Search Results: CFPB

CFPB Seeks Dismissal of Complaint Filed by the U.S. Chamber of Commerce Challenging the CFPB's Update to the UDAAP Section of Its Examination Manual

On December 23, 2022, the Consumer Financial Protection Bureau (CFPB) moved for dismissal, or in the alternative partial summary judgment, of the complaint filed by the U.S. Chamber of Commerce in September 2022 in the Eastern District of Texas that challenges the CFPB’s update to the Unfair, Deceptive, or Abusive…

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CFPB Reaches Proposed Settlement With Financial Service Company for Allegedly Offering Fake High-Yield Bank Accounts

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On December 1, 2022 the Consumer Financial Protection Bureau (CFPB) announced that it had reached a proposed settlement ​with a Delaware-based financial services company to resolve allegations it made false representations to consumers in violation of the Consumer Financial Protection Act (CFPA). In the underlying complaint filed in the U.S. District Court for the Southern…

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CFPB Reaches $3.7 Billion Settlement With National Bank to Resolve Alleged UDAAP Violations

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On December 20, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a large national bank to resolve alleged violations of the Consumer Financial Protection Act’s (CFPA) prohibition of unfair, deceptive, and abusive acts or practices, 12 U.S.C. §§ 5531 and 5536. According to the…

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CFPB Enters into $5.25 Million Consent Order with California Mortgage Servicer

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On November 17, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a California-based mortgage servicer concerning its purported failure to provide certain borrowers forbearances and protections from credit reporting, as required under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  According to the CFPB, the servicer’s…

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CFPB Enters Into $950,000 Consent Order With Non-Bank Remittance Transfer Provider

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On October, 4, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it reached a settlement with a non-bank remittance transfer provider to resolve alleged violations of the Electronic Fund Transfer Act (EFTA), 15 U.S.C. § 1693 et seq., and its implementing Regulation E, 12 C.F.R. Part 1005, including Subpart B (known as the Remittance…

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CFPB Launches Lawsuit Against Online Lender Alleging Violations of the Military Lending Act

​On September 29, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit in the United States District Court for the Southern District of New York against an online lender and 38 of its subsidiaries for alleged violations of the Military Lending Act (MLA), 10 U.S.C. § 987, and its implementing regulation, 32…

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CFPB Requires Bank to Pay Over $190 Million for Overdraft Fees

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On September 28, 2022, the Consumer Financial Protection Bureau (CFPB) an​nounced that it ordered an Alabama bank to pay over $190 million to resolve allegations that it charged its customers surprise overdraft fees between August 2018 and July 2021. The CFPB alleges that the bank was charging consumers surprise overdr​aft fees, known as authorized-positive ​fees, on…

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CFPB Enters Into Consent Order with Fintech Company for $2.7 Million

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​On August 10, 2022, the Consumer Financial Protection Bureau (CFPB) announced ​that it entered into a consent order with a California Fint​ech company for allegedly engaging in deceptive acts and practices in violation of the Consumer Financial Protection Act. According to the CFPB, the company offered an automatic savings tool to customers through which customers would grant the…

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On July 28, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a large national bank to resolve alleged violations of the Truth in Lending Act (TILA), 15 U.S.C. § 1601 et seq., and its implementing regulation, Regulation Z (Reg Z), 12 C.F.R. part 1026; the Fair Credit…

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