On February 12, 2015, the CFPB announced that it had entered a consent order with a California-based mortgage lender and broker to resolve allegations that the lender allegedly sent deceptive mailings signifying an FHA and VA affiliation in violation of Regulation N and the Consumer Financial Protection Act. The lender…
On February 12, 2015, the CFPB announced that it had entered into a consent order with a Utah-based mortgage broker and lender to resolve allegations that the lender sent deceptive mailings to VA homeowners in violation of Regulation N and the Consumer Financial Protection Act. The lender allegedly sent mailings…
On February 12, 2015, the CFPB announced that it had filed a complaint in the U.S. District Court for the District of Maryland alleging that a Maryland-based reverse mortgage lender and broker disseminated deceptive and misleading advertisements for mortgage credit products, thereby violating the Mortgage Acts and Practice Rule, 12…
On February 10, 2015, the CFPB announced that it had entered a consent order with a Maryland-based nonbank mortgage lender to resolve allegations that the lender had engaged in deceptive advertising and an illegal kickback scheme. The CFPB alleged that the lender advertised VA mortgage products to veterans, claiming that…
On February 4, 2015, the CFPB announced that it had entered a consent order with a Delaware-based subprime credit card company and servicer concerning allegations that the company made false statements and charged illegal fees for credit cards in violation of the Truth in Lending Act. The company purportedly charged…
On February 3, 2015, the CFPB announced that it had entered a stipulation for an order and final judgment with a Texas-based company that had falsely intimated that its membership card was a credit card. The card was advertised and offered to union workers and charged a membership fee. Purchasers…
On February 2, 2015, the CFPB announced that it had reached a settlement with the ECMC Group and the Zenith Education Group (collectively “ECMC”), two companies that had purchased colleges formerly affiliated with Corinthian Colleges, Inc. ECMC agreed to coordinate $480 million in debt relief for current and former Corinthian…
On January 22, 2015, the CFPB and the Maryland Attorney General announced a settlement with two national banks related to an investigation into allegations that the loan officers at the banks steered customers to a title company in exchange for allegedly illegal kickbacks. The Complaint alleged that the banks and…