CFPA

CFPB Issues Consent Order Against National Servicer for Unfair Mortgage Practices

On July 30, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a national mortgage servicing company, resolving claims that the servicer engaged in unfair and deceptive practices in violation of the Consumer Financial Protection Act.  The CFPB alleged that the servicer failed to honor modifications…

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CFPB Enters Consent Agreement with Student Loan Lender Concerning Sales and Billing Practices

On July 23, 2015, the Consumer Financial Protection Bureau (“CFPB”)​ filed a complaint and proposed consent order in the United States District Court for the Eastern District of California in connection with a settlement reached with a student loan lender that offered fee-based assistance to consumers filling out the federal government’s Free Application…

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CFPB Issues Order and Penalties Against National Bank for Student Loan Servicing Practices

On July 22, 2015, the Consumer Financial Protection Bureau (“CFPB”)​ issued a consent order against a national bank and its affiliates for its servicing practices affecting private student loan borrowers.​  The order asserts that the bank violated various sections of the Consumer Financial Protection Act of 2010 (“CFPA”) and the Fair…

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CFPB and OCC Issue Consent Orders Against National Bank for Credit Card Practices

​On July 21, 2015, the Consumer Financial Protection Bureau (“CFPB”) issued a consent order requiring a national bank and its subsidiaries to provide roughly $700 million in consumer relief due to the bank’s practices relating to its credit card services and add-on products.  The consent order states that a CFPB review of the bank’s practices…

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Auto Finance Company Sued By CFPB Over Military Debt Collection Activities

On June 17, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a ​complaint against a national automobile finance company over allegations that the finance company used illegal threats and deceptive tactics to collect debts from military servicemembers.  The complaint alleges that the finance company violated the Consumer Financial Protection Act…

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Mortgage Lender Enters Into Consent Order With CFPB Over Steering Allegations

​On June 4, the Consumer Financial Protection Bureau (CFPB) announced that it had entered a consent order with a regional residential-mortgage lender over allegations that the lender paid bonuses and higher commissions to loan officers for steering consumers into mortgages with higher interest rates.  The complaint, also filed on June 4, alleged that the company…

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