB), rejecting the servicer’s argument that the claims fail because the CFPB is unconstitutional. In January 2017, the…
On August 10, 2017, the Massachusetts Division of Banks (DOB) announced that it had reached, together with the financial regulators of Connecticut, Idaho, Minnesota, and North Dakota, a settlement with two companies, resolving allegations that their debt collection practices failed to comply with state and federal consumer protection laws, including the Fair Debt…
On August 2, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national bank, resolving allegations as to the bank’s allegedly unlawful credit reporting activities. According to the CFPB, the bank violated several federal laws with respect to its reporting practices, including the Fair Credit Reporting Act, 15…
On June 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it filed two complaints and proposed final judgments against four California-based credit repair companies for misleading consumers and charging illegal fees. The CFPB alleged that the companies charged illegal advance fees for credit repair services and misrepresented their ability to repair…
On April 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced the filing of a suit against four online lenders alleging that the lenders illegally collected debts on invalid loans. The complaint alleged violations of the Consumer Financial Protection Act (CFPA), 12 U.S.C. §§ 5531(a), 5536(a), and 5564(a), and the Truth in Lending Act (TILA),…
On April 17, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a complaint in the U.S. District Court for the Northern District of Ohio against an Ohio-based debt collection law firm, alleging violations of the Fair Debt Collection Practices Act (FDCPA) and Consumer Financial Protection Act (CFPA). The…