Search Results: CFPA

CFPB and 47 States Enter Settlement with Holder of Private Student Loans for Allegedly Providing Substantial Assistance in For-Profit Educator's Unfair Practices

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On September 15, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had filed a proposed stipulated judgment against a Delaware statutory trust after a settlement agreement was reached between the trust and forty-seven states plus the District of Columbia.  The trust was created to purchase and hold beneficial…

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CFPB Settles with Auto Loan Servicer Over Allegedly Unfair Loss Damage Waiver Practices

On September 21, 2020, the Consumer Financial Protection Bureau (CFPB) entered into a consent order with an auto loan servicer to resolve allegations that the company charged customers for loss damage waiver coverage without actually providing it. According to the CFPB, this practice was unfair under the Consumer Financial Protection Act,…

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CFPB Settles with Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans

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On September 14, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had entered into a consent order with a mortgage broker and lender that advertises and offers mortgage loans guaranteed by the United States Department of Veterans Affairs (VA) through direct-mail advertisements sent primarily to United States military…

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NY Attorney General Settles with Debt Collection Company Over Allegedly Unlawful Student Loan Debt Collection Practices

On September 14, 2020, New York Attorney General Letitia James announced that she secured protections for thousands of student borrowers who defaulted on student loans and who were allegedly subject to misleading and unlawful actions by one of the nation’s largest debt collectors.  The settlement agreement resolves an investigation of…

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CFPB Files Suit Against California Debt Collectors

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On September 8, 2020, the Consumer Financial Protection Bureau (CFPB) announced it filed a complaint against a group of California-based debt collection companies and their subsidiaries.  The complaint, filed in the Southern District of California, alleges the defendants violated the terms of a 2015 consent order (the Order) with the…

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CFPB Enters Into Consent Order With VA Lender Over Alleged UDAAP Violations

On August 26, 2020 the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a California-based mortgage lender, resolving allegations that the company violated the Consumer Financial Protection Act (CFPA) and Truth in Lending Act (TILA) by engaging in deceptive acts and practices with…

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CFPB Settles Another Case With Mortgage Company Over Allegedly Deceptive VA Loan Advertisements

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On August 21, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had a reached a settlement with a California-based lender, resolving allegations that the lender had sent deceptive loan advertisements to servicemembers and veterans in violation of the Consumer Financial Protection Act (CFPA), the Mortgage Acts and Practices…

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CFPB Announces $1.1 Million Settlement with California-based Lenders to Resolve Allegations of Unfair and Deceptive Practices

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On July 24, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it entered consent orders (here and here) against two California-based mortgage lenders, resolving allegations that the lenders violated the Truth in Lending Act (TILA), 15 U.S.C. §§ 1601–1667f, and its implementing regulation, Regulation Z, 12 C.F.R. § 1026.24;…

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