Search Results: test CFPB

CFPB Settles with Lender and Student Loan Debt Relief Companies Over Alleged Misuse of Credit Reports

On May 14, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a proposed stipulated judgment and final order with a California-based mortgage lender and several affiliated individuals and companies (collectively, the “lender”) resolving allegations that the lender had obtained consumer credit reports for an improper…

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CFPB Settles with Colorado Mortgage Servicer for $1.52M for Alleged RESPA Violations

On May 11, 2020, the Consumer Financial Protection Bureau (CFPB) settled with a Colorado-based mortgage servicer that serviced a portfolio of mortgage loans worth approximately $112.69 billion.  According to the CFPB, the Bureau found that the servicer violated the Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. § 2601 et seq., and its implementing…

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CFPB Announces $1.3 Million Settlement With Short-Term Lender Resolving Allegations of Unfair and Deceptive Practices

On April 1, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an installment-loan lender, resolving allegations that the lender violated the Consumer Financial Protection Act (CFPA), 12 U.S.C. §§ 5531(a), 5536(a)(1)(B), Fair Credit Reporting Act (FCRA), 15 U.S.C. §§ 1681 et seq….

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Consumer Financial Protection Bureau Issues Policy Statement Concerning Credit Reporting and COVID-19

Today, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a policy statement for credit reporting companies and furnishers concerning credit reporting guidance during the COVID-19 pandemic. This announcement comes in the wake of the interagency statement encouraging financial institutions to work constructively with borrowers and other customers affected by…

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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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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 Settles FCRA Claims with NY Background Screening Company

On November 22, 2019 the Consumer Financial Protection Bureau (CFPB) announced that it had filed a proposed stipulated judgment in the federal district court in the Southern District of New York that would resolve claims that a New York-based employment background screening company violated sections 605(a), 607(b), and 613(a) of the Fair Credit…

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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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