On September 8, 2021 the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint against an online lender for alleged violations of a 2016 consent order, the Consumer Financial Protection Act (CFPA), 12 U.S.C. §§ 5564, the Equal Credit Opportunity Act (ECOA), 15 U.S.C. §§ 1691–1691f, and Regulation B (Reg…
On September 7, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a group of affiliated education financing companies that provided students with income share agreements (ISAs) to finance postsecondary education. The consent order resolves allegations that the companies violated the Consumer Financial Protection Act (CFPA), Regulation Z…
On August 17, 2021, the Consumer Financial Protection Bureau (CFPB) filed a proposed settlement order that would resolve allegations that a debt collection company had violated the Consumer Financial Protection Act (CFPA), the Fair Credit Reporting Act (FCRA) and its implementing regulation, Regulation V, and the Fair Debt Collection Practices Act (FDCPA). The CFPB’s complaint, filed in…
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….
On June 29, 2021, the Consumer Financial Protection Bureau (CFPB) announced it filed a proposed stipulated order with a Maryland-based debt relief and credit repair company concerning alleged violations of the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act (CFPA). If accepted by the court, the order would ban the company and its…
On May 27, 2021 the Consumer Financial Protection Bureau (CFPB) announced that it had reached a settlement with a Florida-based payday lender and its CEO to resolve a 2020 lawsuit alleging violations of the Consumer Financial Protection Act (CFPA), 12 U.S.C. § 5564. In 2020, and as previously covered by Enforcement Watch, the CFPB filed its complaint against…
On May 21, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order and stipulation with a California-based company that services subprime auto loans originated by car dealers. According to the consent order and stipulation, the CFPB found that the company engaged in unfair acts or practices by charging interest on late payments related to loss damage waiver fees,…
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 here. The CFPB initially filed suit against the debt settlement company…
On April 27, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a reverse mortgage broker and lender, resolving allegations that the company violated the Mortgages Acts and Practices Advertising Rule (MAP Rule), Regulation Z, and the Consumer Financial Protection Act (CFPA)…
On April 22, the CFPB announced that it and the NY AG had filed a complaint in the U.S. District Court for the Western District of New York seeking to seize a $1.6 million home they allege was fraudulently transferred by the owner of a shuttered debt-collection scheme. According to the CFPB, after discovering the federal and state…