Search Results: CFPB

CFPB Issues Orders to Collect Information from Big Tech Companies

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On October 21, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it has issued orders to collect information about the business plans and practices of multiple large technology companies operating payment systems in the United States.  Notably, these orders were issued pursuant to the CFPB’s rulemaking authority under Dodd-Frank Section 1022, rather than its…

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CFPB Sues Software Company for Allegedly Supporting Illegal Credit-Repair Fees

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On September 20, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in the U.S. District Court of the Central District of California against a California-based software company and its owner.  The complaint alleges that the software company violated the Telemarking Sales Rule (TSR) and Consumer Financial…

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CFPB Reaches Consent Agreement with Fintech Company Concerning Facilitation of Loans to Consumers Without Their Authorization

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On July 12, 2021 the Consumer Financial Protection Bureau (CFPB) announced that a consent order had been reached with an Atlanta-based non-bank lending company that would require the company to cancel up to $9 million in loans for consumers, resolving allegations that the fintech company violated the Consumer Financial Protection Act (CFPA) by originating and servicing unauthorized loans….

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CFPB and Debt Settlement Company Agree to Stipulated Final Judgment and Order

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​On May 17, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it has entered​ into a stipulated judgment​ and order​ to resolve a civil action that it previously filed against a debt settlement company in the U.S. District Court for the District of Massachusetts on December 1, 2020, as previously reported he​​re. ​The CFPB initially filed suit against the debt settlement company…

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CFPB Announces $860,000 Settlement with Debt Collection Company for Alleged Deceptive Practices and CFPA Violations

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​On April 6, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a third-party debt collection company and its former owner for alleged violations of the Consumer Financial Protection Act (CFPA), 12 U.S.C. §§ 5531, 5536 and Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. § 1692 et ​​seq. The CFPB alleged that…

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CFPB Investigating Digital-Payment Company's Collection Practices

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​On February 5, 2021, a digital-payment company disclosed in a filing with the Securities Exchange Commission (SEC) that they received​ a Civil Investigative Demand (CID) from the Consumer Financial Protection Bureau (CFPB) on January 21, 2021.  The CID requests documents and answers to written questions concerning allegedly unauthorized funds transfers and collections processes relating to one of the company’s products. …

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Financial Aid Services Company Ordered to Pay $14.7 Million in Deceptive Practices Lawsuit

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On January 26, 2021, a California federal judge granted the Consumer Financial Protection Bureau’s (CFPB) motion for default judgment against a now-defunct financial aid services company.  The court also granted in part the CFPB’s motion for summary judgment against the company’s founder. The ruling resolves a complaint filed by the CFPB in 2015, previously covered ​by…

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CFPB Sues Connecticut-Based Mortgage Lender

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​On January 15, 2021, the Consumer Financial Protection Bureau (CFPB) announced it had filed suit in the United States District Court for the District of Connecticut against a Connecticut-based mortgage company and three individual defendants for alleged violations of the Truth in Lending Act (TILA)​, the Fair Credit Reporting Act (FCRA), the Equal Credit Opportunity Act…

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